FanDuel CEO calls for government regulation of daily fantasy sports

Night net Baseball Basketball MLB NBA null Nigel Eccles, who founded FanDuel in 2009, wants consumers to trust the daily fantasy product and said he thinks government regulation may be the best way to ensure that.Earlier this week, the Fantasy Sports Trade Association announced it would form an oversight committee to self-regulate both DraftKings and FanDuel, the market leaders. Both companies have said they'd welcome oversight, but Eccles' statement is the strongest stance either has taken. MORE: Best FanDuel Week 8 lineup | DFS can ruin lives"We have always been committed to protecting our players and the industry as a whole, and we will continue to be," Eccles said in a letter to FanDuel users. "That said, it has become apparent to me that our industry has grown to a size where a more formal, industry-wide approach is needed. To be clear, our industry needs strong, common sense, enforceable consumer protection requirements to ensure its continued growth and success."Eccles said he would support state regulations on daily fantasy similar to the recent legislation introduced in Illinois aimed at protecting consumers in the state from “draining” their bank accounts by playing too much and making sure they have a legitimate chance of winning.Trouble arose with the fantasy sites when a DraftKings employee admitted that he prematurely released information not available to all participants on the site the same week he won $350,000 in a contest on FanDuel.MORE: Scandal shakes DFS foundation, brings to light problems in industryNevada regulators have already ruled daily fantasy contests require a gaming license to operate in the state. Other states are considering adjusting laws to ban the games altogether, joining Arizona, Montana, Louisiana, Iowa and Washi

ngton.Read Eccles' full letter to FanDuel users here.