How DraftKings works

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US giant DraftKings launched in the UK in late 2015.

The Boston-based gaming website, launched from co-founder Paul Liberman’s house in 2012, has become one of two major players in daily fantasy sports (“DFS”) along with Fanduel.

So what’s all the fuss about?

With hundreds of thousands of players in USA and Canada wagering over $2 billion in entry fees in 2015, DFS is changing the face of American sports betting culture.

Now it’s gunning to do the same in Europe.

The launch of DraftKings on UK shores will undoubtedly have a major impact on a market that only began to take shape in the last year or so. You’d be forgiven for not knowing much about it.

The site will crucially share liquidity with its US player base, meaning British punters will have access to competitions with prize-pools in excess of $1 million on a frequent basis.

Screen Shot 2016-02-02 at 17.34.42The most popular type of contest in today’s daily fantasy sports landscape are ones with a guaranteed prize pool (GPP), like we see in the above screenshot.

What does that mean? It refers to a contest in which a daily fantasy sports site makes the entire prize pool known in advance, no matter how many people enter the contest.

There were more than 170,000 participants in a recent $20 PGA contest on DraftKings resulting in a prize-pool of $3.3 million, with $1 million for first place.

In January poker pro Aaron Jones won the $5 million first place prize at the DraftKings fantasy football world championships. Excited yet?

If you’re still none-the-wiser, here’s a little explanation of how DraftKings works to get you started.

What is daily fantasy sports?

  • Like traditional season-long fantasy sports leagues, daily fantasy sports (DFS) players use their skill to select (or draft) a team of athletes based on a ‘salary cap’ formula where each athlete’s salary is determined by an algorithm quantifying recent athletic performance.
  • That team, a line-up, is then entered into one or more DFS contests.
  • DraftKings users compete in daily or weekly contests against others to win millions in real money prizes every week.
  • Users draft in minutes, enter lineups into one or more contests, and follow their scores live via web or mobile / tablet apps.
  • Contests are typically run on a one-day timeframe. Some contests (for example, in golf) can run over four days.

 

Want to get involved? Get a 100% first deposit bonus as free tournament tickets. Sign up now

Best of luck!

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