Challenged by the FTC, DraftKings and FanDuel call off merger

In the wake of the Federal Trade Commission's statement last month that it would challenge the merger, fantasy sports/eSports betting services DraftKings and FanDuel have cancelled their plans to join forces.

While the DraftKings and FanDuel fantasy sports betting apps are arguably games in and of themselves, DraftKings also maintains fantasy eSports services that let players build and wager on the performance of major eSports competitors. 

The proposed merger was a big deal because, according to the FTC, DraftKings and FanDuel together would have controlled over 90 percent of the fantasy sports industry -- effectively creating a monopoly.

Both companies issued brief statements on the matter to TechCrunch, and neither was particularly illuminating. FanDuel chief Nigel Eccles stated that "we have determined that it is in the best interest of our shareholders, customers, employees, and partners to terminate the merger agreement and move forward as an independent company," and DraftKings CEO Jason Robins stated basically the same thing.