Disney Invests In Fantasy Sports Site
The Wall Street Journal reported on April 3, 2015 that Disney has invested $250 million into DraftKings, a website that gives fans the chance to play fantasy sports for money.
This deal is estimated to bring the valuation of the Boston-based fantasy sports site to almost $900 million.
DraftKings has agreed to spend more than $500 million in advertising in the next few years on ESPN, another Disney company, in return for Disney’s large investment. DraftKings is investing a lot of money on advertising to try to build its share of the fantasy sports market. DraftKings is the second-biggest fantasy sports site, after FanDuel, which is backed by Comcast Communications and recently received an investment from the NBA.
DraftKings offers daily and weekly fantasy contests for cash prizes in all major U.S. sports (NFL, NBA and Major League Baseball). The company’s website promises more than $1 billion in prize payouts this year, and states that the payouts are “100% legal.”
Are you a fantasy sports player? What sport do you like to play? I would love to hear your thoughts in the comments.
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