draftkings-and-fanduel-abandon-fantasy-sports-merger

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DraftKings and FanDuel abandon dream sports merger

13 July 2017

Fantasy sports sites DraftKings and FanDuel have actually abandoned a strategy to combine, less than a month after US competition regulators sought to obstruct the offer.

The offer would have a company with control over 90% of the marketplace for paid, day-to-day fantasy sports contests, government officials stated.

The companies said the offer would cause greater financial investment, offering benefits for customers.

They stated they would now look to grow independently.

FanDuel started in Scotland in 2009 and is now based in New York. It is second in the yohaig code US for paid daily fantasy sports contests behind DraftKings, which started in Boston in 2012.

Fantasy sport firm FanDuel cautions of risk from US regulations
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The 2 companies specialise in a subset of fantasy sports, in which fans pick gamers to develop teams for single video games, rather of the season, with the yohaig code prospective to win cash prizes based on the outcome.
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In November, they said they had consented to merge. Terms were not revealed.
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At the time, they stated the offer would allow them to combine forces on regulative problems raised by US regulators, who had actually compared the market to unlawful betting and banned the sites in some states.

Nigel Eccles, head of FanDuel, said it made good sense to move forward separately.
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"There is still massive, untapped market chance for FanDuel, and we will continue to perform our strategy to grow our organization and more broaden the fantasy sports industry," he said in a statement.
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Draft Kings president Jason Robbins likewise said terminating the yohaig code merger would permit the yohaig code firm to "singularly focus" on growth, consisting of globally.

Last year there were an approximated 57 million fantasy sports gamers in the US alone.
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