Why Fantasy Sports Fans Will Be Blockchain Enthusiasts This Summer

In 2016, there were over 57 million fantasy sports users and in North America alone, the industry is worth over $7 billion. While things are going great for the industry, that doesn’t mean that there isn’t room for improvement.

Fantasy sports platforms are anything but transparent, and then there is the fact that only a very small percentage of users claim over 91% of the profits. This small percentage (1.3% in 2015) are what people in the industry refer to as sharks, while the rest of us are simple referred to as “minnows.” This can be a pretty depressing stat for a regular person who is thinking about joining the sea of other players, knowing that their modest bankroll will never be able to compete with the top users.

There is then the issue of the legality of daily fantasy sports. Is it gambling? Is it legal in my state? Trying to legally and skillfully navigate the financial landscape can be daunting, and another hurdle for people deciding if they want to get involved in the industry.

There is hope, however, and emerging technology made possible through blockchain is helping combat the issues listed above. MyDFS is a blockchain-based platform for daily fantasy sports users that is using a tokenized system to avoid any issues that may arise when dealing with the concept of gambling. Since you’re using a token purchased with Ethereum through MyDFS, you’re not actually gambling any real money, but instead an asset of the fantasy sports platform.

Smart contracts and the base blockchain will also help clear up any transparency issues users may experience. Acting as a digital ledger, users will be able to see exactly where their tokens have been, where they are going, with clear indications of the trades and plays made. This same transparency can help bring an interesting twist to help deal with the “sharks.”

While you’ll never be able to dictate how much they spend, you will be able to see how well they are doing and this is where MyDFS is doing something a bit different. You’ll actually be able to invest in the actual MyDFS players and their digital success, not just the players playing the sport in real life. This adds an interesting twist to the whole platform, as it gives even more options for platform.

Based on the ERC-20 Ethereum protocol, the MyDFS token is easily purchasable for users who are somewhat familiar with the concept of crypto wallets and systems. Users who already have an Ethereum wallet can connect their MyDFS wallet, further simplifying the process of signing up. While one of the main advantages of utilizing a cryptocurrency over tradition fiat currencies is that users from around the world are able to play without having to worry about betting laws, but the benefits are far greater than that.

While things are a bit shaky with crypto right now, it is platforms like MyDFS that continue to show that blockchain and crypto have actual real-world applications, and it’s simply a matter of educating the public and building strong platforms that give value to users. Will it completely replace the traditional fantasy sports platforms? Probably not, but it does give users options when choosing a platform, while still offering some unique features that are made possible through tokenization and blockchain technology.

MyDFS is currently gearing up for their Pre-ICO, which starts on March 19th, followed by the full ICO that takes place from April 9th through May 7th, 2018. The app is scheduled for a full launch on May 15th on both Google Play and the Apple App Store.

Disclosure:

The author has had a working or personal relationship with one or more companies mentioned in this article in the past. Access to mentioned company’s management and information was made through the author’s personal network. All information was vetted prior to posting.

Disclaimer:

This essay is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only.

Why Fantasy Sports Fans Will Be Blockchain Enthusiasts This Summer was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.