The online fantasy sports industry has experienced stable growth every year, topping more than $7 billion of annual revenue, generated by more than 59 million users in the US and Canada in 2017 alone. It’s not just user base that grows, but also their spend on fantasy league-related costs, single-player challenge games, and league-related materials. For example, the average fantasy player spent approximately $556 on his or her sport in 2017.
At the same time, fantasy faces a multitude of challenges that can only be overcome by changing the industry itself. There are uncertain legal statuses, high marketing budgets, complicated user verifications, money withdrawal problems, and complex interfaces, just to start. The market is mainly split between two main players who pioneered the industry, DraftKings and FanDuel. Investors were surely appreciative when they did it, but these companies now have serious problems that include badly balanced marketing budgets, little external competition, a number of monopoly scandals, and the inability to challenge the tough laws and regulations that control the business of fantasy sports.
MyDFS doesn’t try to compete with industry leaders, but redefines the industry itself.
- MyDFS adds maximum transparency by using the blockchain and smart contracts for every part of the platform, from player trades to receiving your winnings.
- MyDFS overcomes legal issues by using ERC-20 Ethereum-based cryptocurrency tokens. These replace real money in the game, meaning people from all over the world can play without worrying about the game’s legality.
- MyDFS makes the gaming process as simple and straightforward as possible, attracting more sports fans to fantasy.