The Uneven Landscape Of The Fantasy Sports Industry Is About To Be Reshaped
The fantasy sports industry is ripe and growing, yet simultaneously ready for disruption. It is largely dominated by a pair of competing giants, FanDuel and DraftKings, which host daily fantasy sports leagues across a wide variety of athletic pursuits. Between the two of them, they occupy almost 90% of this $7 billion market. The remainder is filled out by Yahoo Fantasy and smaller companies around the world.
We are happy to be one of these smaller companies active in the space because we are building something to change the status quo of the industry. Even though FanDuel and DraftKings sit at the head of the table with more than $1 billion in funding between them, there are a variety of pain points associated with playing on their platforms. But MyDFS has solved these problems by implementing something our competitors haven’t: blockchain technology.
There were 60 million fantasy players in the United States and Canada in 2017. Most of them played on FanDuel and DraftKings despite the platforms’ uncertain legal statuses, lengthy user verifications, inconvenient payouts of winnings, and complicated user interfaces. We built MyDFS not to compete with industry leaders, but to redefine the industry itself.
MyDFS is powered by the same technology that enables popular cryptocurrencies like bitcoin. This means it works in a secure, transparent manner, everywhere in the world. The industry leaders look like dinosaurs by comparison.
Regular users of these leading platforms are surely familiar with the red tape associated with receiving your fantasy sports winnings. Checks can take two weeks to process and arrive in the mail. You have to prove your identity with a picture of your driver’s license, or other ID paperwork. Furthermore, you may not even be allowed to play depending on where you live — there is no clear mandate on whether or not fantasy sports is a game of skill or if it’s just gambling.
Add to this that the industry leaders have been widely accused of insider gaming, and the need for a transparent system built on fair play becomes even clearer. This is why MyDFS will thrive in an industry that is still growing: blockchain technology eliminates all of the problems that plague the major platforms. MyDFS works everywhere in the world, sends payouts to winners instantly, and only requires a cryptocurrency wallet and email address as ID confirmation.
All data pertaining to games and athletes is stored and verified in the blockchain. This means that anyone who wants to see the data that was used to determine a result can easily do so — all this data is publicly accessible on our platform, preserving fair play.
The average fantasy player spent $556 on fantasy games in 2017. Now that we’ve significantly improved the gaming experience beyond what industry leaders can provide, we expect they’ll be spending a meaningful portion of that money to play on MyDFS.
We’ll be unveiling our blockchain-enabled daily fantasy sports platform leading up to the World Cup in Russia this June. If you’d like to own a small part of what we’re working on, you can invest in our ICO to get some tokens for use in entering MyDFS leagues. As more users join the platform and buy their own tokens, our token value will grow. If you like the sound of MyDFS, then it’s in your interest to get tokens sooner instead of later.
The uneven terrain of the fantasy industry is going to be reshaped because MyDFS provides a player experience that the leaders can’t compete with.
We’re eager to unveil the finished product, and we look forward to seeing how the market reacts.