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Daily Fantasy Sports Participation Booming, Particularly Among Young, Educated Males

Daily fantasy sports -- "a faster, more addictive, potentially more lucrative iteration of traditional fantasy games -- has experienced a boom" over the past year that is "bringing cash and new players to the industry in unprecedented numbers," according to Albert Chen of SI. The rules "are simple: Every real-life athlete is assigned a salary, and every lineup is subjected to a salary cap." Once you have "assembled your lineup, you win or lose based on the performances of your players that day." Users then "cash out the next morning, then start all over again." The demo "is young (the median age is 15 years younger than that of the traditional player), male (more than 90%), mobile (over 70% play on their phones) and college-educated with disposable income." Fantasy Sports Trade Association President Paul Charchian said, "There's never been a bigger change in our industry. ... We've had more investment in the fantasy industry over the last year than we've had in the entire history of the industry." FanDuel and DraftKings "make up 95% of the market and have such loyal followings that it may be too late for even a media behemoth to become a serious player without acquiring either of the mainstays." FanDuel's founders originally "offered news-prediction game" via a site called Hubdub, but "it didn't make money." The FanDuel staff then "studied American fantasy sports and were amazed to see the industry was losing its younger demographic." FanDuel Chief Product Officer Tom Griffiths said that there was a surprising "lack of disruption and innovation." While DraftKings "holds strong ties to the poker industry (it sponsors the World Poker Tour), it's clear that FanDuel wants to distance itself from gambling, having recently capped daily deposits at $10,000" (SI, 2/2 issue).

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