Monday, June 17, 2024

Al Sharpton Warns FTC About Dangers of Sports Betting

Reverend Al Sharpton Calls for FTC Action Against FanDuel and DraftKings Monopoly in Sports Betting Sector

Reverend Al Sharpton, a prominent civil rights activist, has set his sights on challenging the dominance of sports betting giants FanDuel and DraftKings in the US market. In a letter to the Federal Trade Commission (FTC), Sharpton expressed concerns about the growing control that these companies have over the online sportsbook market, with FanDuel and DraftKings currently holding around 75% of the market share.

Of particular concern to Sharpton is the impact that this “gambling duopoly” could have on Black Americans. He highlighted the disproportionate impact of sports betting on young Black American adults, with a survey revealing that 68% of African or Black American respondents engage in sports betting, a higher percentage compared to other ethnic groups. Sharpton emphasized the cultural significance of sports, especially with Black athletes playing a significant role in the industry.

Drawing parallels to the FTC’s intervention in 2017 to block a merger between FanDuel and DraftKings in the daily fantasy sports space, Sharpton called on the FTC to investigate the anti-competitive behavior of the Sports Betting Alliance and its member companies. He urged the commission to ensure consumers have access to a competitive market that prioritizes consumer protection, value, and innovation.

As Reverend Al Sharpton takes a stand against the dominance of FanDuel and DraftKings, all eyes are now on the FTC to see how they will respond to these concerns. Will the commission take action to address the growing monopoly in the US sports betting sector? Stay tuned for updates on this developing story.

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