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19.06.2023, 04:40
27.05.2024, 03:19
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What is Fantasy Sports Betting

Venturing Into Fantasy Sports Betting

Immerse yourself in a different realm of sports betting with Fantasy Sports, where instead of predicting outcomes of live sporting events, you assemble a virtual team and compete against other teams for real money. The success of fantasy sports betting is relatively new, having surged in popularity in the last few years, transforming it into a mainstream pastime.

The allure of fantasy sports betting lies in its simplicity and engagement. As a participant, you create a team of players following specific selection criteria. The players' performance in real games determines the points earned by your team.

The exciting part is competing with people who've also created fantasy teams. The winning team typically performs best, with betting taking various forms, including entire season-long leagues.

Fantasy sports betting offers an entertaining experience and an avenue to test your sports knowledge. Major sports such as US football, baseball, basketball, and soccer have fantasy sports leagues. The aim remains the same across all sports: assembling a team whose collective performance in actual games earns you the most points.

How Fantasy Sports Betting Look Like

The league and sport dictate the point-scoring and player-selection rules. For instance, in baseball, players score points through actions like hitting home runs, while in soccer, scoring goals or creating assists earns points. The selection rules may limit the number of players from a single team or require picking players from various positions.

Another exciting aspect of fantasy sports is the hypothetical value assigned to players. You must construct your team within a fixed budget, and it's your responsibility to see how well your team fares against others.

Ways to bet on your fantasy sports team are numerous. One method involves entering a league with multiple opponents running over a specified time - a single round of games or an entire season. The team that amasses the most points over this period wins the prize pool. In some leagues, the winner receives a percentage of the prize pool, with smaller prizes allocated to top-performing teams.

Alternatively, you can compete against a single opponent. Here, both parties wager an equal amount, with the team scoring the highest points bagging the winnings. There are other betting mechanisms, but the ones mentioned are the most prevalent.

Daily fantasy sports are an attractive option for those who prefer a quicker pace, adding an intense, high-speed dimension to the fantasy sports experience.

Legality is a vital aspect to consider in sports betting. While traditional sports betting has ambiguities in some regions, fantasy sports betting is generally accepted as legal worldwide. However, it's advised to acquaint yourself with local laws before participating.

Examples of Fantasy Sports Betting

Fantasy Football

Imagine it's the start of the EPL season, and you join a fantasy football league. You're given a budget, say ₦200, and you must fill your team with players within this budget. Players' prices are set based on their projected performance for the season. For instance, a star half-back like Andrea Pirlo may cost ₦50, while a less-proven player may only cost ₦10.

Your team earns points throughout the season based on the players' actual game performance. Quarterbacks might earn points for passing yards and touchdowns but lose points for interceptions. Running backs and wide receivers earn points for rushing or receiving yards and touchdowns.

Fantasy Basketball

In a fantasy basketball context, you might participate in a league where points are scored based on the players' game statistics, such as points, rebounds, assists, steals, and blocks.

For example, you could draft a player like Giannis Antetokounmpo or Stephen Curry, expecting high scoring, assists, and rebound numbers. Still, these top-tier players would consume much of your budget.

Fantasy Baseball

Fantasy baseball could include home runs, runs batted in (RBI), stolen bases for hitters, wins, strikeouts, and earned run average (ERA) for pitchers.

For instance, if you picked a player like Mookie Betts, he might provide you with many home runs and RBIs, increasing your points in those categories.

Daily Fantasy Sports (DFS)

Unlike traditional season-long fantasy sports, daily fantasy sports involve short-term competitions over a week or even a single day. This format is popular in sports like basketball and baseball, where multiple weekly games exist.

For example, in a daily fantasy basketball contest, you could pick a different team of players every day based on that day's games to accumulate the most points possible from players' statistical achievements in their games that day.

These are just a few examples of how fantasy sports betting can work across various sports. The rules and point systems will depend on your league or platform.

Fantasy Betting Market with NFT

Fantasy sports betting and Non-Fungible Tokens (NFTs) might seem unrelated at first glance, but the intersection of these two fields presents fascinating opportunities.

An NFT is a digital asset representing real-world objects like art, music, in-game items, and videos. They are bought, sold, and traded online, usually with cryptocurrency. They're unique and can't be replaced with something else, which sets them apart from fungible tokens like cryptocurrencies.

The collaboration between the Premier League and Sorare represents a pivotal moment in how fans engage with sports and their favourite players.

