With the success of traditional sports business and the amount of financial revenue it generates, efforts have been made to find an alternative system of betting.
One that will be easier to play without removing any of the fun. In 1980, fantasy betting was introduced to sports-loving gamblers and the reception it got was overwhelming.
Fantasy betting requires very little skill but with plenty of fun. It gives the bettors total control of the team and players.
This article serves to show you the step-by-step guide on all you need to know about fantasy betting. You will get to know what fantasy betting is all about, how it works, the different fantasy betting sites available, and how points are assigned.
What Is Fantasy Betting?
Fantasy betting is different from the traditional methods of gambling. In fantasy betting, you create a fantasy sports team, while competing against fellow gamblers to win cash.
Fantasy betting is played on many sports, including football, basketball, American football, NFL, tennis, and hockey. The make-up of most of these fantasy sports is similar. You will have to form your own team and the player performances will either increase or decrease your points.
The winner of the fantasy betting is determined by the total points accrued. These points come from played performances in actual real-life games.
There is an offshoot of fantasy betting called daily fantasy sport (DFS). Unlike the fantasy betting where you have to wait for real-life games to get points, daily fantasy betting on sports allows you to stake daily on the performances of players.
According to the FSTA, fantasy betting generated around 7 billion dollars in total revenue in 2019.
How Does Fantasy Betting Work?
You may be wondering how to go about playing fantasy betting, look no further. There are several concepts you need to grasp before you stake on fantasy betting.
Here are the steps to follow:
1. You need to register with a fantasy betting site.
2. Then you choose your preferred sport, league, and team. For example, for your preferred sport, you can pick Soccer, then you can pick the English Premier League and you can click on Arsenal for your preferred team.
3. Assembling your players to form a good team will be based on your background knowledge of the sport.
4. Your players will earn you points based on their performances, including goals, assists, penalty saves. You lose points via yellow cards, red cards, and penalty miss.
5. You compete against other bettors in a contest that can last a day, a week or month.
6. The team with the highest points at the end of the contest gets the winnings.
How To Make Money With Fantasy Betting
1. Be familiar with your chosen sports: It will be in your best interest to stick to sports you know and follow. Choosing basketball when you are an NFL fan is tantamount to gambling suicide.
2. Choose players that are on form: Do proper research on players before you pick them into your team. Choose players that you know are good and are presently on the form. Don’t be deceived by past forms and big names. You need player performances to win, therefore choose form players on form.
3. Know your risk: Understand what you stand to gain or lose by playing fantasy betting. You can access this information by reading the betting site’s terms and conditions. You should also take advantage of the free mode to study fantasy betting very well.
4. Learn from winners: Fantasy bets have professionals and it will be in your interest learn from them. It is a skill game and can be learned with proper motivation and patience.
Fantasy Betting On Mobile Platforms
With the advent of mobile technology, fantasy betting has not been left behind as it has upgraded with the latest technology. You no longer need to rely on a computer system to play fantasy sport or check your accrued points. Most of the top fantasy betting sites have a mobile platform and dedicated applications which are user-friendly. You can now play fantasy betting for cash prizes on your various Android phones and IOS devices like iPad.
How Points Are Assigned In Fantasy Betting
How teams and players earn points will depend on the sports chosen. Different sports have different skills and techniques for playing fantasy betting.
How points are assigned in basketball?
When you pick a basketball team at the US conference, for instance. Let us say you picked the Miami Heats and gathered your players, you will earn points for:
1. Three-pointers (3 points)
2. Baskets (2 points)
3. Rebounds (1.2 points)
4. Assist (1.5 points)
5. Blocks and interceptions (3 points)
6. Steal (2.5 points)
7. Free throw (1 point)
8. If your players get to double-figure, you get (extra 5 points)
You lose points for:
1 Fouls (1.5 points)
2. You lose free throws (1points)
3. Your player gets sent off. (3points)
How do you earn points in fantasy football?
You earn points if:
1. Keeper and defender scores (5 points)
2. Midfielder scores (4 points)
3. Striker scores (2. 5 points)
4. Assist (3 points)
5. Clean sheet by the keeper (4 points)
6. Penalty saves (5 points)
7. Man of the match (2 points)
You lose points for:
1. Yellow card (-1)
2. Red Card (-3)
3. Own goal (-2)
Is Fantasy Betting Legal?
Fantasy betting is legal in the US, UK, Ireland, Australia, Canada and a host of other European countries. In as much as it is legal at the federal level, some states in Canada and the US deem it illegal. Such states include Montana, Iowa, Washington, Nevada and Arizona. In Canada, fantasy betting is illegal in Quebec. The unlawful Internet Gambling Enforcement Act of 2006 sees fantasy sport as a skill.
