The planned merger of daily fantasy sports leaders DraftKings and FanDuel is on hold, after the Federal Trade Commission announced Monday it would file a complaint to block the merger on grounds it violates antitrust laws.
The complaint, which will be filed jointly with the office of California Attorney General Xavier Becerra, alleges the merged company would control more than 90 percent of the daily fantasy sports market, thus potentially representing a monopoly.
“This merger would deprive customers of the substantial benefits of direct competition between DraftKings and FanDuel,” Tad Lipsky, acting director of the FTC’s Bureau of Competition, said in a statement.