Before the launch of DraftDay in 2011, the site’s founders, Taylor Caby and Andrew Wiggins, had already found success as creators of the popular poker training site CardRunners. Seeing the potential in the daily fantasy sports industry, the pair dipped into their poker winnings to fund DraftDay, and made a splash by offering a freeroll with a $1 million grand prize.
In April 2012, the tech investment fund created by the founders of Groupon, Lightbank, took an interest in the startup and kicked in a $835,000 investment. At the time, Caby told Forbes that the company was focused on making the website extremely user-friendly for casual players. He also revealed that DraftDay took in $350,000 in revenue its first year, and was on target to double that the next.
In 2014, the site was acquired by MGT Capital Investments for 100,000 shares of common stock and $600,000 in cash. The firm believes that DraftDay is undervalued due to a lack of cash which has hindered the site’s ability to acquire new players. MGT execs are certain that, with more funding, the site could take a bigger slice of the daily fantasy sports pie.
Game Options and Payout Structures
DraftDay users can create rosters and wager on NBA, NHL, PGA, NFL, MLB and CFB games. Game types include:
- Standard Games: for standard games to run, a certain amount of users must register for the event. If that target isn’t met, the game is automatically canceled and player buy-ins are refunded.
- Guaranteed Games: these contests, also known as Guaranteed Prize Pools (GPPs) usually attract a large field of entrants. Due to the sheer amount of users involved in these events, prize pools can grow very large.
- Target: in Target events, your team must generate a specific number of points in order to share in the prize pool.
- Live draft: Live Draft games only run when a specified amount of entrants buy into the tournament. When that number is met, users choose players in sequential order after being assigned a draft pick.
- Turbo: In Turbo contests, users only pick players from teams that play in the day’s early games.
- Fifty-Fifty: in Fifty-Fifty games, users win double their buy-in by finishing in the top half of the event’s results.
- Pickem: In Pickem events, users quickly create rosters by simply choosing one player from each tier.
- Qualifier: Qualifiers give users the chance at winning a buy-in for a bigger tournament by first winning a smaller contest.
- Modified Salary Cap: users are faced with a different starting salary when drafting for Modified Salary Cap Games. That variation can come in the form of a bigger or smaller salary than the site’s traditional standard games.
In the “Account” menu, users can check their rewards info, make a deposit or cashout, and view their transaction history. DraftDay accepts deposits via all major credit cards plus PayPal, with withdrawals processed through PayPal or by check.
Draftday Sign-Up Bonus
DraftDay offers first-time users a 100% match bonus up to $600. The extra cash is cleared at a rate of 4%, so to receive the entire $600 bonus, players would need to pay at least $15,000 in buy-ins. Furthermore, DraftDay may assign an expiration date to your bonus, making clearing all of it a considerable challenge.
- Web browser: users can access the DraftDay software right through their web browser without having to download a standalone client.
- Mobile client: DraftDay sports a sleek and responsive mobile browser design, but does not currently offer a dedicated iOS or Android app.
Where is DraftDay Legal?
DraftDay is legal in the US with the exception of Arizona, Iowa, Louisiana, Washington, Montana and Puerto Rico. In Canada, the site is offered throughout the country, excluding Québec.
- Perfect Lineup: The Perfect Lineup is the biggest promotion in the daily fantasy sports industry, awarding $1 million to the user who picks the highest scoring NFL players from each position.
- Refer a Friend: when a user signs up through another player’s affiliate link, both parties will receive a free $15 game entry once the new user makes a $25 deposit.
The founders of DraftDay have used their experience in the poker industry to create a solid daily fantasy sports website. Users will enjoy a wide variety of game types, a large deposit bonus and the chance to win $1 million in The Perfect Lineup promotion. The site comes up short in a few areas, however, such as its paltry affiliate incentives and lack of a dedicated mobile app.