Sunday, September 7, 2014
My Fantasy Sports Professional Debut!
Travis Spieth, Winner of One Million Dollar Prize From FanDuel Fantasy Football!
So today is the day I make my big debut onto the Fantasy Sports Professional scene!
Could I be the next Travis Spieth and win a million dollars???
That would be awesome!
Anyway, since this is my first week, I thought it would be a good time for me to share some of the insights that I have learned to prepare for playing fantasy football.
To make enough money to earn a living playing fantasy sports, you really need to utilize daily fantasy sports leagues.
Traditional leagues are for an entire season. However, your chances of winning are much less, and you would either have to enter an unmanageable number of leagues or compete in very high stakes leagues.
With daily fantasy sports leagues, you can play every day. There are thousands of games at all different levels from free entries to thousands of dollars in entry fees.
My approach is going to be to play football on Sunday and play Baseball during the rest of the week. Once baseball season is over, I will transition to basketball and play basketball along with football.
To get started you can either play completely for free and utilize free rolls to build your bank roll. Or you can make a deposit and utilize your deposit money to play.
I started out by making a $35 deposit.
Next, you want to have a budget. Otherwise you could lose your entire deposit if you aren’t careful.
To begin I am going to only utilize 10% of my total available bank roll per day.
By utilizing only 10% that means I could lose every game up to 10 times before I have to deposit more money.
With a $35 deposit, that allows me to play in up to 4 games at $1 each. I rounded up since 10% of $35 is $3.50.
I can also play in any free games that are available. Football has 2 free games available this week.
The first step is to decide what type of competition you are going to play in.
There are three main types of competitions.
The first type is head to head. You play against one other player. Whoever wins receives the cash price. Loser receives nothing.
The second type is 50/50. You compete against a number of players. All of the players that finish in the top half splits the cash price evenly. All of the players that finish in the bottom half receive nothing.
There is a variance of this game where the top third splits the prize and the bottom two thirds receive nothing.
The third type is tournament. In a tournament, a number of people enter. There is a top prize which consists of the largest amount of the prize money available. 2nd place gets a smaller prize, 3rd place even smaller and so on and so forth.
So what is my strategy going in?
One of my first strategies was to maximize the Free Rolls.
A Free Roll is a tournament contest in which thousands of players participate. It cost nothing to enter and the top price is often significant.
In the case of the one I’m in, the person who comes in first receives over $136.
As long as I finish within the top 1000 or so, I will at least receive some money. 25 cents is the lowest cash price to be exact.
It cost me nothing to enter the free rolls. However, here is how I maximize the free rolls.
You are allowed to enter up to FOUR teams into this particular free roll I entered this Sunday.
So I made sure I entered four teams.
I also made four COMPLETELY different teams for this contest.
This significantly increases my chances of winning because if my main team does bad, one of my other teams may do good.
If all four of my teams do good, I could finish in the money four times and win four separate cash prizes!
My second strategy is to only participate in head to head or 50/50 matches.
Since I am just getting started, I want to maximize my chances of winning.
Each of these contests, I have a 50% chance of becoming a winner.
For these contests, I am using the same team for each one.
The head to head matches have the least amount of variance. If my team is better than my opponent, I win, plain and simple.
The 50/50 matches have a little bit more of a variance. This is because since I’m competing against more people, my team is more likely to either win most of my 50/50 matches or lose most of my 50/50 matches. So it’s a little more risk with a little more reward even though I still have a 50% chance of winning each contest.
So that’s pretty much my approach. I feel very comfortable with the teams I submitted and I like my chances of winning this week!
We’ll find out how I did soon enough!