SAN FRANCISCO — At a press event today, Yahoo announced the launch of its daily fantasy sports league. No longer will you have to deal with weeks-long contests. Instead it’s short daily battles, all for bragging rights … and cash prizes. This is certainly an evolutionary fit for Yahoo as Kenneth Fuchs, Yahoo’s vice president of products, revealed that Yahoo Sports has incredible reach, with 98 million monthly sports fans spending 30 billion minutes a year playing season-long fantasy sports on its site.
Called Yahoo Sports Daily Fantasy, sports fans can participate by simply using the Yahoo Fantasy app on iPhone or on any device through the browser. There’s untapped potential, according to Fuch, with player spending on daily fantasy has grown 51x over 3 years from $5 million to $257 million. Fuch says that it’s built on Yahoo Sports’ principles such as it’s mobile-first, it offers a unified look, and social.
Contests run daily and fantasy sports fans won’t have to deal with draft issues. There are a variety of contests such as 50/50 or a guaranteed contest. All funds will be managed through Yahoo’s system, which the company assures will be secure — payments are done internally and all winnings are paid out using PayPal within 48 hours. There are free entry contests and those that require a registration fee.
Anyone can create their own contest and this covers just Major League Baseball for now, but new sports will be rolled out as the seasons go available in 45 states (sorry Iowa, Arizona, Louisiana, Montana, and Washington but you can’t participate in Daily Fantasy). There is a maximum deposit of $600 per day for players.
There are also season-long cash league and it’s not the first time when Yahoo gives out money to winners. Yahoo will take 10 percent of contest fees but depends on the size of the contest and players. The company is currently not launching with advertisements.
Yahoo Sports Daily Fantasy comes at a time when daily contests have been essentially dominated by DraftKings, a service that received $250 million in funding from Disney in April and it’s gotten its hooks into ESPN as its official daily fantasy sports provier. And let’s not forget FanDuel.
You can try Yahoo Sports Daily Fantasy now.
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Yahoo Sports now lets you win cash daily by playing fantasy sports online
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