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Is the obvious solution Cloudflare? Otherwise I don't see how this isn't the perfect way to knock competitors offline.

For web traffic, yes, it's a solution. But if you deal with gameserver traffic like me, Cloudflare can't save you.

OVH's anti-DDoS (GAME variant) is quite good in my experience for protecting non-web traffic.

Cloudflare has a product called Spectrum that is used for game servers and other things: https://www.cloudflare.com/en-gb/products/cloudflare-spectru... (does arbitrary TCP and UDP).