Two Senators Want Answers: Are Sports Betting Giants Breaking the Law?

Two senators from opposite sides of the aisle have teamed up to investigate if sports betting apps FanDuel and DraftKings are breaking antitrust laws. They've sent a letter to the Justice Department and the Federal Trade Commission (FTC) asking them to look into their concerns. Senators Mike Lee (R-UT) and Peter Welch (D-VT) worry that these apps might be using their power to push out new competitors, even though their merger was blocked a few years ago.Back in 2016, FanDuel and DraftKings tried to join forces, but the FTC and attorneys general from Washington, D. C. , and California stopped it. They thought the combined company would have over 90% of the market, which isn't good for competition. Even though the merger didn't happen, the senators think these companies are still acting together to keep new players out. The senators want the FTC to check if FanDuel and DraftKings are playing fair. They think these companies should face consequences if they're breaking the rules. This isn't the first time lawmakers are looking into the sports betting industry. Some think it needs more rules as it gets more popular.