DraftKings (NASDAQ: DKNG), the renowned player in the fantasy sports and sports betting arena, is making waves again. The company recently filed a trademark application for a new fantasy sports game called DraftKings Cashpicks. In this article, we’ll dive into what this trademark filing means and how it could impact the world of fantasy sports and sports betting.
Reddit and other industry players already started talking about these exciting news!
The trademark application was first found by an X (ex Twitter) user earlier this week. X user @MikeDzikowski was the first to find the trademark application on the United States Patent and Trademark Office website, publishing it to his feed on Monday, Sept. 18.
The Cashpicks Concept
DraftKings Cashpicks is poised to enter the fantasy sports scene, potentially challenging competitors like Prize Picks and Underdog Sports. The US Patent and Trademark Office (USPTO) filing sheds some light on what to expect:
- Fantasy Sports Game: While details are scarce, Cashpicks is described as a fantasy sports game.
- Mobile Applications: The game will likely be accessible through mobile apps, allowing users to manage and participate in fantasy sports competitions.
- Entertainment Services: DraftKings Cashpicks will offer entertainment services related to fantasy sports competitions, including sports betting elements.
The Significance
Not every trademark filing leads to a new product, but DraftKings’ move suggests that they are gearing up for something significant. Why does this matter?
Challenge to Competitors
DraftKings and FanDuel have reportedly taken issue with games offered by Prize Picks and Underdog Fantasy. These contests are seen by some as closer to sports betting than traditional DFS, and they operate in states coveted by the sports betting industry. Underdog, for instance, is active in 41 states, including Florida, Georgia, and Texas, where competitive sports wagering markets are absent.
A New Approach
DraftKings Cashpicks might be DraftKings’ way of appealing to smaller DFS players, especially in states where sports betting isn’t permitted. It could also pose a competitive challenge to Prize Picks and Underdog or simply remain a concept.
The DFS landscape is ever-evolving, and DraftKings, a pioneer in the industry, is ready to adapt. Stay tuned for updates on Cashpicks and other exciting developments in the world of fantasy sports and sports betting.
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