Two betting giants might face federal probe over market behavior
Senators want federal agencies to check if online betting companies work together against rivals. The request comes after reports about DraftKings and FanDuelʼs market actions
Two US law-makers asked govʼt agencies to look into possible team-up between betting platforms. The bi-partisan request focuses on DraftKings and FanDuel actions in the market
Republican Mike Lee and Democrat Peter Welch sent their note to FTC and Justice Dept on Dec 5th; asking them to check if these betting sites work together to push other companies out. The request comes after some info showed that both platforms might be working as one unit (which goes against fair-trade rules)
The senators point to a failed try to join forces back in 2016 - when both companies wanted to become one but couldnʼt. “Its looking like these companies are now doing what they couldnt do legally before“ the lawmakers wrote in their letter; which Lee shared on X social media
The market didnt like this news: DraftKings shares dropped 2.6% on NASDAQ that morning. Neither company responded to questions about this situation‚ and the federal agencies stayed quiet too