Common Myths About Fantasy Betting
There are several misconceptions bettors have about fantasy betting;
1. Fantasy betting is just football: While football betting is more popular than all betting, it is entirely false that you can play fantasy betting on only football. There are several sports that you can play football betting on.
2. Fantasy betting is recreational and cannot be profitable: This is another false notion. Fantasy betting can both be fun and money-spinning. You just have to register with the necessary fantasy betting site to make money.
The Top Fantasy Betting Sites
There are specific sites where you can register and play a fantasy bet. They include;
2. Fan Duel
3. Daily Number
4. Draft Pot
5 Things To Consider Before Joining A Fantasy Betting Site
1. Reputation: A fantasy betting site should have a good reputation before considering doing business with them. Reputation is everything in the business. So you shouldn’t get entangled with a betting site with financial scandals; some of which may be, late payment of winnings and slow payouts.
2. Liquidity: You must be sure that the fantasy betting site you use has a huge financial war chest. If a betting site does not have a good liquidity ratio, they may not pay your winnings if it is too much for them. A good business should have a sustainable capital base.
3. The number of active customers: Fantasy betting needs lots of active players to thrive. Therefore, a good fantasy betting must have huge active customers to make playing with one another easy.
4. Customer service: You must consider how the fantasy betting site relates to its customers and the speed at which they solve issues. Good customer care is needed to tie loose ends and resolve complaints.
5. A user-friendly platform: The fantasy betting site must be one that is easy to use and very navigate, even for amateurs. It shouldn’t be complicated or slow. The site must also have various options to make an informed choice.
The Many Pros Of Fantasy Betting
1. It is a great avenue to make new friends and keep in touch with old ones. Fantasy betting encourages togetherness and socializing. You can’t be bored or lonely playing fantasy betting.
2. It consumes less time especially if you engage in Daily Fantasy Sport. Unlike most traditional types of betting that can take up to hours or days, with DFS, you see the result within hours.
3. Unlike traditional betting that can only be played by players who are 18+ and not legal in all countries. Fantasy betting is allowed for all and has very few legal restrictions.
Unavoidable Cons Of Fantasy Betting
1. No matter how we look at it, it is still a form of gambling which may lead to addiction. Addiction can cause mental illness and financial loss.
2. It is not free. The fantasy betting site charges a commission for their services. For instance, if you enter a contest and stake $200, you will have to pay 10% of your stake, which means you will be parting with $220.
3. The chances of winning are very slim. This is because most fans do not put enough time in strategic planning and research. Also, there are lots of unforeseen circumstances that can let you get point deduction. No one plans to get sent off or loses penalty, these things just happen.
The Best Bet Types Available On Fantasy Betting
Fantasy betting has various options that a bettor can play. Below are the more popular options;
1. Prize pool leagues: Here, players pay a fee to contest in a league to win a fixed amount. In this option, players will be paid depending on the position they finish on the league table.
2. Head-to-head contest: This option allows a player to contest against another player to win a unified prize. Some fantasy bettors believe that contesting against one player increases their chances of winning the prize.
3. 50/50 chance: Larger leagues allow this type of option. 50/50 chance gives all players that end up at the top half of the table double their stake, while players at the lower half of the table end up with nothing.
4. Fantasy cash games: You join a custom-made league where the better side gets a financial reward. However, the reward given is little compared to what the other options offer. But this option is slightly easier to understand and win than other options.
Differences Between Fantasy Betting And Traditional System Of Betting.
1. Fantasy betting can sometimes be free, especially if you are an amateur and just testing the ropes to get more understanding. However, with traditional betting you cannot test anything; you will need to stake with cash.
2. Fantasy sports betting is not gambling, it is a skill and a game. However, with the traditional betting, it is all about luck, it is 99%, chance, and 1% research.
3. With traditional betting, there are a plethora of market options that are unavailable in a fantasy sport. In Betfair, for example, there are around 98 soccer options while there are just around four to five options in fantasy betting.
4. The absence of commission in traditional betting makes it cost-friendlier than fantasy bet. In traditional betting, your stake is multiplied by odds to give you your total prize money. But a commission is deducted by the fantasy betting site if you wish to win any prize money.
Fantasy betting is an option of betting, where you are given the power to assemble your team and earn points on your players’ performance. You can play fantasy betting against one player or several players at once.
Fantasy betting sites charge a minimum commission of 5% on all your fantasy bets. Although this commission varies on sports and with several fantasy sites. Your total prize money depends on your starting investment.
This article has been able to show you how fantasy betting works, several betting sites that you can play the sport on, and the differences between fantasy betting and the traditional mode of betting. The contentious issue of fantasy betting legality has also be trashed, while most countries agree it is some sort of skill, it is illegal in some states in the US and Canada.
Fantasy betting is fun, skillful, and can make you a profit with appropriate training and research.