Daily fantasy sports

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The concept of the daily fantasy sports game is relatively new. It takes the traditional fantasy sports model and compresses it into a daily, and sometimes weekly, game.

History[edit]

Daily fantasy sport is a new[when?] niche in the fantasy sports industry. Like traditional fantasy sports, players draft a team of real world athletes who then score fantasy points according to set scoring rules. However, instead of being stuck with the same team through a whole season, daily fantasy sports contests last just one day (or in the case of NFL or NASCAR, one weekend). Daily fantasy sports is quicker and more numbers-driven. Daily fantasy sports websites do not compete for the same players as traditional sports games, but instead market themselves as complimenting traditional fantasy sports.[1]

Legality[edit]

The legality of daily fantasy sports games is the same as that of season-long fantasy sports. In most US states, fantasy sports (including daily fantasy sports) is generally considered a game of skill and therefore not considered gambling. However, some states, such as Arizona, Montana, Louisiana, Iowa and Vermont, either use a more restrictive test of whether a game is one of skill or have specific laws outlawing paid fantasy sports.

At a US federal level, fantasy sports is defined and exempted by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). The bill specifically exempts fantasy sports games, educational games, or any online contest that "has an outcome that reflects the relative knowledge of the participants, or their skill at physical reaction or physical manipulation (but not chance), and, in the case of a fantasy or simulation sports game, has an outcome that is determined predominantly by accumulated statistical results of sporting events, including any non-participant's individual performances in such sporting events..."[2]

However, all prizing must be determined in advance of the competition and can not be influenced by the fees or number of participants. To be compliant, fantasy sports must follow the rule that: "prizes and awards offered to winning participants are established and made known to the participants in advance of the game or contest and their value is not determined by the number of participants or the amount of any fees paid by those participants." [3]

The formal definition of fantasy sports within UIGEA stipulates that the outcome of a fantasy game must be dependent on multiple sports events (currently multiple trains of thought on if this means multiple games or can also include multiple statistical events within a game) but explicitly does not define the period over which the game must be played. The enactment of UIGEA gave the first legal definition of fantasy sports around which operators could then develop games. This resulted in the emergence of daily fantasy games, which first appeared in late 2007.

Daily fantasy websites[edit]

There are many daily fantasy websites that have sports like baseball, football, basketball and golf. FanDuel is considered the "industry's largest site"[4][5] and will pay out over $400 Million in cash prizes during 2014.[6] On July 14, 2014 DraftKings announced the acquisition of DraftStreet, merging the websites and migrating all users to DraftKings.[7] On August 25, 2014, DraftKings announced a $41 million round of funding to help market their site to future players. In response to this on September 2, 2014, FanDuel announced that they had received $70 million in another round of funding.[8] DraftTeam is the only publicly traded company in the industry, listed on the Canadian Securities Exchange under the symbol C.DFS.

Daily fantasy cricket[edit]

Cricket is a very popular sport in India and its neighboring countries. A fantasy cricket industry has developed around cricket which offers enthusiasts to play fantasy cricket on a daily basis. The cricket season in India lasts from October to May with matches being played daily, which gives an opportunity for playing daily fantasy cricket. This concept is quite popular during the Indian Premier league, during which matches are being played daily for 6–7 weeks.[citation needed] Daily Fantasy Cricket (DFC) is considered to be the top fantasy cricket website.

Daily fantasy soccer[edit]

On 9 September 2014, FanXT announced the launch of their daily fantasy soccer for the English Premier League [9] followed by DraftKings' version of daily fantasy soccer.[10] The now defunct DraftStreet which was purchased by DraftKings [11] was the first to offer soccer for the World Cup. With the acquisition of DraftStreet, DraftKings has now decided to offer soccer as well making it the first daily fantasy site to offer soccer. Another exciting entry more recently in the daily fantasy soccer world is draft11.com. Draft11.com offers the same daily fantasy sports format everyone is used to but with a more extensive scoring system. Daily fantasy soccer is in its infancy but growing fast.[12]

References[edit]

  1. ^ DiFino, Nando (2010-03-05). "Everyday Fantasies". Wall Street Journal. Retrieved 2010-11-22. 
  2. ^ Longley, Robert (2006-08-22). "Fantasy Sports Not Gambling, Bill Declares". About.com. Retrieved 2007-11-01. 
  3. ^ "H.R. 4954: Security and Accountability For Every Port Act of 2006’’". Retrieved 2010-06-03. 
  4. ^ Bales, Jonathon. "Here’s What It Takes To Make A Living Playing Fantasy Sports". 
  5. ^ "CrunchBadse - FanDuel". 
  6. ^ "FanDuel About Page". 
  7. ^ "Daily fantasy sports site DraftKings acquires DraftStreet". 
  8. ^ "FanDuel Raises $70 Million". dfsreport.com. 
  9. ^ "FanXT Offers Daily Fantasy Soccer For The 3 Million Fantasy Premier League Fans". Reuters.com. 
  10. ^ "DraftKings Offering Soccer". DFSReport.com. 
  11. ^ "DraftKings Doubles Down With Draftstreet Acquisition". DFSReport.com. 
  12. ^ http://worldsoccertalk.com/2014/11/18/draft11-com-the-new-and-exciting-way-to-play-fantasy-soccer/