04:37 AM EDT, 03/28/2024 (MT Newswires) -- (Updates with statement from Responsible Online Gaming Association.)

Seven online gaming companies said Wednesday they have formed an association to combat problem gambling.

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, a statement said.

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 statement.

They have pledged more than $20 million to fund the association in its first year to "support independent research, promote best practices, and drive consumer and industry education and awareness efforts," the statement said.

The association will be led by Jennifer Shatley, who is president of the Nevada Council on Problem Gambling.

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