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Daily Fantasy Sports Draw Big Bets From Investors

Daily Fantasy Sports Draw Big Bets From Investors
Photograph by Getty Images

It’s possible to make a lot of money playing on fantasy sports websites, and apparently it’s also possible to raise a whole lot of money if you run one.

FanDuel, the biggest daily fantasy site, said on Tuesday that it raised $70 million in an investment round just one week after DraftKings, its major competitor, announced $41 million in new funding. The two companies taken together have now raised more than $160 million—big money for an activity that’s unknown even to many fantasy sports enthusiasts.