FanDuel has decided to dip it’s toes into the tidal waters of Bitcoin by hosting the “Bitcoin Bowl”, a competition taking place on January 6th which will be awarding a total of four bitcoins. For those who don’t know, FanDuel offers daily fantasy sports games where the performance of real athletes decides which team wins.
Each FanDuel user picks a team from a list of real-world players. When players perform better in real life, your fantasy team receives more points. FanDuel’s CFO Andy Giancamilli said of introducing the cryptocurrency to it’s prize pool:
"FanDuel has always sought to deliver the most unique and rewarding experiences or prizes to our users. In awarding Bitcoin, we’re recognising that most of our users are early adopters of technology and have a significant interest in cryptocurrency. Our fans love the prizing aspect of playing on our site and we think this will be a reward that they truly appreciate."
The Bitcoin Bowl prize split is as follows:
If you haven’t heard of the wildly popular cryptocurrency, don’t be fooled by the seemingly miniscule amounts being given away as prizes. At the time of writing, one single Bitcoin is valued at just under $15,000, so the total amount of prize money will come to approximately $45,000.
FanDuel will need 15,000 entries (considering the $3 entry fee) to break even, and they’re well on their way with over 10,000 registered already. And with the amount of attention given to Bitcoin over the last few months of 2017 and on into 2018, there is sure to be plenty of interest for perspective players.
Reaction to the Bitcoin Bowl has been distinctly mixed so far, with the brunt of daily fantasy sites seeming excited about the opportunity to delve into Bitcoin through one of their favourite hobbies. The announcement also garnered some mainstream exposure, with a write-up in the Daily Mail.
Other fans seemed unimpressed, complaining that the Bitcoin Bowl is merely a sly attempt at generating profit, with a massive rake in store for FanDuel. The issue is that the contest is uncapped. With prizes being fixed, but players being able to enter 150 times, the potential for rake is huge.
With so many entries already, the likelihood that entry fees will far surpass the value of the competition’s Bitcoin prizes is high (if Bitcoin retains it’s value). And to be honest, even if the daily fantasy site weren't to make a killing off this particular promotion, the sheer amount of coverage for the brand should be worth it.
FanDuel is not accepting entry fees in Bitcoin (these sites do!) and the Bitcoin Bowl will be a one-time promotion. But the competition's initial registration numbers are a clear indication that those currently outside of cryptocurrency circles are noticing Bitcoin’s value and will try new things giving a chance at getting their own.
Bitcoin has fluctuated massively throughout 2017 through growing interest among retail and institutional investors. The digital currency hit a peak of nearly $18,000 in December 2017 and continues to intrigue investors and the general public alike. If you're intersted in winning some Bitcoin, feel free to head over to FanDuel today!