08 Nov Addison-based startup places its stakes in the sports betting arena with launch of new app
It’s Sunday and it’s football season. Your team is on fire. It’s time to place your bets with PostitPlayit, an online platform that allows users to wager on traditional sporting events and skills-based contests like peer-to-peer sports challenges.
Sports wagering is on and not just in Texas but in 37 other states too.
The recent U.S. Supreme Court decision in mid-May to strike down The Professional and Amateur Sports Protection Act of 1992, also known as PAPSA law, opens many opportunities for online wagering. The law previously made it illegal to bet on sports events in any state other than Nevada. Now the opportunity is right in our backyard.
We sat down with founder and CEO Drew Eckman to talk about his journey into entrepreneurship, how PostItPlayIt got started, and what’s next on the horizon for the company.
Eckman and the PostItPlayIt team are throwing their official launch party, tailgating style, tonight 4-8pm at the Addison Treehouse. The team will be watching the Panthers vs Steelers game and sharing more about the app and the secrets of raising money over drinks and snacks. Attendees will receive a $10 credit towards their account.
How did you get started as an entrepreneur?
I believe in the spirit of American entrepreneurship, hard work, and building long lasting business relationships. I came to Dallas in 1996 to attend SMU and I stayed here ever since. I currently own DingMonkey, a nationwide warranty company (2010- present) and a real estate and oil/gas investment company. My focus is on the evaluation of a company’s value and operationally optimizing the company’s resources.
As a business owner, I closely research state and federal legalities ensuring the business is conducted accordingly in each state. While maintaining proper legal standing in my companies, I identify a pain point in the skills-based sports wagering.
It was through my passion of being meticulous and sports that inspired me to research the sports betting business. My vision was to develop an innovative product that can facilitate and enable sports wagering at our fingertips. Hence, PostitPlayit was born.
Tell us more about your startup
I’ve had this vision of creating an alternative to fantasy sports since 2004. The goal is to deliver a product that enables skills-based wagering at your fingertips. I’ve been following the PAPSA law for many years. In fact, we started development a year before the Supreme Court made the ruling. Needless to say, we took the chance and trusted our gut.
Now that we are in a free market, PostitPlayit is a revolutionary new platform for peer-to-peer (P2P) competition where you take control of the stakes. You can create your own contests and face-off against friends, family, officemates, and other competitors across the United States. We created a service where you can own your victory, get paid quicker and conveniently.
You can create custom competitions of all kinds with teams from the NFL to NCAA basketball. It’s an exciting way to test your sports skills and game knowledge. The platform is easy to use. You just pick a game, enter a dollar amount, and select your line. You can also join contests posted by other players in the platform. The mobile app is available in the App Store and Google Play.
How does technology play a role with your company?
We are a data-driven, analytics company that happens to be in the skills-based wagering space. As a transactional business, it is crucial to establish data accuracy for operational efficiency. Our goal is to have a seamless experience that drives engagement. We’ve partnered with Sportradar, an international company that leverages the power of sports data and digital content.
Sportradar is the trusted data partner for the NFL, NBA, NHL, NASCAR, and many other leagues and federations. We set up an API feed that automatically drops all the sports schedule and results. Consequently, you will have real-time data in the app to create your contests. In other words, the technology powers the thrill of competition to the next level.
We’ve also made sure you get paid faster by allowing you to choose your payment form. For each competition you post, you pay just 3% of your total dollar amount. And you win, your money will be automatically deposited into your account. You will get refunded if the game is canceled.
Any current challenges?
I see a challenge as a growth opportunity. There are many, but most naturally we foresee the adoption and acceptance of the app due to the sports betting ecosystem. We would like to demystify, educate and empower our users and community that this space is legal, reliable and trustworthy. We want to create a betting business that enforces transparency, trust, and a trustworthy ledger for all to play based on your skills and knowledge of the sport. Also, our development works around the clock to ensure the technology is working smoothly and in real-time. We’ve also partnered with Accunity for our digital marketing needs to convey our story. At the end of the day, we want to empower you to compete in a safe, legal environment.
What’s your vision for PostItPlayIt?
Civic Engagement. Partnerships. Scalability.
First and foremost, we want to work with the states that have not legalized sports wagering. The resulting PAPSA ruling will add a complex and interesting layer to the existing quilt of gambling legislation in the United States. We want to part of the conversation and work with state governments as licensing sports betting offerings can economically lift communities and entrepreneurs. Legalized sports betting is further driving sports fans’ demand for viewing live sports content, which brings more demand in the entertainment industry and engagement.
PostitPlayit currently is only in the sports space. We plan to scale and expand in video games and fitness industry to create trustworthy competitions that are skills-based. We plan to power our scalability by creating strategic partnerships. We would like to collaborate and partner with Top Golf, Paleton, StubHub and others to be part of the ecosystem.
In addition, we hope to keep growing our strategic partnerships with other leagues and federations to provide our users with more competitive options. We hope to bridge that gap by partnering with MLS. We are lucky to have great teams like FC Dallas right in our backyard.
What are 2-3 tips you can provide to aspiring entrepreneurs?
- Listen to negative people upfront. It may sound counter-intuitive. However, it’s those individuals that challenge you to think ahead. Negative people can bring a different layer to your entrepreneurial layer. They always seem to point out things that you can’t see. They remove those blinders.
- Always do your legal search. Businesses can’t thrive in an unhealthy leal ecosystem. Search for patents, make sure your idea is fresh and new. If it’s not how can you make it better and then go for it!
- It’s your vision. Don’t let anyone derail you. Nourish it and keep plugging along. Succeed in one idea and then move on to the next