Daily fantasy sports sites DraftKings and FanDuel have voluntarily ceased college sports betting indefinitely in all US states as part of a deal with the NCAA. The action takes effect following the conclusion of the NCAA March Madness tournament on April 4th, according to a report from ESPN today.
The decision should have little effect on either company’s business. For FanDuel, which alongside DraftKings controls around 90 percent of the daily fantasy market, college sports make up only about three percent of revenue. College sports nets DraftKings 10 to 20 times less revenue than bets on NFL games. Yet by agreeing to ban college betting, both companies may see a boost of goodwill in more contentious legal battlegrounds like New York,…
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