Daily fantasy sports giant DraftKings is capping its recent entry into legal bookmaking with the planned launch of a first-of-its-kind live tournament for bettors along the lines of the World Series of Poker.
The DraftKings Sports Betting National Championship will be held the weekend of January 11-13 in Jersey City, N.J., the only state currently where the company’s fledgling DraftKings Sportsbook is operating.
“At DraftKings, the natural state of things is to look at everything as an opportunity for creativity and disruption,” said co-founder and Chief Revenue Officer Matt Kalish. “We looked at the sportsbook space and saw very little in the way of events. It seemed natural to find a way to bring that kind of experience to the sportsbook space.”
The event is open to anyone either directly via a cash buy-in or through a slate of qualifying DFS competitions online. The top prize will be $1 million, with smaller awards for runners-up. DraftKings is anticipating a total prize pool of at least $2.5 million.
The way DK has mapped out the tournament, each contestant will be bankrolled with $5,000 to wager on any sport they choose on the opening Friday and Saturday, as long as they bet at least $1,000 both days. All types of bets will be in play—“straight bets, parlays, fantasy props and more,” Kalish said.
Sunday, the last day, will be different. Players must wager at least $2,000 exclusively on the two NFL divisional playoff games, with all bets closing at the kickoff of the second game.
The player with the biggest bankroll at the end of the weekend takes home the $1 million.
The rationale for limiting the Sunday competition, Kalish said, is that pro football is the country’s biggest and most frequently bet sport, and also because the NBA and NHL, the other major pro leagues in action at that time of year, keep their Sunday schedules light while the NFL is in season.
As for the decision to close all bets with the second game kickoff, Kalish explained it as purposely designed for excitement.
It “will allow players and spectators alike to watch the last few hours of action with a clear picture of who could potentially walk away the champion,” he said. “We want the final experience to easily display the necessary turn of events required to crown a winner, adding even more anticipation with each in-game moment.”
He added, finally, that since many of the entrants will likely be traditional fantasy players, many with little or no experience in sports betting, there will be plenty of help available to make sure no one enters the fray at a disadvantage from a familiarity standpoint.
“In addition to the abundance of educational features already included (on the DraftKings app), we’ll be providing additional learning materials to all competitors. We will also have a fully staffed on-site area at the event for customers with any questions or issues that happen to arise.”
