Saturday, June 15, 2024

The FTC warned by Al Sharpton about Sports Betting

Reverend Al Sharpton Challenges Dominance of FanDuel and DraftKings in US Sports Betting Sector

Reverend Al Sharpton Challenges Dominance of FanDuel and DraftKings in Sports Betting Sector

Civil rights activist Reverend Al Sharpton has taken a stand against the growing dominance of sports betting giants FanDuel and DraftKings in the US market. In a letter to the Federal Trade Commission (FTC), Sharpton voiced concerns about the negative impact that the “gambling duopoly” created by these two companies could have on Black Americans.

Currently, FanDuel and DraftKings control around 75% of the online sportsbook market, while the Sports Betting Alliance, which includes other major players like Fanatics and BetMGM, holds a staggering 90% market share. Sharpton argues that this level of control poses a serious threat to consumer protection.

Sharpton highlighted the disproportionate impact of sports betting on young Black American adults, citing a survey that revealed 68% of African or Black American respondents engage in sports betting, a higher percentage compared to other ethnic groups. He emphasized the cultural significance of sports in the country, particularly with Black athletes playing a significant role.

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

As Reverend Al Sharpton leads the charge against the dominance of FanDuel and DraftKings, all eyes are on the FTC to see how they will respond to these concerns and whether any actions will be taken to address the growing monopoly in the US sports betting sector.

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