NEW YORK - Two major fantasy sports operators, DraftKings and FanDuel, announced plans Friday to merge as part of an effort to boost an industry which is growing rapidly but facing regulatory hurdles. "Being able to combine DraftKings and FanDuel presents a tremendous opportunity for us to further innovate and disrupt the sports industry," said FanDuel chief executive Nigel Eccles. The industry had been in a period of torrid growth prior to a challenge last year New York state officials, which claimed it was engaging in illegal gambling operations. New York's state legislature however approved a bill in August that allows fantasy sports operations in the state, averting a major crisis for the firms. The bill taxes the industry and explicitly states that fantasy sports is not gambling, even as it placed oversight of fantasy sports under the New York state gaming commission.

Source: Bangkok Post November 18, 2016 16:41 UTC