Daily fantasy sports sites seem to come and go but two of the biggest and most-dominating players in the field will soon be teammates.
After months of rumors and talks, DraftKings and FanDuel will be merging, according to a message sent to DraftKings members on Friday.
“Today, we are excited to inform you that DraftKings and FanDuel have reached a merger agreement,” read the message. “At DraftKings, we have always worked hard to bring the thrill of fantasy sports competition to you, in order to fulfill our goal of making your experience as a sports fan better than you ever imagined. With this merger, we hope to further accelerate our investments in product innovation, promotions, and a high-quality customer experience.”
The two companies have, according to some reports, spent upwards of $500 million on advertising in the last year alone as part of an industry that has grown dramatically in the last decade. Lawsuits in some states questioning the legality of daily fantasy games led to a decline in those ad dollars as well as talks toward the merger as the landscape for the industry continues to evolve.
“This merger of equals will allow for further growth and innovation in the fantasy sports industry at large,” read one statement from the company.
According to the message, there will not be an immediate change to either site at this time. The deal is expected to close early next year (after the close of the NFL season) with the companies not yet decided — at least publicly — how operations will continue or under which name (or names) it will continue to use.
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