Fantasy sport, a phenomenon that has spread across the world and to almost every sport. It really does not matter whether you follow Baseball (or its English cousin – Cricket), Soccer or football (depending on where you are). There is some form of fantasy sport out there to catch your fancy.
The whole concept is to become a sort of team manager or coach, pick your players and hope they collectively do well enough for you to score points over a season – right? Well, that was until daily fantasy sports came out. Yup, say hello to the latest in fantasy land.
Companies like FanDuel, DraftKings have become huge. They run daily advertisements and offer rewards, cash rewards and so much more. Today, these things are even hotter than the sports they rely on, well at least if we consider the sports being streamed on cable TV.
The recent merger of the two companies only shows just how much potential there exists in the world of fantasy sports.
Rewind back five years and neither of these companies even existed. DraftKings came into existence in less than half a decade but together the two managed to procure nearly $1 billion through VC. The money they earned was soon spent in growing their company by size thus naturally the fantasy sports industry as well.
But before you understand how the industry grew and why, let’s first look at this specific niche and understand what it is.
In any form of fantasy sports, all participants build imaginary teams with real players. Obviously there are limitations and rules to the building of such teams but overall, the rules to win remain the same. Each team earns points based on the performance and specific metrics of their chosen players and at the end of each week or match day, participants are ranked based on total points accumulated. This is how teams compete in a fantasy league.
Coming to the difference between daily fantasy league and the conventional format, it is the timeframe. In conventional fantasy leagues participants compete over the entire season. Whereas in daily fantasy league the season lasts only one day. Basically, you draft your pick in the morning and by the end of the day or games, the winner is declared.
The major difference among players introduced through daily fantasy league is randomness rather than familiarity. Most fantasy league sports are played among friends or a group year after year but these daily competitions are held randomly.