Federal and state officials move to block fantasy sports merger between DraftKings and FanDuel – Los Angeles Times

Federal and state officials on Monday moved to block the merger between DraftKings Inc. and FanDuel, arguing the combination would harm competition by locking up 90% of the daily fantasy sports market in the U.S.

The Federal Trade Commission said it would file suit seeking a court injunction to stop the deal, joined by the attorneys general of California and the District of Columbia.

“This merger would deprive customers of the substantial benefits of direct competition between DraftKings and FanDuel,” said Tad Lipsky, acting director of the commission’s competition bureau.

DraftKings, based in Boston, is the largest daily fantasy sports company based on entry fees and revenues, the FTC said. FanDuel of Scotland is No.2.

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