As the daily fantasy sports market grew in popularity over the last decade, few companies seized on the opportunity as much as RotoGrinders. After getting acquired at a $35M valuation, the team shares the three lessons they learned on the journey.
In early 2009, I was nearing the end of a graduate business program at the University of Florida. The program centered on teaching entrepreneurial lessons through case studies, immersive discussions and real-world internships.
Cameron’s performance on Cal and Riley’s website made them take notice, particularly as he reached the number one ranking on the platform. When I asked the team how they managed to sign up so many players early on, they said they were able to build strong relationships with people and use growth hacking strategies to spread the word. For example, they would go into forums and promote their company anywhere they could.
Those platforms raised millions of dollars in venture capital and deployed much of it on advertising and marketing. For example, starting in September of 2014, DraftKingson television advertising just in a five-month period, according to industry reports. People didn’t know if these platforms were online gambling websites or something different. Consumers didn’t know if they were legally allowed to play on these sites and legislators didn’t know how to classify these companies.
Roughly around the same time, the team started to think about how larger companies could strategically help them grow. According to Cal, they hired an investment bank to help look for potential acquirers. Meanwhile, FanDuel and DraftKings were raising more capital.
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