Q&A: Joe Brennan, CEO, FastFantasy
How has the business been performing since you launched?
The business has performed well, given that we launched in the middle of the huge backlash against fantasy sport in the US. Despite the grim press and the knocks the two big companies have taken, we’ve actually found that interest has not dimmed in the sector, but it has evolved. With government now becoming part of the picture, the interest of lotteries, gaming companies and others have only increased, as they sense opportunity. And there has not been a drop-off in players, which is obviously encouraging.
You describe yourself as the next generation of DFS, what makes you stand out?
We’ve taken a different approach, where we are pairing fantasy sport down to its roots, as an alternative scoring system based on sport statistics, not accounting skills. Those elements of complexity are driving people away from the game – it’s the leading reason people give for not playing.
Now that Virginia and Indiana have passed laws to legalise and regulate DFS, do you think this will have a knock-on effect in other states? How will the licensing fee impact FastFantasy?
In comparison to iGaming legislation, fantasy sport legislation is spreading like wild fire. It’s remarkable how quickly the states have acted, but then again, sport is practically the civic religion of America, so the mass interest in the games helps speed the process along. Regarding licensing fees, we expect that we will be in states as a B2B partner to regulated gaming, and while likely to incur supplier fees and regulatory costs, we won’t be paying upfront operator fees like those proposed in New York state and Virginia.
How are you investing in new technology and how will this help you to provide a unique offering to the market?
We are establishing partnerships in machine learning and sport analytics that help us enhance our platform. We’re asking our data suppliers to speed delivery of data to us to as close to real-time as possible, so that in-running markets we’ve designed can be available for our partners much sooner.
What is in store for FastFantasy over the next 12 months?
You will see us become even more active in B2B, and spending more time on markets like Asia, the EU and Latin America. We’ll be adding a number of sports — like cricket, golf and racing — that we’re being asked for in those regions, and that our game model can easily accommodate.