Yahoo Officially Enters Daily Fantasy Sports Arena With FanDuel And DraftKings
We reported back in April on reports that Yahoo were looking to join FanDuel and DraftKings in the daily fantasy sports betting sector. The buzz around the daily fantasy sports market cannot be ignored as the size and popularity of this niche has grown exponentially in the last few years. True to their promise Yahoo launched their new DFS site which will offer both daily and weekly contests.
Players will initially have the option of betting on and Major League Baseball games but NFL, NBA and NHL games will be available later this fall. Yahoo is hoping to break the monopoly DraftKings and FanDuel have on this sector but said they will not venture into NASCAR or Golf like their competitors have.
Addressing the legal issues Yahoo VP of publisher producer Kenneth Fuchs allayed fears as the games are based on skill and not on luck which means they will not fall under the restrictions of real money gambling. The new service is called Yahoo Sports Daily Fantasy and players will be able to earn real cash rewards.
In a statement Yahoo explained the rational behind the move,” Today, we’re taking the game to the next level and giving fans what they’ve always wanted — the chance to compete with their friends and win cash, everyday. With today’s launch, Yahoo becomes the first major sports site and the only technology company of its scale to offer its own Daily Fantasy experience.”
Yahoo CEO Marissa Mayer made no attempt to hide their intentions of entering the DFS sector as already in her last earnings call she said,” Normally we do not announce products before launch but this has been such an area of interest for our fantasy players and our investors that we wanted to announce that we have a new daily fantasy offering in the works that will launch this summer.”
Players will be able to deposit up to $600 per day into their Yahoo account via PayPal and Yahoo will employ Gelocation technology to ensure that wagers are taken only from the states that currently allow daily sports betting. There are currently five U.S. States who do not permit this, Iowa, Arizona, Louisiana, Montana and Washington.