FanDuel and DraftKings have run into a roadblock for their proposed merger. The FTC announced today that it will, along with attorney general offices from California and District of Columbia, seek legal action to block the merger of the two daily fantasy sports giants. The deal would “control more than 90 percent of the U.S. market for paid daily fantasy sports contests,” the FTC noted. The merger was first announced this past November. “This merger would deprive customers of the substantial benefits of direct competition between DraftKings and FanDuel,” Tad Lipsky, acting director of the FTC’s Bureau of Competition, said… Read More
OLYMPIA, Wash. — Skill or chance: Which is it when you play fantasy football? State Sen. Doug Ericksen, R- Ferndale, says fantasy football is a game of skill, and he wants the law to say so, as well. If fantasy football is a game of chance, it is illegal under Washington’s gambling laws. If legislation declares fantasy football a game of skill, it becomes legal under the state’s gambling laws. Small informal leagues among friends have flown beneath the radar on this issue. Rob McKenna, former state attorney general and a lobbyist for DraftKings and FanDuel, testified that fantasy football… Read More
The two leaders of daily fantasy sports, DraftKings and FanDuel, have agreed to merge. The companies announced the long-rumored deal Friday morning, with a pending transaction expected to close next year. Financial terms were not disclosed. DraftKings CEO Jason Robins will be CEO of the newly-combined company, which will be co-headquartered in New York and Boston; FanDuel CEO Nigel Eccles will be chairman of the board, which includes three directors from DraftKings, three directors from FanDuel, and one independent director. “We have always been passionate about providing the best possible experience for our customers and this merger will help advance our goal of building a… Read More
SAN FRANCISCO — DraftKings has been on a roller coaster over the past few years, to say the least. But co-founder and CEO Jason Robins spoke on stage today at TechCrunch Disrupt and made it clear that the company has righted its ship, despite some reports noting the “implosion of the daily fantasy industry.” DraftKings, founded in 2011, experienced huge growth after raising a $300 million venture round in July 2015. Its TV advertisements dominated the sports media world before and during the 2015-16 NFL season, promising massive cash prizes to users who could best predict how well professional athletes would perform on a given day. But the Boston-based… Read More