It finally happened. After weeks of rumors and years of competition, daily fantasy sports (or D.F.S.) giants FanDuel and DraftKings announced Friday morning that they were merging, pending regulatory approval.
The joint entity does not yet have a name, but control of the company will be split 50/50 split across a nine-person board made up of equal parts FanDuel and DraftKings members, plus one new, independent board member. DraftKings CEO Jason Robins will be CEO; FanDuel CEO Nigel Eccles will be chairman.
As ReCode points out, rather than spend money on edging the other guy out, the combined venture can now focus on regulatory battles in states like Texas, Alabama, Nevada, Vermont, and others that consider D.F.S. illegal gambling. It remains a controversial issue, as 57 million people play fantasy sports in one form or another in the U.S. and Canada.