Senators Request Antitrust Probe of DraftKings, FanDuel

U.S. Senators Mike Lee and Peter Welch have requested that the Federal Trade Commission (FTC) and the Department of Justice (DOJ) investigate online betting platforms DraftKings and FanDuel for potential antitrust violations. Their concerns stem from allegations that the companies are coordinating to suppress competition following a failed merger in 2016. The senators claim that DraftKings and FanDuel have acted in concert to pressure businesses into avoiding partnerships with smaller rivals, thereby stifling market access. They emphasize the importance of antitrust enforcement in protecting consumers, particularly in an industry linked to higher risks of addiction. Both companies have not yet responded to the request for comments, and DraftKings shares experienced a minor decline following the news. The investigation could have significant implications for the rapidly growing sports betting market.