New technology from startup ventures is transforming the global sports industry. This Startup Series has introduced over 300 startup companies in the sports technology space to a broader audience by allowing Founders of promising new ventures to tell their story and pitch their idea. Feel free to submit your startup’s answers to the below questions or contact us if you know of a startup that should be considered for inclusion in this series.
This series is supported by Stadia Ventures. If you are a sports technology startup looking for strategic investors, we recommend checking out their upcoming accelerator programs.
Company name: MyDFS
Founder(s): Viktor Mangazeev
Headquarters: Isle of Man
Website: http://mydfs.net
1. What is your elevator pitch?
MyDFS is an all-in-one blockchain-enabled daily fantasy sports platform that runs on your mobile device. Blockchain and smart contracts can make daily fantasy sports more transparent, easier to use and more investor-wise.2. Problem & Solution
The current fantasy industry generally operates in a non-transparent manner. The end result is that the fan play experience suffers. Who wants to win their league, only to have to wait two weeks for a check to arrive in the mail?Blockchain, the same technology that powers cryptocurrencies (like Bitcoin), can be used to bring fantasy into the 21st century - built on open data, with no middlemen.
MyDFS aims to solve many of the transactional and user experience complexities and restrictions that currently exist for players of daily fantasy sports. For example, complex user verification procedures, slow withdrawals, complicated gaming experiences that are geared more toward advanced players and a lack of transparency in the gaming process (such as fair play, money issues, etc.) Using the power of blockchain and smart contracts, MyDFS also offers a more transparent and easy-to-use player brokerage system, so that players can bet on certain teams and players, and invest in professional players and gain a part of their winnings.
3. Market – your target market and the overall market
Fantasy sports is now a $7 billion industry. There are more than 59 million fantasy sports players in the United States and Canada alone.Daily fantasy sports (DFS) are a subset of fantasy sports games. Daily fantasy sports are an accelerated variant of traditional fantasy sports that are conducted over short-term periods, such as a week or single day of competition, as opposed to those that are played across an entire season. Investors can also invest in pro players on the platform using an easy-to-use, transparent player brokerage system, and earn a share of their winnings.
4. Business Model – how do you make money?
MyDFS tokens can be exchanged for other cryptocurrency or fiat money.The tokens powering the platform are available for purchase on exchanges. Players can use the tokens to play games. Your tokens are protected with a smart contract, and all player data and game statistics are stored in the blockchain. MyDFS charges a management fee for each game.5. Management Team – with titles
Viktor Mangazeev - CEOSergey Sheypak - Chief Technical Officer