The DraftKings, FanDuel financials

Rebecca Zisser / Axios

Federal antitrust regulators yesterday sued to block the proposed merger of fantasy sports sites DraftKings and FanDuel, leaving the two companies scrambling to decide whether to fight as partners or go their separate ways as rivals. As we wait, Axios has obtained a 106-page merger document circulated by FanDuel to its investors back in January, which includes company financials, valuations, risks and post-merger structures.

The jaw-dropping stat: Remember when every other ad during the 2015 NFL season was for fantasy sports? DraftKings lost over half a billion dollars that year.

Here are the highlights: