But what is it exactly?
If you feel that it is an extension of real sporting events, then you are correct. More specifically, it goes somewhere along the lines of selecting virtual players, forming a team, participating in games, and then judging those players on how they are performing, both in the virtual arena and the real one.
Fantasy sports. Have you heard about it? You might have, given its popularity. Millions of people play it every day. Though popular, there is always someone in your room or circle of friends who has no idea what it is or how it works.
It started off as a simple game that friends played among themselves to pass the time. Now, it has transformed into a business that has an average net worth of a billion dollars or more. The sponsors and corporate partners of real-world sports have also taken an interest in the business. In 2015, corporate giants, Google and Time Warner, both had their investments in Fan Duel, a major fantasy sports company.
Advertisements for fantasy sports are pretty common as well. If you have ever been to a sports game, there is no doubt that you have seen advertisements for daily fantasy sports companies like DraftKings and FanDuel.
No industry in the sports world has grown this significantly since the release of cable TV, probably. And with the recent merger of the two companies, it is pretty clear that fantasy companies are not simply the “cool” trend in the market.
As a whole, this industry is pretty new. DraftKings hasn’t even been around for that long of a time. However, the two companies have managed to raise a combined total of over $1 billion in VC funding. It is because of these companies that fantasy sports have become a household name.
The aim of this article is to help you fully understand the world of fantasy sports. So let us begin.