Fantasy Sports Firms FanDuel and DraftKings Consent To Merge
Fantasy sports firms FanDuel and DraftKings concur to combine
18 November 2016
A Scottish tech company which became a significant gamer in the US fantasy sports market is to merge with its biggest rival.
FanDuel, which was established in Edinburgh in 2009, has gotten in a merger arrangement with DraftKings.
The deal, which is subject to regulative approval, is anticipated to close in the 2nd half of next year.
FanDuel has offices in Edinburgh and Glasgow however moved its headquarters to New york city several years earlier.
DraftKings has its head office in Boston.
The business use online dream contests throughout expert sports in the US, Canada and the UK.
Cost savings
There are an estimated 57 million dream gamers in the US alone.
Both companies have actually been facing regulatory and legal challenges to their industry, with regulators in some US states ruling that dream sports firms' activities amounted to illegal betting.
In a joint statement on Friday, the companies said that by integrating and streamlining resources they might "accelerate work with federal government officials to continue to develop a standard regulatory framework".
They likewise expect the "tactical merger of equates to" to bring efficiencies and cost savings and assist the combined company "accelerate its path to profitability".
FanDuel chief executive Nigel Eccles said: "Having the ability to integrate DraftKings and FanDuel presents an incredible opportunity for us to further innovate and interfere with the sports industry.
"While both companies have actually achieved much currently, this transaction will create an organization that can provide a higher variety of offerings, interesting brand-new users, consisting of the 10s of countless season-long dream players that have not yet attempted our products.
Fantasy sports firms FanDuel and DraftKings concur to combine
18 November 2016
A Scottish tech company which became a significant gamer in the US fantasy sports market is to merge with its biggest rival.
FanDuel, which was established in Edinburgh in 2009, has gotten in a merger arrangement with DraftKings.
The deal, which is subject to regulative approval, is anticipated to close in the 2nd half of next year.
FanDuel has offices in Edinburgh and Glasgow however moved its headquarters to New york city several years earlier.
DraftKings has its head office in Boston.
The business use online dream contests throughout expert sports in the US, Canada and the UK.
Cost savings
There are an estimated 57 million dream gamers in the US alone.
Both companies have actually been facing regulatory and legal challenges to their industry, with regulators in some US states ruling that dream sports firms' activities amounted to illegal betting.
In a joint statement on Friday, the companies said that by integrating and streamlining resources they might "accelerate work with federal government officials to continue to develop a standard regulatory framework".
They likewise expect the "tactical merger of equates to" to bring efficiencies and cost savings and assist the combined company "accelerate its path to profitability".
FanDuel chief executive Nigel Eccles said: "Having the ability to integrate DraftKings and FanDuel presents an incredible opportunity for us to further innovate and interfere with the sports industry.
"While both companies have actually achieved much currently, this transaction will create an organization that can provide a higher variety of offerings, interesting brand-new users, consisting of the 10s of countless season-long dream players that have not yet attempted our products.