Although daily fantasy sports aren’t strictly considered gambling, there is a money aspect involved. Therefore, bankroll management is an important topic to discuss. It’s tempting to take part in one too many fantasy contests. It might not be a problem for your wallet if the contests have a low entry fee. But it’s nevertheless a good idea to have some sort of an accountability system in place. Which brings us to bankroll management!
What is a bankroll?
It might sound very familiar, but a bankroll is nothing more than a way to keep track of your spending. It’s a term that is primarily used in classic ‘gambling’, like in online casinos or poker. The amount on your bankroll should be the amount that you can miss if you were to lose it. You’re also meant to anticipate how much you want to spend per week or per month. An easy way to keep track is by simply depositing the amount you want to play with into your account at a set time each month.
Keeping track of spending
When you first start out playing, it’s easy to keep track of your spending. That’s because you know the amount of your first deposit, for example, $20 or $50. Even when you’re just starting out, it’s never too early that start with bankroll management. A good way to save money when you first start out with fantasy sports is to participate in free contests. The large fantasy sites offer plenty of these and they are a great way to practice and refine your skills.
Play low entry contests
The great thing about fantasy sports is that there is a huge variety of different budgets. There are contests with very low entry fees, for example, $1 or $2. Not only will you need the practice when you first start out, but these games are also a great way to generate a profit. When you participate in low entry contests, that means you have the financial space to take part in several at the same time. Change up the sport, the type of contest and way of drafting and you will easily discover where your skillset best applies.
The 70/30 rule is something that is applied in many fields. Whether that’s in economics, psychology or fantasy sports. The 70/30 rule is popular in DFS, for the following reason. It means that 70% of the games you take part in have to be cash games. These are the games which are head to head or 50/50. The other 30% of the contests are large tournaments. The reason for this strategy is that it’s generally easier to generate money from the cash games. The tournaments, however, is where you can win big money, but not nearly as easy. That’s why maintaining this balance is a good way to ensure the most profitable outcome.
Increase your bankroll with these smart tips
Aside from the amount you allow yourself to spend on playing fantasy sports, it must be said that there are a couple of ways to add extra on top of that. One of the easiest ways to do that is to keep an eye out which fantasy sites currently have a deposit bonus offer. Fantasy sites tend to be rotating offers, so it’s important that you keep an eye out on your favorite sites. This can result in a nice increase in your budget. In particular, if it’s your first time ever deposit at a site, the bonus can be generous. Compare different sites and consider adding a little extra money to your account. Why? Because the bonus often is progressive. The more money you deposit, the more extra you get. You don’t want to overdo this, of course, that would defy the purpose of bankroll management.
Know the players
To save your money, make sure you know who you have in front of you as an opponent when playing head to head. Fantasy sites provide stats about their players when you click on the icon. For example, how many games they’ve played in the last week or month. It’s easy to spot here who plays the most. You’ll want to select those players that don’t have an insane volume of contests to their name. Being mindful with who you pick as your opponent can be beneficial for your bankroll.