FanDuel and DraftKings scrapped their plans to merge on Thursday, less than a month after federal regulators all but doomed the union between the dominant daily fantasy sports companies.

"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," FanDuel CEO Nigel Eccles said in a statement. "There is still enormous, untapped market opportunity for FanDuel, and we will continue to execute our strategy to grow our business and further expand the fantasy sports industry."

FanDuel and DraftKings announced plans to merge in November as each faced mounting legal and lobbying fees as states challenged the legality of daily fantasy sports. The Federal Trade Commission, however, dampened the prospects of the merger when it sought injunction in federal court in June 19 and filed a complaint to block the deal.

U.S. District Court Judge Ketanji Brown Jackson agreed to issue a the temporary restraining order on June 21.

"The proposed merger of DraftKings and FanDuel, if consummated, would eliminate such vigorous price and non-price competition and the benefits it provides to DFS users, resulting in substantial consumer harm," according to a redacted version of the complaint issued by the FTC.

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