DraftKings (NASDAQ: DKNG) has filed a trademark utility for a brand new fantasy sports activities sport that seems to be a competitor to the choices of rivals Prize Picks and Underdog Sports activities.
Inside a DraftKings workplace. The corporate filed a trademark utility for DraftKings Cashpicks, a brand new fantasy sports activities sport. (Picture: Wall Avenue Journal)
A current submitting with the US Patent and Trademark Workplace (USPTO) signifies the gaming firm might be planning to launch “DraftKings Cashpicks” sooner or later sooner or later. Particulars within the regulatory doc are sparse, however the sport is described as “fantasy sports activities.”
Downloadable cell purposes to be used in fantasy sports activities competitions, particularly, cell purposes for managing and collaborating in fantasy sports activities competitions,” in response to the USPTO submitting. “Leisure providers within the nature of fantasy sports activities competitions, supplied through downloadable cell software program purposes, through a web site, and distributed through varied platforms throughout a number of types of transmission media. Leisure providers within the nature of sports activities betting.”
Not all patent and trademark filings result in launches of latest services, however the submitting for DraftKings Cashpicks might be an indication the operator is readying for states to approve the sorts of every day fantasy sports activities (DFS) contests being supplied by PrizePicks and Underdog Fantasy – video games that DraftKings and FanDuel are rumored to be deliberately disparaging within the court docket of public opinion.
Why DraftKings Cashpicks USPTO Submitting Issues
Rumored opposition to the video games supplied by PrizePicks and Underdog Fantasy stems from the assertion that contests are extra akin to sports activities betting than conventional DFS and are permitted in some states that haven’t authorized sports activities wagering.
That’s related as a result of Underdog and a few of its comparable opponents function in states coveted by the sports activities betting business. Presently, Underdog provides fantasy video games in 41 states and fantasy decide ‘em video games in 39 states. Underdog is operational in California, Florida, Georgia, and Texas, none of which have aggressive sports activities wagering markets. Florida is the one member of the quartet to allow that exercise, and the Seminole Tribe controls it.
Whereas neither PrizePicks nor Underdog Fantasy operates sportsbooks, the hypothesis is that these corporations and others like them will ultimately observe the template drafted by DraftKings and FanDuel of changing DFS gamers into sports activities bettors.
It’s a mannequin that’s labored masterfully for FanDuel and DraftKings, as they now kind a duopoly over the regulated sports activities betting market within the US.
DraftKings Cashpicks Hypothesis
Whereas DraftKings and FanDuel are the pioneers of the DFS business, lots of their initially loyal, although smaller prospects ultimately grew annoyed by these platforms being dominated by “sharks” that had been making a residing from DFS.
That opened the door for upstarts comparable to PrizePicks and Underdog Fantasy to craft new choices and entice shoppers that ditched established rivals.
In fact, DraftKings is probably going conscious of that buyer attrition. DraftKings Cashpicks might be an avenue for interesting to smaller DFS gamers, significantly in states that don’t permit sports activities betting. It is also a aggressive problem to PrizePicks and Underdog, or it might by no means come to fruition.
