🔮Prospect Data Oracle
Leverage our secure, on-chain sports data oracle!
🏈 Fantasy Sports and Online Sports Gaming Market
Fantasy sports and online sports gaming are two of the fastest growing markets globally.
Fantasy sports are growing in popularity as sports leagues are investing in digital offerings to drive fan engagement and experience. Major sports leagues have embraced fantasy sports as a means to connect fans with their favourite sports, teams and players. According to Mordor Intelligence, the fantasy sports market is forecast to grow from US$32.75bn in 2024 to US$ 62.58bn by 2029, a compound annual growth rate "CAGR" of 13.83%.
According to Statista, the global online sports gaming market is projected to achieve US$49.96bn in revenue by 2024. This figure is projected to grow to $67.17bn by 2028, a CAGR of 7.68%.
User growth is following a similar trajectory and is projected to hit 181.9mm users by 2028. This growth is being driven by the legalization and social acceptance of online sports gaming around the world.
🧿 Prospect Data Oracle
As the fantasy sports and online sports gaming market grows and become more sophisticated, there is an increasing need for secure, reliable, and immutable sports data.
Access to sports data gives competitors an unfair advantage, this is highlighted by the FanDuel and DraftKings scandals where employees were leveraging internal user data to submit picks and winning DFS contests. Both FanDuel and DraftKings are currently facing a Class Action Lawsuit. To solve this problem, sports data needs to move onto public blockchains where everyone has access to secure, reliable and immutable sports data.
Prospect Data Oracle aims to be part of the overall on-chain oracle ecosystem. For the sports industry to realize the benefits of blockchains and smart contracts, they require a variety of unique data sets. These unique data sets can be leveraged for:
1) Prediction Markets — smart contracts can represent various two-sided prediction markets where users take positions on different sports-related outcomes with or without odds. Sports data from global or local leagues can be used to settle prediction markets based on match results, individual player stats, team standings, the coin toss, etc.
2) Blockchain Gaming — fantasy sports and trading card games can be facilitated through smart contracts, creating tamper-proof rules where winners and card values are determined by sports data feeds regarding match outcomes and record player statistics.
3) Benchmark Trading — sports memorabilia can be traded on-chain as synthetic assets priced against trusted benchmarks, driving better price discovery of rare assets.
Prospect Data Oracle will provide the community with unique data sets as Prospect’s PoP protocol processes thousands of unique data points daily and is expected to grow exponentially as Prospect grows its user base, introduces new products and rolls out additional sports.
🍕 Advantages
SECURE: Sports data is secure and will be stored on the blockchain.
RELIABLE: Sports data is sourced directly from the leagues and is trusted / verifiable.
IMMUTABLE: Sports data stored on the blockchain is immutable.
PROPRIETARY: Sports data includes proprietary data generated from the Prospect ecosystem.
Prospect's goal is to democratize the access to sports data and level the playing field through the use of Prospect’s Data Oracle.
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