Fantasy sports are nothing new, but the craze is really starting to pick up steam. It’s no longer considered just a hobby for diehard fans, as an entire economy of fantasy sports is emerging. Some players have even gone pro, investing the time to immerse themselves in stats and probability in order to come out on top. It pays off for those who win, whether they earn a full living or simply some extra cash from playing fantasy sports. And now businesses are profiting too.
If you’re the entrepreneurial type, always looking for a new niche to break into, you’ll want to sit up and pay attention to this one. The fantasy sports industry is not exactly in its infancy, but technology has taken things to a whole new level.
More Media Coverage for Fantasy Sports on the Way?
Mainstream media has finally realized that the fantasy sports market is huge. With over 32 million players creating line-ups and entering daily contests—all for an entry fee and in the hopes of winning a significant cash prize—fantasy sports players represent a ready-made audience who will consume any kind of fantasy sports-related news in hopes of getting a leg up on the competition.
USA Today has already dedicated a section of its website to the latest daily fantasy news, as has Yahoo. And while other major media corporations such as Time Warner and Disney have entered the arena by funding existing sites, it remains to be seen whether media coverage will pick up as a result or if these corporations’ involvement remains purely financial.
More Backers Means More Competitive Prices
The world of daily fantasy sports has been dominated by two giant companies: FanDuel and DraftKings. However, all of that is about to change now that even bigger corporations, like Yahoo, are entering the arena. Daily fantasy sports players can expect to see more competitive entry fees as the market broadens, and possibly larger prizes as well.
With Yahoo becoming a direct competitor to FanDuel and DraftKings, Yahoo’s own competitors are likely to follow suit to stay abreast of the advancing marketplace. One of Yahoo’s chief rivals is CBS, which is expected to join the fray with a daily fantasy sports site of its own, although nothing official has been announced yet.
Even Sports Teams Are Getting Involved
Everyone is interested in increasing fan engagement, even pro teams. The popularity of daily fantasy baseball has risen dramatically, and MLB took notice. Now MLB and individual MLB clubs are partnering with DraftKings for promotions at ballparks. Daily fantasy sports sites win by reaching their target audience of highly dedicated fans, and MLB wins with its own branded, daily game on DraftKings.
The NBA and franchises, including the Chicago Bulls and New York Knicks, are taking part as well, partnering with DraftKings’ rival FanDuel. The NBA was drawn to the fact that FanDuel members are more likely to watch televised games, which benefits the NBA and its advertisers. Partnerships like these are a win-win all around, and we’re likely to see more professional organizations unite with daily fantasy sites to battle for the top spot in this blossoming industry.
New Daily Fantasy Sports Apps on the Market
It must be said that Yahoo is certainly making a concerted effort to become an authority in the world of daily fantasy sports. Earlier this month, the company unveiled its own app that will run daily and weekly fantasy sports competitions designed with mobile users in mind, although a web-based version is available as well. Yahoo’s platform will first be released for fantasy baseball, followed by football other sports in the future.
Many other apps exist to provide players with the stats necessary to make decisions about their line-ups, but there’s plenty of opportunity for other companies to join this wildly popular industry. Concerns about illegal sports betting are easily assuaged, as fantasy sports are considered a game of skill and therefore legal. And when you think about the hours of time one can spend analyzing stats, it’s easy to understand how much skill and knowledge comes into play. Providing easy access to stats and competitions is one way businesses are profiting from the promising popularity of daily fantasy sports.