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DraftKings and FanDuel Call Off Merger
By THE ASSOCIATED PRESSJULY 13, 2017
BOSTON — The two leading daily fantasy sports companies, DraftKings
and FanDuel, scrapped their proposed merger on Thursday, about a month after federal regulators sued to block it.
The Federal Trade Commission — along with the attorneys general of California
and the District of Columbia — had opposed the merger because, they said, it would create a company controlling more than 90 percent of the United States market for paid daily fantasy sports.
Founded in 2012, DraftKings, which is based in Boston, is the younger of the two companies
but has become the largest daily fantasy sports company in terms of entry fees and revenues.
Daily fantasy sports are online contests that challenge players to build rosters of actual athletes in order to vie for cash
and other prizes based on how those athletes do in games.
“If this merger had been allowed to go through, those benefits would likely have been lost.”
Neither company directly addressed the federal government’s concerns in brief statements Thursday.
The games grew in large part from a 2006 federal law that banned online gambling but created a specific niche for fantasy sports.