Fantasy Sports Firms FanDuel And DraftKings Consent To Merge
Fantasy sports firms FanDuel and DraftKings consent to combine
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18 November 2016
A Scottish tech company which ended up being a major gamer in the US dream sports market is to combine with its biggest competitor.
FanDuel, which was established in Edinburgh in 2009, has actually gotten in a merger contract with DraftKings.
The transaction, which is subject to regulative approval, is expected to close in the second half of next year.
FanDuel has workplaces in Edinburgh and Glasgow however moved its headquarters to New York several years back.
DraftKings has its head office in Boston.
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There are an approximated 57 million dream gamers in the US alone.
Both companies have been dealing with regulative and legal difficulties to their industry, with regulators in some US states ruling that firms' activities amounted to unlawful gaming.
In a joint declaration on Friday, the business stated that by combining and streamlining resources they could "accelerate work with government officials to continue to establish a standard regulative structure".
They likewise anticipate the "tactical merger of equates to" to bring effectiveness and expense savings and assist the combined business "accelerate its course to success".
FanDuel chief executive Nigel Eccles stated: "Having the ability to integrate DraftKings and FanDuel provides a tremendous chance for us to further innovate and interfere with the sports market.
"While both business have actually accomplished much currently, this promotion code deal will develop a company that can use a greater variety of offerings, attracting new users, including the tens of countless season-long dream gamers that have not yet tried our items."
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