Turn $20 into $1.2 million.
That’s the prize DraftKings, a daily fantasy sports contest service, touts for its fantasy football “Millionaire Maker” contest.
The “Millionaire Maker” is just one of several contests — spanning every major sport — on just one site that gives quick payouts for daily and weekly fantasy games. DraftKings and competitor FanDuel together make up 95 percent of the fantasy sports market, fueling a booming industry that’s expected to generate $370 million in revenue this year.
Sports fans can’t turn on a game now without being bombarded with advertisements for one of the sites. From Aug. 1 to mid-September alone, DraftKings spent $81 million on ads, surpassing FanDuel’s $20 million for the same time, according to the Wall Street Journal.
But allowed to grow with no regulation, online fantasy sports sites have skirted the lines of legality, and now the industry is under national scrutiny. Arizona, Iowa, Louisiana, Montana and Washington have already declared the Web-based contests illegal gambling. Nevada’s Gaming Control Board this month ruled it does constitute gambling and the sites need the proper licenses to operate in the state.
Because of the recent attention, the fate of the industry, whatever it may be, will likely come within the next year. So what’s all the fuss about? I wanted to see for myself. In the process, I got a firsthand taste of the lure the sites offer — and I may just be hooked.