Let me start by stating what should be clear: daily fantasy sports apps are not a reliable source of money.
Playing any fantasy sports with real money on the line you’re as likely to lose money as make it – and in most cases, more so.
At the same time, however, daily fantasy has become an extremely popular activity, with almost 57 million people in the U.S. and Canada playing as of just a few years ago (and more growth since).
That basic fact implies plenty of people are trying to make money through DFS. So – can it be done? And if so, how?
I can’t claim to be a DFS millionaire, though such people do exist. Having played my share however, and having had mixed success, I can at least recommend some logical tips.
Mind you, these do not comprise any foolproof guide to success or earnings – and again, there’s a reason DFS apps don’t appear here. They are not reliable sources of income.
If you’re going to play anyway though and you’re hoping to generate some side income, you can follow these steps to put yourself in a decent position to succeed.
1. Stay Informed
The good news, if you’re determined to play daily fantasy, is that there’s a lot of very good expert advice out there.
You can always read articles or subscribe to various fantasy newsletters and statistical tools. You can also listen to a range of fantasy podcasts that have emerged over the last few years.
Just be sure you’re opting for analysis rather than opinions.
Many of the people covering fantasy sports for a living have teams of researchers or at least analytical tools at their disposal and can provide information you don’t necessarily see just by browsing through data on your own.
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4. Do The Math
When you’re actually choosing a lineup of players in daily fantasy, it’s important to do the math, rather than just look at the players. In DFS you secure the stats?of a roster of players for a given day or week, but each player costs fake money, and you have to work within a set salary.
So for instance, in NFL daily fantasy, Patriots legend Tom Brady is always going to look more valuable than Jaguars quarterback Blake Bortles. But if Brady
costs $7,000 and Bortles costs $5,000, and they’ve scored comparably in the last two weeks, Bortles is the better buy.
Add up your salaries and expected point totals as you go, build a few different lineups, and then compare projected point totals, and you may be surprised which lineups work best. But it’s almost always wise to take this kind of mathematical approach.
If you’re really getting into DFS and you’re interested in having multiple active games at the same time, it’s also a good idea to diversify. This is actually what stock traders do, and while it doesn’t work exactly the same way, the concept holds up.
The idea is not to trust the same assets (in this case lineups) with your whole investment. Instead, try a few different lineups or types of contests.
You may not be likely to win them all, but you’re less likely to lose them all.
Image Source:?Andrew Harrer/Bloomberg via Getty Images