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Lucy: So the DraftKings–FanDuel merger is no longer a thing. The two daily fantasy sports sites decided to call it off after realizing they didn’t want to go through another lengthy and costly legal battle, this time with the FTC, according to sources that spoke to Fortune.
Dylan: In an interview with Axios, DraftKings CEO Jason Robins said the biggest reason the company terminated the merger was that “we liked where we’re at in our business and what we think we can accomplish as a standalone.” He seemed happy to tout the fact that while both companies were the same size when they first signed the deal, they’re “substantially bigger than FanDuel now.” While their defeat was obviously a major disappointment for both companies, it sounds like Robins is already getting into the competitive spirit again.
“At the time we were experiencing all sorts of new and challenging regulatory pushback, but now the threats feel a lot less dire and just a part of doing business in what’s become a regulated industry,” he added. “Our lobbying bills are a lot lower than they were at the time, and we’re very well capitalized with revenue back up to 30% to 40% and climbing with much lower burn.”
It’s also important to note that DraftKings raised a $100M round earlier this year while FanDuel opted to hold off on new fundraising.
Let the battle begin. Again. |