GameLoot, a downtown Las Vegas-based tech company, has launched its online fantasy sports business geared to the casual fan who wants an easier and quicker option to the time commitment demanded by traditional fantasy sports.
It’s a demographic Jeremy Shea says no one else is targeting.
“There are 135 million viewers a month who watch ESPN Sports Center,” said Shea, GameLoot’s CEO. “The Fantasy Sports Trade Association estimates 35 million people play fantasy sports. Leaving 100 million casual sports fans who are not playing fantasy sports.”
GameLoot generates revenue purchases online of its virtual currency – Loot – and from advertising and sponsorships, he said.
Shea said the site is geared to an audience that includes casual sports fans and social gamers. It’s not like traditional fantasy games offered by Cantor Gaming, Yahoo and ESPN, Shea said.
“We want to fill that gap that no one has taken on yet,” he said.
GameLoot contests include Major League Baseball, NASCAR, PGA and Major League Soccer, with the Barclay’s Premier League launching next month. NFL and college football launches in September, with college basketball starting in November.
GameLoot does not require the extensive knowledge of player stats, with the site giving players the option of using its 2-Minute Drill or the Quick-Pick feature to have players selected for them.
Shea said to build a team for tonight’s baseball games, players using the 2-Minute Drill feature have two minutes to pick a pitcher, catcher and four other players.
“It turns fantasy sports into a lottery ticket,” Shea said.
Fantasy players on the site can participate for free in a variety of real-time games and can win GameLoot’s virtual currency, Loot, which can be used to enter other contests. Shea said once you run out of virtual currency, you’re able to buy more currency.
The game is hosted on GameLoot’s platform and is available as a browser-based game. Shea said they designed it to be user-friendly on any device, including tablets and smart phones.
The privately funded start-up with four employees has found a home at 317 Sixth St. in downtown Las Vegas.
“We thought downtown Las Vegas was the place we needed to be, surrounded by dozens of other start-ups,” Shea said. “It’s easy to pull in the talented people we need. Compared to Summerlin or Henderson, Sixth Street is a good culture fit for us.”
Shea said the company has a two-part history, beginning in 2009 as a fantasy sports promotion business before pivoting to fantasy sports last year. He said the company isn’t profitable, but expects to be in the black in the near future.
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