Daily fantasy sports platform Boom Fantasy has been given permission to operate in New York. The New York State Gaming Commission has granted them a license to offer paid DFS contests, the company verified.
This paves the way for Boom Fantasy to debut in time for the upcoming NFL season, providing New Yorkers with a fresh DFS choice. In contrast to industry titans like FanDuel and DraftKings, who employ a conventional salary cap structure, Boom Fantasy allows users to build teams based on simple statistics like touchdowns and receiving yards. They’ve been operating since 2014 and provide a quicker way to win substantial cash awards.
This development follows a fruitful seed round earlier this year, during which Boom Fantasy raised more than $2 million in financing. This enabled them to purchase assets from Draftpot, another competitor in the DFS market. The business has drawn the attention of prominent investors, including Founders Fund and well-known individuals from ESPN and Major League Baseball.
Stephen A. Murphy, the CEO of Boom Fantasy, expressed his enthusiasm, noting that New York DFS participants are eager for a change from the standard salary cap competitions. He emphasized that the industry has been yearning for innovation, observing that the fundamental structure of salary cap contests has remained unchanged for a decade.
This authorization, granted following a comprehensive assessment by the New York State Gaming Commission, holds significant weight. It signifies that their daily fantasy sports competitions are formally sanctioned and distinct from the offerings of their counterparts. They have successfully identified and capitalized on a unique niche within the market that others overlooked.