With most of us being shut in our homes for much of 2020, it’s not surprising that online forms of entertainment such as Daily FantasySports, or ‘DFS’ have boomed in popularity and now make up a decent segment the only gaming community. The best DFS sites in the US are presented here, and in this article, we’ll be going over some of the best DFS sports strategies currently used by players so you can get the edge of a pro even if it’s your first day playing.
What is DFS?
Daily fantasy sports, or ‘DFS’ are a type of fantasy sports betting that takes place over a shorter period of time and involves more frequent team choosing, betting, and prize payouts.
Participants compete in events via online platforms that allow them to assemble a squad of athletes for a specific league and compete for prize money based on the athletes' actual performance.
Strategy 1: Know the Two Types of DFS Tournament
Tournaments and Cash Games are the two basic types of DFS contests and knowing the difference between these can help give you the edge when you first start playing.
Tournaments, also known as GPPs (Guaranteed Prize Pools). These are contests with a large number of entries and rewards that are paid out in order of the top finishers. For example, first place will receive a significant portion of the prize pool. In most cases, only the top 15-20 percent of players will win a split of the prize pot.
‘Cash Games’ is a poker term that has found its way into daily fantasy sports. Head-to-head competitions, double-up, and triple-up tournaments, and 50/50 competitions are all examples of different Cash Games that can be enjoyed under the DFS umbrella. These are all contests where 45-50 percent of the submissions are paid off, but you only win around twice as much as you put in (or triple in the triple up). If you feel like you have a strong lineup, these are less risky, but they have a lesser upside, so it depends if you’re a high-risk, high reward type player, or moderate risk, moderate reward player.
Strategy 2: Know the Winning Percentages and Pay Off Stats
Of course, in order to be a successful DFS player, the goal is to outperform the average player. This translates to winning 56 percent or more of the time in cash games and placing 13 percent or 14 percent of the time in the hypothetical tournament. Winning percentages vary depending on the prize structure of each tournament—some tournaments pay a higher percentage of entrants than others so it’s always wise to check the small print before entering.
One of the first stages in understanding any form of daily fantasy sport is to figure out what the break-even percentage is for your selected contest. The site's 10% commission has a significant impact on what's required to profit on a continual basis. From the beginning, keep track of your overall winning percentage; a spreadsheet is a great idea. Over time you should be able to notice an upward trend in your successes as you gain more skills and understanding of the world of Daily Fantasy Sports.
Calculating the break-even percentage in cash games is simple. It's only a matter of multiplying and dividing the numbers. Though, if Math was never your strong suit you may want to have a calculator handy!
Strategy 3: Learn to Manage your Bankroll
If you’re broke you can’t win and you can’t compete. Avoid risking too much of your cash on a single lineup or contest. The more you stake on a single event, the more likely you are to lose money.
You should ideally use extremely conservative bankroll management strategies. In cash games, enter contests with buy-ins of 20 to 40 dollars. If you only have $1,000, stick to contests with entry fees of $25 to $50. If you want to play in tournaments, you should be able to afford at least twice as much in buy-ins. So, if that $25 to $50 buy-in appeals to you, lay aside at least $2,000 in your bankroll.
Because everyone can have a run of bad luck in the near term, this is how you should manage your bankroll. Limiting the amount of money you risk in a given situation lowers your chances of going broke. Remember, you should also never chase your losses, as this is the perfect formula for serious financial loss.
Figure Out What Works for You
Of course, the strategies listed above are the key basics you need to master in order to land your first DFS wins. Just like in other online games, over time as you learn more and more about daily fantasy sports and experiment with your play style, you’ll develop your own tips and tricks for success.
