US internet giant Yahoo has officially launched its new daily fantasy sports product to complement its full-season offering, in a move which will sees the company go head-to-head with the likes of DraftKings and FanDuel.

Yahoo Sports Daily Fantasy has been designed to offer one-day and one-week fantasy contests in which players can compete for cash prizes.

The company claims that it is the first major sports news site and only technology company of its size to offer a proprietary daily fantasy sports product.

“For more than 16 years, we've built the best fantasy experience for our fans,” Yahoo senior vice president of product engineering Simon Khalaf commented. “Our users spend nearly 30 billion minutes a year playing fantasy sports on Yahoo, and today we're thrilled to introduce a daily fantasy experience designed for the modern fan.”

It has been developed as a mobile-first product, and allows Yahoo to offer daily fantasy and full-season fantasy alongside real-time sports news and scores in a single product.

In order to attract casual fantasy sports players the game features a simplified salary cap, which the company believes will make it even easier for users to win cash every day.

The product is available via the Yahoo Sports Daily Fantasy site on desktop or mobile browser, and can also be accessed for iOS devices by either downloading or updating the native Yahoo Fantasy Sports app.

It officially went live across 45 US states last week with Major League Baseball teams and players, with football, hockey and basketball expected to be added when the new professional league seasons kick off.

“The growing popularity of Daily Fantasy games is a fantastic opportunity for us to bolster our leadership by providing our millions of existing fantasy users as well new fans out there with a unique take on this game genre," added Khalaf.

Yahoo also noted that the launch of the new product would allow its commercial partners to reach a highly engaged audience of fantasy sports players, noting that this grew 40 per cent in the past year to more than 56m across the US and Canada.