Credit: Rafael Henrique/Adobe StockThe Growing Antitrust Scrutiny of DraftKings and FanDuel
In a posted letter on X (Twitter), Sen. Mike Lee (R-UT) and Sen. Peter Welch (D-VT) have urged the respective heads of the U.S. federal antitrust agencies, that is, the Department of Justice (DOJ) and the Federal Trade Commission (FTC), to investigate DraftKings and FanDuel. The senators expressed considerable concern that these two leading online fantasy sports companies are coordinating to exclude innovative rivals in a manner that violates federal antitrust laws.
January 13, 2025 at 11:00 AM
5 minute read
In a posted letter on X (Twitter), Sen. Mike Lee (R-UT) and Sen. Peter Welch (D-VT) have urged the respective heads of the U.S. federal antitrust agencies, that is, the Department of Justice (DOJ) and the Federal Trade Commission (FTC), to investigate DraftKings and FanDuel. The senators expressed considerable concern that these two leading online fantasy sports companies are coordinating to exclude innovative rivals in a manner that violates federal antitrust laws.
The markets at issue are daily fantasy sports (DFS) and online gambling, which are exploding in popularity. Combined, DraftKings and FanDuel account for close to 70% of the online sports betting and online casino industry. Both companies are no strangers to antitrust scrutiny. As the letter from the senators highlight, in 2017, these two market leaders attempted to merge, but the FTC blocked the deal based in part on an estimated combined market share of 90% in “paid daily fantasy sports contests.”
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