Daily fantasy sports (DFS) sites DraftKings and FanDuel said Friday they have agreed to merge as the industry continues to deal with serious regulatory and legal challenges, despite enjoying some success this year as eight states legalized the industry.
DraftKings CEO Jason Robins will serve as chief executive of the new company, while FanDuel CEO Nigel Eccles will be chairman of the board.
The new board will comprise three directors from FanDuel and three from DraftKings, with the company’s headquarters divided between New York and Boston. Financial terms of the deal have not been disclosed.
The deal is expected to close in the second half of 2017.
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