FanDuel Launches Peer-to-Peer Picks In Select States

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Transcript

00:00Something that's a little bit closer to the DFS streets, not DFS, peer-to-peer.

00:04FanDuel has a new thing, new product that it's launching here, FanDuel Picks,

00:10in states where, you know, obviously sports betting, legal sports books, are not offered.

00:16So it's a nice way to try and corner the market in another area that you are not already attempting to dominate.

00:22And as we know, there are a dozen states that are still chasing that legalization potentially anyway.

00:26So tell us just, you know, a little bit about FanDuel Picks and what this brings to that community.

00:34Yeah, definitely. FanDuel Picks is one of these pick-em, peer-to-peer games.

00:39It's the same thing, basically, that DraftKings has with their product, DraftKings Pick 6.

00:43And it's the same product that companies like Underdog Fantasy and PrizePicks have moved to

00:49in states where they faced a lot of regulatory pressure last year

00:53to change their product from something that doesn't look as much like sports betting as it once was.

00:58But to your point, it is still a product that very closely resembles parlays.

01:02It's going to allow users to select between three to six athletes

01:07and whether or not they will go under a given stat projection in return for a larger payout.

01:13So it's basically getting a parlay product to states like Texas, states like Georgia,

01:18just in time for a football season where we know there's a huge appetite to bet on this kind of stuff,

01:24to participate in these kind of games.

01:26And now it looks like FanDuel is basically just using the same model that DraftKings did.

01:30And Underdog Fantasy and PrizePicks did as well.

01:33It's kind of ironic when you think about it.

01:36FanDuel and DraftKings were part of the sports betting groups that got states to kind of crack down

01:42on this form of DFS that was Pick'em DFS that used to function in a player versus house model.

01:49Now it's switched to peer-to-peer.

01:50But these were sports books that were behind this big kind of push or not necessarily behind it,

01:56but adding fuel to the fire, making states aware of this kind of thing and kind of calling for,

02:00you know, we want the rules to be equal.

02:02If we have to pay taxes, so do they.

02:04So that turned into those companies figuring out how to kind of get away with it

02:08or how to satisfy those concerns in states.

02:11And now it looks like FanDuel and DraftKings are just saying,

02:13okay, it's a great playbook for us to follow if we can't be in Texas next year,

02:17year after that, Georgia.

02:18Might as well be in there right now, get those customers and serve them that product

02:22that, again, looks very close to a parlay, which we know how popular those are.