Facing regulation issues in some U.S. markets, daily fantasy sports sites are looking for ways to create competitions that don’t involve the house.
PrizePicks joined that movement by announcing a new peer-to-peer game on Thursday that launches in Alabama, Tennessee, West Virginia, and Wyoming — with more states to be added later.
PrizePicks Arena is an online game that groups players based on entries, buy-in fees, and experience on the platform. Those players compete for a prize pool against each other by making winning picks that create the highest score.
“We're focused on expanding PrizePicks' reach by creating new, innovative game types that push the PrizePicks brand and truly put sports fans at the center of gameplay. PrizePicks Arena is an exciting new twist on the PrizePicks experience that paves the way for future product innovations."
- Brian Huss, PrizePicks Vice President of Innovation
Fast-growing company
PrizePicks is available in over 30 U.S. states and was recently licensed to operate in Tennessee. The traditional DFS game revolves around creating an account, depositing real money, and picking the Over/Under on specific player stats with a chance to win cash prizes from the site.
That, as well as a free game, is still offered at PrizePicks, but the arena contest is similar to a peer-to-peer game released by competitor Underdog Fantasy.
The Atlanta-based PrizePicks is one of the top DFS sites and has been listed as one of the fastest-growing sports companies in the U.S. in the 2023 Inc. 5000 rankings.
Under scrutiny
DFS sites have come under fire recently for their similarities to sports betting.
Some gaming officials argue that DFS is too similar to sports betting, and because they aren’t licensed or deemed illegal like sportsbooks, they shouldn’t operate in some states.
Michigan, Florida, and New York have already cracked down on the pick’em-type games. In contrast, regulators in Colorado and Arizona are wading into the murky waters of DFS sites, despite currently allowing them to operate.
The introduction of peer-to-peer games could allow DFS sites to skirt regulators in some states.
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