Fantasy Sports Firms FanDuel and DraftKings Accept Merge
Fantasy sports companies FanDuel and DraftKings agree to combine
18 November 2016
A Scottish tech firm which ended up being a significant gamer in the US dream sports market is to merge with its most significant competitor.
FanDuel, which was founded in Edinburgh in 2009, has actually 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 workplaces in Edinburgh and Glasgow but moved its headquarters to New york city a number of years ago.
DraftKings has its head office in Boston.
The companies use online fantasy contests across professional sports in the US, Canada and the UK.
Cost savings
There are an approximated 57 million fantasy players in the US alone.
Both business have been dealing with regulative and legal challenges to their market, with regulators in some US states ruling that dream sports firms' activities amounted to unlawful betting.
In a joint declaration on Friday, the business stated that by integrating and simplifying resources they could "accelerate deal with government officials to continue to establish a basic regulative framework".
They also anticipate the "strategic merger of equates to" to bring performances and cost savings and assist the combined business "accelerate its course to success".
FanDuel president Nigel Eccles stated: "Being able to integrate DraftKings and FanDuel provides a tremendous chance for us to even more innovate and disrupt the sports market.
"While both companies have actually accomplished much already, this transaction will create a company that can offer a higher range of offerings, appealing to brand-new users, including the 10s of countless season-long dream gamers that have not yet tried our items.
Fantasy sports companies FanDuel and DraftKings agree to combine
18 November 2016
A Scottish tech firm which ended up being a significant gamer in the US dream sports market is to merge with its most significant competitor.
FanDuel, which was founded in Edinburgh in 2009, has actually 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 workplaces in Edinburgh and Glasgow but moved its headquarters to New york city a number of years ago.
DraftKings has its head office in Boston.
The companies use online fantasy contests across professional sports in the US, Canada and the UK.
Cost savings
There are an approximated 57 million fantasy players in the US alone.
Both business have been dealing with regulative and legal challenges to their market, with regulators in some US states ruling that dream sports firms' activities amounted to unlawful betting.
In a joint declaration on Friday, the business stated that by integrating and simplifying resources they could "accelerate deal with government officials to continue to establish a basic regulative framework".
They also anticipate the "strategic merger of equates to" to bring performances and cost savings and assist the combined business "accelerate its course to success".
FanDuel president Nigel Eccles stated: "Being able to integrate DraftKings and FanDuel provides a tremendous chance for us to even more innovate and disrupt the sports market.
"While both companies have actually accomplished much already, this transaction will create a company that can offer a higher range of offerings, appealing to brand-new users, including the 10s of countless season-long dream gamers that have not yet tried our items.