It is officially a marriage for fantasy sports companies DraftKings and FanDuel, which announced a merger agreement expected to close in 2017. The new entity will look to offer “daily, weekly and season-long sports fantasy contests, will bring together two fantasy sports innovators to better serve consumers.” Benefits are expected to include operational efficiencies and cost savings that will look to drive a greater focus on developing new products and features, including more variety in contest formats, loyalty programs, enhanced social functionality and ancillary sports-oriented content and experiences. The company will be co-headquartered in both New York and Boston with DraftKings CEO Jason Robins becoming CEO of the newly combined company while FanDuel CEO Nigel Eccles will become Chairman of the Board.
“We have always been passionate about providing the best possible experience for our customers and this merger will help advance our goal of building a transformational global sports entertainment platform,” said Robins. “Joining forces will allow us to truly realize the potential of our vision, and as a combined company we will be able to accelerate the pace of innovation and bring a richer experience to our customers than we ever could have done separately.”
“Being able to combine DraftKings and FanDuel presents a tremendous opportunity for us to further innovate and disrupt the sports industry,” said Eccles. “While both companies have accomplished much already, this transaction will create a business that can offer a greater variety of offerings, appealing to new users, including the tens of millions of season-long fantasy players that haven’t yet tried our products.”
