Online gambling is gaining ground and has made a touchdown in fantasy sports. The daily fantasy sports (DFS) community is excited about the potential growth of the new market of fantasy sports betting.
You’ve probably heard of fantasy sports, but do you know what it is and where fantasy sports betting is headed? Let’s take a look at its history and current market state.
What Is Fantasy Sports and Fantasy Sports Betting?
People draft real professional players onto their virtual teams using a fantasy sports website, such as FanDuel or DraftKings. Popular sports for which to create imaginary teams include football, basketball, and baseball. Every week, the fans’ virtual teams compete in matches, leagues, and tournaments.
Fantasy sports betting is where users place a wager on the outcome of the game, team, or player’s performance. How well their digital sports teams do depends on several factors, including real-time player performance, injuries, and team matchups.
The Rise of Fantasy Sports
The origins of fantasy sports can be traced back to the 1950s when a businessman named Wilfred Winkenbach created fantasy golf. This sport was not organized enough to launch into a business, but Winkenbach did not give up. He formed the first fantasy football league in 1962, shortly after the first fantasy baseball league started in 1960.
While the early 1950s and 60s were important to the history of fantasy sports, many people, especially baseball fans, will say that 1980 is the year fantasy sports really got going. During this year, the Rotisserie Baseball League was formed. After this date and over several decades, formal rules and regulations emerged for fantasy sports and fantasy sports betting.
Fantasy Sports and the Internet Era
The internet had a significant impact on fantasy sports and developed it into the sport that it is today. According to The Fantasy Sports Trade Association, 59.3 million Americans played fantasy sports in 2018. DraftKings reported receiving $213 million in revenue in 2019. The market for online sports betting is projected to reach $3 billion in 2021. It’s clear fantasy sports betting is going to be a major player in gambling.
The Fantasy Sports & Gaming Association states that 78% of fantasy sports players bet on sports. Unfortunately, online sports betting is not all fun and games. An increase in online betting sites has led to a boosted number of problem gamblers. But, the Council on Compulsive Gambling of New Jersey is here to help you.
If you or your loved one is struggling with problem gambling, call or text our free and confidential helpline to get the support you need.