Are you looking for ways to make money on the side – or to at least find hobbies that pay for themselves?
Then you have probably heard of “Daily Fantasy Sports” (DFS), and of people who have taken the plunge and made playing Daily Fantasy Sports their full-time job.
Websites of DFS have become household names to sports fans due to the hundreds of millions in advertising that they are buying, and because of the millions of people who are trying their hand at winning in daily fantasy sports. So, DFS is the real deal, and earning money from it is a huge possibility.
What is Daily Fantasy Sports (DFS)?
Daily Fantasy Sports have only been around since about 2007 and as its name implies, fantasy sports is where you draft actual professional athletes for a virtual team and earn points on their real-world performance.
Daily Fantasy Sports sites do about 95% of the Fantasy Sports business in the United States; and also cover all the major sports. Today over 19 million people compete in season-long public or private leagues online.
How Does DFS Work?
Daily Fantasy Sports allows you to draft a team for a single day or week of play and pick a new team every week. This is different from the traditional fantasy sports leagues which continue for an entire season after you draft your team.
Assuming you do bad one week, you can draft a whole new team the following week, this is the advantage daily fantasy sports have over traditional fantasy sports.
Your team’s real-world performance determines whether you win or not, based on scoring models put in place by the respective sites of your choice.
How Do the Daily Fantasy Sports Sites Work?
You participate in contests where you can win money based on the performances of the athletes that you pick for your fantasy team. In essence, once you’ve entered a contest, you choose a team based on an allocated salary cap, where each player has a dollar value assigned to them. If the team that you pick performs better than other users in the contest, you can win money. Also, entry fees for contests can range from free to hundreds or thousands of dollars.
The types of contests and payouts vary from site to site; therefore, it is advisable to do your research and know which players are the best performers. Finding valued players against an opponent for a big game is key.
Things to Consider When Playing Daily Fantasy Sports
Here are a few things you need to consider if you are interested in trying out Daily Fantasy Sports to make a bit of money on the side.
You’ll Need to Put in the Time
Daily Fantasy Sports require both pros and amateurs to put in the time every week to come up with their lineups, strategies, as well as finding the best games to enter.
It Involves Skills and It Is Also A Game of Chance
Skill is involved when it comes down to figuring out probabilities, player variances, calculating true player values, figuring out which players may have good or bad matchups, and more. Still, it is a game of chance where any given player can have a bad week and come up with an injury.
To manage your risk while playing, you need to be able to diversify your risk against multiple games and lineups, and strategies. This requires that you have a long-term strategy.
You have to Put Money in to Make Money
Playing DFS is not free. You’re going to need to put up entry fees for all of the contests you enter and to diversify your risk, you may have to enter quite a few. Betting exchange is a good way to test your skills in fantasy sports and even the lottery. The best bet exchange sites are very reputable and are backed by reputable betting companies. There are many online betting exchange sites and most of them will allow you to use their services to place bets for free. Some also have free promotions and offer a low-risk investment free of charge. Here’s the best betting exchanges site guide to aid your quest.
Different Types of Contests Have Different Probabilities & Strategies:
Depending on what type of contests you’re entering, your likelihood of winning can vary. Carry out researches on the different types of contests you can enter (Featured, Tournaments/Leagues, Head-to-Head, 50/50s and Double-Ups, Multipliers, and Satellites and Qualifiers.) and you’ll have a better idea of where to put your money, and how to pick your lineups for those types of contests.
Making money with Daily Fantasy Sports is not easy but it is possible. To excel at DFS, you’ll need to do your research, and read up on strategies successful players are using.