DID YOU KNOW?
Did you know that fantasy sports have become a multibillion-dollar industry that its top players have decided to tap the services of lawyers and insurance agents to make investing in fantasy sports a little safer? According to a 2017 study by the Fantasy Sports Trade Association, the fantasy sports industry is now worth more than $7 billion, almost seven times the value it had in 2013. The same study showed that in U.S.A. and Canada alone, more than 59 million players partake in the luxurious hobby, 84% of which go to a party and spend the day eating, drinking, and then drafting players for the season. Also, it was stated that the industry saw $1 billion spent on those parties, which included trophies, t-shirts, belts, and rings.
In 2013, insurance companies for fantasy sports players have become big players in the industry, when fantasy sports first breach the billion dollar mark. A research from IBISWorld stated that there were more than 270 insurance company in 2013. According to Henry Olszewsky, the then-vice president of an insurance company, more than 2,000 players signed up for their services in 2012. "We came up with the idea when Tom Brady got injured in 2008," said Olszewsky, referring to the year Brady tore both his anterior cruciate ligament and medial collateral ligament on the first game of the 2008 season and missed the rest of the year, costing players who drafted the perennial MVP candidate in their fantasy football teams that year.
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