Fantasy Sports Firms FanDuel And DraftKings Accept Merge
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Fantasy sports firms FanDuel and DraftKings agree to merge
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18 November 2016
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A Scottish tech company which became a significant player in the US fantasy sports market is to merge with its most significant rival.
FanDuel, which was established in Edinburgh in 2009, has gone into a merger agreement with DraftKings.
The deal, which undergoes regulatory approval, is expected to close in the second half of next year.
FanDuel has workplaces in Edinburgh and Glasgow however moved its head office to New York a number of years ago.
DraftKings has its head office in Boston.
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The companies use online dream contests across expert sports in the US, Canada and the UK.
Cost savings
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There are an approximated 57 million fantasy players in the US alone.
Both business have actually been facing regulatory and legal difficulties to their industry, with regulators in some US states ruling that fantasy sports companies' activities totaled up to illegal betting.
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In a joint declaration on Friday, the companies stated that by integrating and streamlining resources they could "accelerate work with federal government officials to continue to develop a basic regulative structure".
They also expect the "tactical merger of equals" to bring effectiveness and cost savings and help the combined business "accelerate its course to success".
FanDuel chief executive Nigel Eccles said: "Being able to integrate DraftKings and FanDuel provides a significant opportunity for us to even more innovate and interrupt the sports market.
"While both business have accomplished much currently, this will produce a business that can bet9ja's welcome offer a greater variety of offerings, appealing to new users, including the 10s of countless season-long dream gamers that haven't yet attempted our products."
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