Daily fantasy sports rivals DraftKings and FanDuel to merge
BOSTON - Daily fantasy sports rivals DraftKings and FanDuel have agreed to merge after months of speculation and increasing regulatory scrutiny.
The two companies made the announcement Friday but didn't release financial terms. The deal isn't expected to be finalized until later in 2017 and still requires federal approval.
Industry experts say the merger will likely raise anti-trust concerns with regulators since the companies control nearly 90 percent of the market.
Company officials say the merger will help cut costs as the two fight to remain legal in states across the country.
Daily fantasy sports competitions are online games in which players pick teams of real life athletes and vie for prizes based on how those athletes perform in actual games.
But state regulators have questioned whether the competitions amount to illegal sports betting.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
'Cajuneers' using military trucks to collect donations for Florence victims
PSC places scrutiny on electric cooperatives across the state
Detention pond gobbling up land in Gonzales neighborhood
While tragic, deadly I-10 wreck shows problems with 6-year-old traffic plan
Doctor arrested in high-profile rape case graduated from LSU