Daily Fantasy Sports
If you are familiar with online sports betting, chances are you have heard of daily fantasy sports (DFS). While this type of online betting has been around since 2007, it is only in the past few years that it has really taken off.
So what is DFS and how does it work? For those familiar with season-long fantasy sports, the concept is exactly the same. Except in this case, instead of picking a team for the season, bettors pick a team of players for a single day or week. To get started, the first thing you need to do is find a DFS website. Currently there are only a handful of sites that actually offer DFS including Fanduel, DraftKings, Boom Fantasy and Draft.
Picking a Sport
Once you have chosen a site, the next step is to pick a fantasy sport. There are a number of sports to choose from including soccer, basketball (NBA) American football (NFL), ice hockey (NHL), baseball, golf, MMA and eSports. As with regular online sports betting, it is best to choose a sport you are familiar with and know the most about. Fantasy sports betting requires in-depth knowledge about the teams and players if you want to pick a successful team.
Choosing a Game or League
Once you know which sport you are going to be dealing with, you can look the different types of games and leagues on offer. There are four basic games that bettors can enter including:
- Cash Games
- Head to Head (H2H)
- Double up (50/50)
- Guaranteed prize pool (GPP)
Cash games are the easiest to start off with. Here players can either join in an existing league or create a new league where the best performing teams win a cash prize. These types of games have much smaller payouts than a GPP game and only run if enough bettors join in.
Head to Head Games
Head to head games are games where one player is pitted directly against another. In this case, the player with the best performing team will win the prize while the other pays in.
Double up games are perhaps the most interesting and can incorporate thousands of bettors. In this type of game, every single participant is put on a list and at the end of the day the list is split into a top and bottom half. Bettors on the top half of the list (best performing teams) will double their money while the bettors on the lower half of the list will lose their bet.
Guaranteed Prize Pool Games
The most popular daily fantasy sports game is the guaranteed prize pool game. In GPP games, each player pays a set entry fee into the game. All the cash is then placed in a single pool which is then given to the bettors with the top-scoring teams. GPP games always run, regardless of how many bettors take part.
Once a bettor has chosen a sport and a type of league game, they can then go about picking the best team possible using the knowledge they have of the sport and the teams. DFS betting is a combination of skill, research and luck with significant payouts awarded to winning teams.