BetAmerica hopes to tap into US fantasy bets market with Fanex Sports
US horserace betting site BetAmerica has launched Fanex Sports, a real-money fantasy sports betting site where players can bet on their fantasy teams and win financial gains in return.
Sports on offer include NFL Football, Major League Baseball and NBA Basketball, with PGA Golf and horse racing to be launched soon.
The major media broadcasters such as Yahoo, ESPN or CBS all offer their particular versions of the product and online fantasy leagues and sports betting represent big business in the US. BetAmerica is hoping to tap into a market that generated US$470m in revenues in 2012 according to the Fantasy Sports Trade Association (FSTA) thanks to a 35 million-strong (approxiamtely) player base.
The product is legal in 41 of the 50 US states as it is considered a game of skill rather than chance and along with horse racing pari mutual, was exempted from the Unlawful Internet Gambling Enforcement Act in 2006.
BetAmerica goes up against fantasy sports heavyweight Fan Duel, which raised US$11m in funding at the start of the year and will be hoping to broaden the audience and reach of fantasy sports betting.