Fantasy sports companies FanDuel and DraftKings accept combine
bet9ja.com
18 November 2016
A Scottish tech company which became a major gamer in the US fantasy sports market is to merge with its biggest rival.
FanDuel, which was established in Edinburgh in 2009, has actually gone into a merger agreement with DraftKings.
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The transaction, which undergoes regulative approval, is expected to close in the second half of next year.
FanDuel has workplaces in Edinburgh and Glasgow but 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 fantasy contests across professional sports in the US, Canada and the UK.
Cost cost savings
There are an estimated 57 million fantasy players in the US alone.
Both business have actually been dealing with regulative and legal challenges to their industry, with in some US states ruling that dream sports firms' activities totaled up to unlawful betting.
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In a joint declaration on Friday, the business stated that by integrating and enhancing resources they might "accelerate deal with government officials to continue to develop a basic regulatory structure".
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They likewise anticipate the "tactical merger of equals" to bring effectiveness and cost savings and help the combined company "accelerate its path to profitability".
FanDuel chief executive Nigel Eccles said: "Being able to integrate DraftKings and FanDuel provides a remarkable opportunity for us to even more innovate and interrupt the sports market.
"While both business have actually achieved much currently, this promotion code transaction will produce a service that can use a greater variety of offerings, appealing to brand-new users, consisting of the 10s of countless season-long dream players that haven't yet attempted our items."
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Fantasy Sports Firms FanDuel and DraftKings Agree To Merge
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