BOSTON (AP) — The two top companies in daily fantasy sports are backing out of a proposed merger one month after federal regulators sued to block it.
The CEOs for DraftKings and FanDuel said Thursday that they were moving forward separately in the best interests of their customers, employees, and investors. The Federal Trade Commission opposed the merger last month, saying it would create a company controlling more than 90 percent of the U.S. market for paid daily fantasy sports.
The online contests require players to build rosters of real-life athletes in order to compete for cash and other prizes.
Boston-based DraftKings and New York’s FanDuel are currently the largest and second largest daily fantasy sports companies.
The one-time rivals announced their merger last November. An FTC spokeswoman didn’t immediately comment.
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