PrizePicks has recently passed-up FanDuel claiming the number two spot in daily fantasy sports Revenue in Michigan. The Georgia-based company now is ranked second in the state, behind DraftKings, according to the Michigan Gaming Control Board.
The company has grown dramatically over the past year, turning quite a few heads of sports betting fans and igaming fans. In February of this year, PrizePicks made over $286,286 in revenue, with FanDuel falling shortly behind with $270,420. March was also a close race between the two sites, with FanDuel bringing in $227,374 and PrizePicks reporting $234,655 in revenue for the month. In April, however, PrizePicks took quite the lead reporting $388,763 in revenue, with FanDuel over $80k behind at $305,419 for the month.
During the same three months last year, PrizePicks’ best month was in March, when the coming brought in a mere $22,405 in revenue. In the past year, PrizePicks has experienced staggering revenue growth in Michigan. Industry insiders believe that the daily fantasy sports company is also gaining traction in other states that do not currently report monthly revenue numbers. DraftKings and FanDuel have a new competitor in the daily fantasy sports market, and it isn’t going anywhere anytime soon.
What is PrizePicks?
PrizePicks is unique in the daily fantasy sports industry. The company keeps it simple for users on the site, offering only two main types of games. Users pick between 2-5 players and decide the over/under on their projection. No longer are you competing against hundreds of lineups or having the hassle of managing a salary cap. The app focuses on real money single-player fantasy prop-selection contests. According to their Google Play store listing, PrizePicks is the “simplest, fastest, & most exciting daily fantasy sports game.”
Users can choose up to 5 players to include on their wager, similar to a parlay. Wagering on a lower number of players is the safer route, however, the more players you include, the higher the potential payout! Your bet can include players from multiple different sports, including the NBA, NFL, MLB, NHL, WNBA, College Sports, PGA, Tennis, and several esports titles. Within those markets, PrizePicks offers a variety of prop categories. NBA props, for example, include points, assists, rebounds, free throws, three-pointers, points + rebounds + assists, and overall fantasy points. Once you’ve decided on what you’re wagering on, you simply choose whether the player will go over or under on each of the props in your entry. Once that’s completed the last step is choosing the style of game you’ll play, Flex or Power Play. As the name suggests, Flex Plays offer a safer option, where one or two of your picks can lose, yet you still get paid out. However, if you’re feeling confident, Power Plays require all wagers to be correct, resulting in higher risks with a higher payout.
The future of PrizePicks
Adam Wexler, the founder, and CEO of PrizePicks was excited about the company’s performance in Michigan, stating, “Yeah, we knew we had a strong April from a revenue perspective . . . Unfortunately Michigan is one of the few states where they are publishing numbers inclusive of Prize Picks right now. We know there are other states that could be publishing those numbers, but they’re just not publicly available. But we think had other states been publishing, we think it would be a pretty consistent message that PrizePicks might well be above FanDuel’s fantasy revenue.”
The company claims much of its success is due to the fact that millennial and Gen Z sports fans have “grown up predicting player performance more than team performance, and that’s something these European companies don’t fully recognize — that this market is rooted around that. And of course, there’s the social media trends, where the LeBron James’ of the world have a bigger following than the teams.”
PrizePicks also has a strong Discord community, which Wexler claims is 10x the size of any other sports betting or fantasy operator. Discord is a community-based platform where users of the app can communicate, chat, and hang out with other sports fans and users of PrizePicks.
For the future of PrizePicks, Adam Wexler believes they’ve only just started, “We’ve got uber optionality,” said Wexler, “At the end of the day, the best way to think of us is that we’re a real money over/under prediction operator. For now, we’re exploring what makes the most sense to expand our brand. We have a lot of options.”
PrizePicks success in Michigan will certainly translate to other states if the company continues to focus on its strongest differentiator; a clean, easy-to-use app with a refreshing twist on the daily fantasy sports genre.
Mac Daniel is a South Carolina-based freelance writer for PlayOnlineCasino and PlayOnlineSportsBetting. He has experience writing about a wide variety of topics, including healthcare, tourism, non-profit organizations, and most recently casino and sportsbetting news. To check out more of his work, visit www.playonlinecasinomi.com or www.playonlinesportsbetting.com