Is Draftkings Legit: An Overview Of Draftkings and Their Investments

is draftkings legit

DraftKings, which began as a small startup in 2012, has expanded rapidly to become the dominant U.S. provider of daily fantasy sports.

The Boston-based DFS provider DraftKings offers more contests in more sports than any of its competitors.

DraftKings has skyrocketed to prominence since MLB invested in the company in 2013. MLB was the first American professional sports league to do so.

An Overview Of DraftKings

What Is Draftking

The daily fantasy sports market is huge, and DraftKings is a major player in that market. It’s the main rival to the market leader FanDuel. Since its inception in 2011, DraftKings has called Boston, Massachusetts home for its corporate headquarters.

The company’s founders were inspired to create it by the concept of daily fantasy sports leagues. DraftKings was founded by Paul Liberman, Jason Robins, and Matt Kalish, with an initial investment of $1.4 million.

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DraftKings Company Profile And History

DraftKings Company Profile And History

In 2012, DraftKings was launched as a place to hold individual fantasy baseball games. At first, business was conducted from the home of one of the company’s founders, Paul Liberman.

DraftKings has over 350 employees and over 8 million users after receiving numerous investments and signing deals with major sports leagues like Major League Baseball and the National Hockey League.

Does DraftKings Offer A Deposit Bonus?

DraftKings matches first-time depositors’ funds up to $600 and gives them a free shot at a $3 contest. Users that spread the word about DraftKings to their friends are rewarded in various ways.

DK will reward new players with $20 in DK dollars if they join up and make a deposit after clicking on a user’s referral link sent through email, Facebook, or Twitter. Any participant who tells their friends about DK will also get a reward.

The incentive, if taken, will expire four months after that. The first signup bonus is paid out at a rate of $1 for every 100 frequent player points (FPPs) gained. Earning FPPs is as simple as taking part in tournaments. Participants may redeem their FPPs for free contest tickets and other rewards, like DraftKings gear, if they reach a certain threshold.

Is DraftKings Safe?

To begin, daily fantasy sports online for real money on sites like DraftKings is lawful (in most states) following a unique cave-out provision in the 2006 UIEGA bill enacted by Congress and signed by President Bush. For more on why DraftKings is within the law, click here.

Compared to making a payment to an offshore sportsbook or poker site, playing on DraftKings is not only legal, but also significantly safer.

Is Draftking Legit

DraftKings is a real and reputable company, yes.

DraftKings, in contrast to offshore online poker sites and offshore online sportsbooks, is based in the United States, namely Boston. In 2012, three close friends from the Boston region got together and, working out of one of their houses, launched what would become the firm we know today.

Unlike the days of online poker, nowadays most states allow players to legally fund their DraftKings accounts using Visa or Mastercard. Cashouts may be processed quickly and effortlessly. Though it’s up to you to decide, a million American gamers seem to have faith that their money is secure on DraftKings.

DraftKings Sportsbook and Casino: The Basics

In 2012, real money competition in fantasy sports became worldwide with the debut of DraftKings, enabling participants to wager on the performances of individual players in the five major leagues.

Nearly a decade later, DraftKings has launched a sports-betting service in Pennsylvania, providing bettors a formidable two-pronged attack.

DraftKings is a one-stop shop for sports bettors since it accepts wagers on almost every play and outcome in every sport, from the National Football League to mixed martial arts.

The icing on the cake is the DraftKings casino, which caters mostly to mobile users who are wanting to place wagers in real time.

When it comes to quantity, Draftkings certainly delivers, but how does it do in terms of quality?

Playing On DraftKings vs. An Offshore Site

Playing On DraftKings vs. An Offshore Site

DraftKings is a wholly American-owned and -operated business. Those who have doubts regarding its veracity should be aware of this. The opposite is true for internet gambling services that are prohibited in the US, such as online sports betting.

These businesses must be based outside the US, often in a jurisdiction with no rules regarding this kind of entertainment. This is done so that US authorities cannot access their funds and they are not subject to US jurisdiction.

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DraftKings Investments

When determining a company’s legitimacy, it is helpful to examine its holdings in other companies. Series B venture capital funding brought $24 million to DraftKings in 2013. Redpoint Ventures served as the project’s lead investor, with contributions also coming from BDS Venture, GGV Capital, and Atlas Venture.

Forty-one million dollars more was invested in this venture in 2014. Recently, Disney announced that they will be partnering with DraftKings in 2015 and investing $250 million into the business, making it the largest single investor in the company.

Is DraftKings A Scam?

By taking advantage of a wiggle room in the Unlawful Internet Gambling Enforcement Act of 2006, companies like DraftKings and others that provide daily fantasy sports are able to operate legally. Daily fantasy sports were quick to capitalise on the void that was created for individuals to organise and manage online fantasy leagues that span several seasons.

As a consequence, using sites like DraftKings and others for daily fantasy sports is not only permissible but actively encouraged by the law enforcement community.

It’s important to get into daily fantasy sports with the understanding that not everyone wins. Increases in the number of players throughout time have led to an uptick in the employment of complex projection systems and other aids to assist in lineup construction.

As a result, such factors can only explain so much, and professional players are increasing in number, making it harder for recreational players to win large.

So, is DraftKings a fraud? No. Will you likely get wealthy quickly if you play DK, particularly in the beginning? No way, no how. As such, you should enter the game with the mindset that you’re there to have a good time and maybe earn some extra money. Keep your expectations realistic, particularly if you’re a beginner player, since there’s always a possibility you may strike the jackpot and earn millions.

There’s a reason why DraftKings dominates the daily fantasy sports market. They have the most competitions of any major DFS platform and are always adding new ones to keep things fresh for players. You can’t improve if you don’t try, so why not start right now?

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James Amato

I am James Amato writer by profession and have always been passionate about research. I have a P.H.D in English and have written numerous books on a variety of topics. My interests include fishing, writing, and spending time with my family.

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