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Civil rights activist and MSNBC host, Rev. Al Sharpton, is not happy with FanDuel and DraftKings.
On Friday "The Rev", as he is often referred to on MSNBC, drafted a letter to the Federal Trade Commission about what he called a "gambling duopoly"
A copy of the letter sent to FTC Chair Lina Khan discusses both brands domination, which threatens consumer protection in the market.
"As you are well aware, DraftKings and FanDuel dominate the online sports betting market in the United States," Sharpton wrote. "As of September 2023, they had a combined market share of approximately 75% in mobile sports betting. Their Sports Betting Alliance (SBA), which includes fellow legacy operators BetMGM and Fanatics Sportsbook, likely controls close to 90% of the market now.
"As a civil rights advocate, I write to you because their dominance and influence have raised serious concerns about competition, fairness, and consumer protection in the market. This is especially troubling when we consider the demographic profile of their user base, with a significant portion being Black Americans.
"When a duopoly takes hold, consumers are the biggest losers, and the most vulnerable consumers − including Black Americans − bear the brunt of that harm," Sharpton says in the letter. "Indeed, Black Americans on the whole are more likely to engage in sports betting; among young adults, they sports bet at a higher rate than any other demographic (68%). They also bet more money than any other ethnic group."
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