DraftKings acquires DraftStreet, combining major daily fantasy platforms

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Boston-based DraftKings has acquired one of its fantasy sports rivals, DraftStreet, in a move that will increase its user base by 50 percent, according to the company.

The deal combines the second- and third-largest daily fantasy sports sites, and should create a stronger competitor for industry leader FanDuel. Financial terms were not disclosed.

“The DraftStreet acquisition enables us to offer the best daily fantasy sports games in market with a superior customer experience,” said DraftKings chief executive Jason Robins. “Equally exciting is the opportunity to work with the incredible team that DraftStreet has assembled. Together, we will be able to offer an experience that is unparalleled in the industry.”

Fantasy players with DraftStreet accounts will have the option to migrate to the DraftKings platform or cash out their winnings.

Daily fantasy sports games are an increasingly popular alternative to traditional, season-long leagues that require frequent attention, and can quickly lose their luster if key players are injured. Ask anyone who drafted Tom Brady in 2008.

DraftKings users can play, or not play, whenever they want and get to draft new teams each time.

Cal Borchers is a business reporter for the Boston Globe. Reach him at callum.borchers@globe.com.
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