A new fantastic sports app wants to enable people to turn their digital spare part into a contest entry fee.
The said Hedge the application describes itself as the Tassels Where Hideout fantastic sports.
Spare currency from digital transactions is added to a pot, which can then be used to participate in fantastic contests. Users still define their rosters as traditional everyday fantasy sports.
Low cost lottery alternative?
Co-founder of Hedge Jackson fitzgerald said the app aimed to provide “the life-changing hope mechanism of the lottery, without the negative financial inconvenience.”
“We say our mission is to make the small change change someone’s life,” Fitzgerald said.
The company initially focused on fantasy contests, run with its own technology. However, it hopes to eventually expand into sports betting and casino games.
The company recently closed a $ 250,000 angel fundraising round, bringing his total raised to $ 350,000.
The company is based in Pennsylvania with investors based in Pittsburgh.
Complementary product
Despite DFS ’emphasis, Fitzgerald said Hedge’s biggest rivals were Acorns and Stash, rather than FanDuel and DraftKings.
“We see ourselves as part of the spare change economy,” Fitzgerald said. “We are complementary to DFS firms rather than a competitor.
He pointed out that 70% of Acorns users have some other form of investment or brokerage account.
Popular campaign for Hedge
Hedge currently has six full-time employees and plans to build an initial user base through college campus activations.
“None of these big operators have a significant university presence, so we’re going to launch a popular campaign, targeting users who love fantasy but may not have a lot of money,” Fitzgerald added.
Similar to financial aftermarket applications, Hedge users can set risk tolerance levels. A high risk approach would mean entries into guaranteed prize pool tournaments, while a lower risk tolerance would mean more cash games and double-ups.
The product is currently in “stealth mode” but plans to go into beta in early December, Fitzgerald said.
The product is the latest DFS start-up to attract funding, as investors seek a cheaper alternative to sports betting.