NEW YORK (TheStreet) -- Unless you haven't watched TV or surfed the Web in the past month, it would be hard not to notice that daily fantasy sports (DFS) sites FanDuel and DraftKings have been spending a ton of money on advertising.

According to Adam Krejcik of Eilers Research,  the early results show that DraftKings is doing much better than FanDuel - probably due to their extra spending. FanDuel disappointed and had some overlay after Week One, a term the industry uses when the payouts committed to ahead of time are higher than what they are bringing in from people spending money on the tournaments, resulting in losses.

As the industry continues to evolve, with companies like FanDuel, DraftKings and others, including one known as DraftOps, there is a player in the space that appears to be under-performing -- Yahoo! (YHOO) .

But it was in the tier two DFS players - of which Yahoo! is the biggest - that Krejcik said suffered the biggest losses on overlay.

While iSpotTV has reported that in the 4 weeks leading up to NFL season, DraftKings outspent FanDuel on TV ads $80 million to $20 million, (with spend getting closer in the past week), Yahoo! has basically no money on TV ads. Instead, it's relied on relying on their very large season-long fantasy sports players. What's more, Yahoo! actively promoted the web display ads for both DraftKings and FanDuel.

According to Krejcik, on Week One, Yahoo! has the largest percentage losses for overlay. Krejcik also pointed out that Yahoo! never really came out with any new technology associated with their product at launch. Several industry insiders have told Krejcik that they were disappointed with how Yahoo! really failed to provide a reason to use their service.

To take their side of it, Yahoo! probably felt its advantage over DraftKings and FanDuel is that their cost of customer acquisition would be so much lower that it could potentially make money faster from its new users.

For example, Krejcik pointed out in out discussion that, with upping its spend on TV ads so much, it might take both DraftKings and FanDuel up to 24 months to make money off these new customers they're now acquiring to the services. That's about twice as long as it was before their heavy spending.

Yahoo! might have thought they could get to profitability much quicker just by pushing out an app. Unfortunately, however, based on their losses from overlay, it looks like Yahoo! actually is losing money on this service, according to Krejcik.

What has also been puzzling me is that it's not clear there was ever a replacement hired for David Geller who used to be the head of global fantasy sports at Yahoo. Geller left to become head of another DFS site called DailyMVP. Whenever I have seen someone at Yahoo! commenting about their new DFS product, it's been only Ken Fuchs who oversees all of news and sports or Adam Cahan who used to head of mobile but now has been moved over to video.

It doesn't seem like there's one person at Yahoo! who sweats about their daily fantasy product all-day every day. And it shows in terms of their early results.

This article is commentary by an independent contributor. At the time of publication, the author was long YHOO.