The founders of online poker website 9stacks have started a new fantasy sports portal Faboom, through a related entity named Faboom Gaming LLP.
9stacks, which raised a $4 million in a Series A funding round last year, joins a host of other online poker and rummy brands including PokerBaazi, Spartan Poker, Adda52, Ace2Three and RummyCircle in foraying into the increasingly competitive and cluttered fantasy sports market.
As per media reports, to differentiate itself from other existing products, Faboom has brought in an innovative model of playing fantasy sports called ‘rank fantasy’.
The model discards the requirement of choosing a captain and vice-captain while drafting a fantasy league team and instead requires players to rank all 11 players in order of their preference, based on which a multiplier is applied to the points achieved by the players.
According to the website, this rank fantasy model reduces variance due to extreme outcomes since the points generated in the rank fantasy format do not significantly depend on the performance of one or two players, unlike the conventional format that depends to a large extent on the points generated by the designated captain and vice-captain.
In addition to this new format of fantasy sports, Faboom has also announced a Rs. 50 introductory bonus to new users who signup on the website.