- Sports Betting
- US Betting
- Daily Fantasy Sports
New York enacted a law legalizing and regulating paid-entry fantasy sports a year ago. Boom had not yet received a license, nor had it been operating in the state during that time.
It’s not clear why exactly regulators in the state had drug their heels on licensing Boom. But state Sen. John Bonacic, the chief sponsor of the law, made his case for NYSGC approving Boom in a letter to regulators earlier this month.
“We’re excited to finally offer New York DFS players an alternative to the traditional salary-cap contest,” said Stephen Murphy, CEO of Boom Fantasy. “It’s no secret that the DFS industry has been starved for innovation. The basic format of salary-cap contests hasn’t changed in 10 years.
“This permit, which we received after a comprehensive regulatory review by the New York State Gaming Commission, proves that there are fun, innovative ways to legally offer DFS contests that other operators have ignored.”
Boom says it will pay out “millions of dollars in cash prizes this NFL season.”
The approval also comes after Boom had raised $2 million earlier in the year. The prospect of the NY-based DFS operator not being able to operate in one of the most populous US jurisdictions — and its home state — might have been a nightmare scenario for the start-up.
Where once there were dozens of operators attempting to get a slice of the DFS industry, the number of companies with decent liquidity outside of DraftKings and FanDuel has been whittled down. Other than Boom, those companies include: