Online Gambling: Daily Fantasy Sports Giants Close To MergerDraftKings, FanDuel Working On Deal: Reports |
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The two dominant players in the daily fantasy sports space are in advanced merger talks, according to reports.
There were rumors earlier this year of a possible merger of DraftKings and FanDuel, but the talks apparently have heated up over the past week. According to a report from Recode, DraftKings CEO Jason Robins would run the new company, while FanDuel CEO Nigel Eccles would become chairman of the board.
Both companies have declined to comment on the possible merger.
According to Bloomberg, the merger would allow the combined company to save on ad spending and also help it fight legal battles over its business.
It could also help it get favorable federal sports betting legislation.
The two companies have “at least 90 percent” of the market, the Bloomberg report said.
DraftKings and FanDuel recently agreed to each pay $6 million to settle a false advertising case in New York. They were originally accused of running illegal gambling.
The DFS market was worth several billion dollars last year.
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