It's no secret the fantasy sports market has exploded over the past couple years, hitting a new mark of 57 million participants in the U.S. and Canada, according to the Fantasy Sports Trade Association. Now, one financial firm is trying to capitalize on the growing fantasy sports market with a new program geared toward Wall Street.
Estimize, a company that uses crowdsourcing to forecast earnings estimates, is launching a new platform that features leagues similar to fantasy sports. Only this time, you're not drafting professional athletes—you're forecasting your own estimates for quarterly financial results.
Users have the choice of creating a league of their own with friends, or they can join one of the leagues already created by Estimize. The league owner then chooses a set amount of companies for which users can make financial estimates. The more accurate you are to the actual financial reports, the more points you accrue.
"No matter who you are, a buy-side hedge fund analyst, independent trader or student, people love to compete against one another, especially to prove their dominance on a specific topic," said Leigh Drogen, CEO of Estimize.
"The aspect of being in a race to acquire the most points against your peers and friends isn't just fun, it's in the DNA of everyone who participates in financial markets," he added.