09:29 AM EDT, 03/27/2024 (MT Newswires) -- Seven online gaming companies said Wednesday they have formed an association to combat problem gambling, CNBC reported, citing a statement and interviews.

Penn Entertainment ( PENN ) , DraftKings ( DKNG ) , Flutter Entertainment's ( FLUT ) FanDuel, MGM's (MGM) BetMGM, and three other platforms are involved in the initiative, called the Responsible Online Gaming Association, CNBC reported.

The companies, which account for more than 85% of the legal online betting market in the US, will collaborate on ways to fine-tune advertising and marketing practices to discourage compulsive gambling, according to the report.

The companies did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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