Here are some key takeaways from this partnership:

  1. New Form of Engagement: The deal between the Premier League and Sorare demonstrates the growing interest of sports leagues in using NFTs and blockchain technology to enhance fan engagement. The creation of NFT playing cards introduces a new way for fans to interact with their favourite players and teams, adding a layer of excitement and connection.
  2. Value of the Deal: The fact that the deal is reportedly worth nearly $150 million (£120 million) over four years is a testament to these entities' value in this emerging market. It shows confidence in the potential of NFTs to generate significant revenue and engagement.
  3. Continued Interest Despite Market Fluctuations: Despite the reported collapse of the NFT market in 2022, sports leagues are still exploring and investing in NFT-related opportunities. This indicates a belief in the long-term potential of this technology.
  4. Regulatory Attention: The fact that gambling regulators have investigated Sorare illustrates the legal complexities associated with this emerging field. Blending fantasy sports, NFTs, and cryptocurrency presents a new challenge for regulators. It's a reminder that this is a rapidly evolving industry, and the legal and regulatory frameworks will also continue to evolve.
  5. Reward System: The reward system, which ranges from additional player cards to unique experiences, adds another dimension to the fan experience. It also offers a practical demonstration of how NFTs can be used to provide exclusive access and rewards.
  6. Competitive Modes: The introduction of league-specific competitions, draft-based and financial fair play modes, as well as capped-mode competitions provide diverse ways for fans to engage and compete. It also showcases how NFTs can create new game dynamics in fantasy sports.

Overall, this collaboration is an exciting development in using NFTs in fantasy sports and could pave the way for more such partnerships.

Fantasy Betting Market in Nigeria

The fantasy sports market in Nigeria is on an exponential growth curve, with substantial progress witnessed in recent years. A critical catalyst fueling this swift expansion is the burgeoning digital infrastructure in this emergent region.

Nigeria's gross gambling revenue is forecasted to surge by 16% in the next five years. By 2024, the Nigerian fantasy sports market is projected to reach a valuation of $1.5 billion, symbolising its vast potential.

In addition, there has been a significant rise in average data usage per subscriber, driven by the increasing availability of affordable smartphones. Indeed, over 60% of Nigeria's total population now possess smartphones, indicating a vast user base for digital platforms like fantasy sports.

This growth in the digital marketplace, complemented by the availability and accessibility of high-speed internet at reasonable prices, acts as a powerful fuel for the expansion of the fantasy sports market in Nigeria.

Major players in the digital market in Nigeria, including MTN, Airtel, Globacom, and 9Mobile, with a combined 120 million mobile connected lines, are instrumental in shaping this digital landscape. Their presence is crucial for the proliferation of online platforms such as fantasy sports, enabling the sector to flourish.

FAQ

How does fantasy sports betting work?

In fantasy sports betting, participants select a roster of real-life athletes within a salary cap or draft format. The performance of these athletes in actual games determines the fantasy team's score. Participants compete against each other, and those with the highest-scoring teams win the fantasy contest.

What sports can I play in fantasy sports betting?

Fantasy sports betting covers a wide range of sports, including but not limited to soccer, basketball, baseball, American football, hockey, and cricket. Different platforms may offer different sports options based on popularity and demand.

Is fantasy sports betting considered gambling?

The legal classification of fantasy sports betting varies depending on the jurisdiction. In some places, it is considered a game of skill and thus exempted from gambling laws. However, it may be subject to specific regulations or restrictions in other regions. It is essential to understand the legal framework in your jurisdiction before participating.

Can I play fantasy sports betting for real money?

Yes, fantasy sports betting can involve real-money contests where participants wager entry fees or bet on the outcome. Prizes are awarded based on the performance of the fantasy teams. However, the availability of real-money contests may depend on local regulations.

Are there different types of fantasy sports betting formats?

Yes, there are various formats in fantasy sports betting, including season-long leagues, daily or weekly contests, head-to-head matchups, and tournament-style competitions. Each format has its own rules and scoring systems, providing diverse options for participants.

Are there fantasy sports betting platforms available online?

Numerous online platforms and websites are dedicated to fantasy sports betting. These platforms provide the infrastructure and tools for participants to create and manage their fantasy teams, enter contests, and track their performance.

What factors should I consider when participating in fantasy sports betting?

When participating in fantasy sports betting, it's crucial to research player performance, injury updates, team dynamics, and other relevant information. Understanding the scoring system and strategies for building a winning team can enhance your chances of success.

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