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Ultimate Guide to Daily Fantasy Sports (DFS) Real Money Gaming (US)_ How It Works & Everything You Need to Know

Ultimate Guide to Daily Fantasy Sports (DFS) Real Money Gaming (US): How It Works & Everything You Need to Know

Are you part of the intense debate on whether Daily Fantasy Sports(DFS) is a game of skill or chance? We don’t think this will be settled anytime soon, but if we go with the perspective of ‘a game of skill’, this game will give participants the same instant gratification and thrill people get from betting and gambling. If you choose to play the game you must understand the matchups, event formats, and competitor stats. At the end of the competition, your understanding of the game is the factor that determines whether DFS is challenging or rewarding to you. 

NXTBets is your definitive source of information in the U.S. if you are interested in action and alternative sports betting. Here we talk about DFS, a growing online real money game that is exploding in the sports betting sector. Although ‘fantasy games’ might seem misleading, DFS is a significant and rapidly growing category within legal sports wagering in the USA. When you want to play DFS you instantly think about the two biggest competing services (Prize Picks & Draftkings) that dominated the space for a while in terms of budgets, endorsements, and marketing. However, now we have other top DFS providers like Underdog Fantasy joining the mainstream to offer you competitive services and offers. Stay tuned as we discuss everything there is to know about DFS and some of the benefits of choosing the right DFS provider.

What is Daily Fantasy Sports?

Daily Fantasy Sports (DFS) allows sports lovers to make daily, player state based picks on the outcome of a specific event. Compared to traditional fantasy sports, DFS is an accelerated version that occurs over short durations, such as hours, a day, or a week. Traditional fantasy sports are usually season-long, and the bigger chunk of the prizes is given to the players who earn the most points. On the other hand, Daily Fantasy Sports entail paid competitions known as contests, where winners are awarded a preset sum funded by participants’ entry fees. The game provider retains a portion of the entry fees as rake revenue. For example, string together 3x picks and get them right in a ‘parlay style’ better/worse game, and 10x your money, if you can manage to get 5x picks right, you can instantly 20x your wager!

Why Play DFS?

  • No fixed odds by sportsbooks – DFS is very straightforward as it doesn’t have the steep learning curve that users struggle with in sports betting. You only need to assess players’ performances and predict how well they’ll perform. For example, Player X will do Better or Worse than 2.5 finishing place in the competition. Meaning your predicting that specific competitor will get first or second, or third or worse. 
  • Flexibility and versatility when placing multiple DFS wagers – The best part about DFS is that you can make 3-5x picks per entry to maximize your winnings.
  • Legality – Over 30 U.S. states have legalized DFS, so there’s no need to explore offshore options like punters do in illegal sports betting.
  • Improved connection to your favorite players – As a sports fan, how do you feel when you get to draft your favorite picks? DFS brings fans closer to their favorite athletes.

Is DFS Legal in the US?

Yes, since Daily Fantasy Sports falls under the Fantasy Gaming, it is allowed in some states where legal sports betting is not yet legal. It is still playing with real cash, and if you win get cash deposited directly to your account. The main difference is that it is player stat based VS probability based like traditional sports betting.

The legality of any form of sports wagering mainly depends on the laws of where the service provider is located. The Federal Wire Act also prohibits interstate sports wagering. This means that the regulation of sports betting lies with the relevant authorities within their respective states. 

Some states have expressly authorized sports betting, whereas others have not. Fortunately, DFS is available in over 30 states, including in some where online gambling remains illegal. Several participants can engage in a Pick’Em style gameplay on their favorite sports.

Getting Started with DFS

Here is a step-by-step guide when getting started with Daily Fantasy Sports:

  • Choosing a DFS Platform – Some of the factors you should look for when choosing a DFS provider include contest formats, entry fees, payout structures, and the sports offered. Examples of DFS platforms you can consider include Underdog Fantasy, DraftKings, FanDuel, and many more.
  • Signing Up and Depositing Funds – This stage involves registering an account with the DFS platform you choose. Once you click the ‘sign up’ button, key in your identification details (name, phone number, email), confirm your age (whether you meet the minimum age requirement), choose a deposit method (bank transfer, credit card, PayPal, or any other available option), and select submit. Once your registration is approved, you can deposit funds.
  • Understanding DFS Scoring – You should understand how the game works that you’re engaging in, and Underdog does a great job of making it super easy to understand. Typically it’s pretty stright forward. Either you pick them all right and you win or you miss and you lose. 
  • Building Your First DFS Slip – Here comes the fun part! You get to build your DFS picks for any specific sport or event, and you can even make picks across multiple sports you’re interested in. The main objective is to get all your picks right. You also need to familiarize yourself with the rules and nature of play and the event schedules. When choosing athletes, remember to research their form, past matchups, and injury statistics.

Starting with Underdog Fantasy

Underdog Fantasy is a user-friendly and exciting DFS platform where you can begin your fantasy sports journey. The platform has some of the best features compared to most competitors. The features include:

  • Easy-to-use interface
  • Seamless & Fast deposit expereince
  • Variety of sports, events , and athletes to pick from
  • Potentially high payouts 

All you need to do is sign up and enter any contest of your choice. If you ssign up now, take advantage of this exclusive offer and get up to $250 Deposit Match Bonus Cash. Additionally, Underdog Fantasy offers a promotion where your money increases 20-fold if you get five picks right!

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DFS Contests and Winning Strategies

DFS enthusiasts and online gamers can participate in different types of contests. Let’s discuss some of these contests and a few advanced DFS strategies: 

Types of DFS Contests

Here are the most common types of DFS contests: 

Classic Contests

Classic contests have a salary threshold that guides player selection(each athlete is assigned a value). The combined salaries of the selected athletes should meet or fall within the set threshold. The selected players earn points over a set period, ranging from a day to weeks. Points are usually based on their performance. 

Head-to-Head Contests

Head-to-head contests in Daily Fantasy Sports involve one-on-one matchups between two players. The entire pool prize is usually reserved for the winner. 

Double-Up Contests

In a double-up contest, less than 50% of contestants win by doubling their entry fee.

50/50 Contests

A 50/50 contest is structured similarly to a double-up contest. Participants whose lineups finish in the top half win the contest, while the bottom half loses. These contests are usually more lenient than double-ups, as more players win. 

Multiplier

Players can win up to 10 times their entree fee in a multiplier. The prize is paid out to the top finisher. A high multiplier means a higher risk and potential reward. 

Guaranteed Pool Prize (GPP)

In a guaranteed pool prize (GPP) contest, prizes are guaranteed regardless of the number of players. This type of contest can be single- or double-entry. In a single-entry contest, a participant only enters one team, so everyone has similar odds. In a multi-entry tournament, participants are allowed to enter as many times as they like. 

Other types of Daily Fantasy Sports contests include the following: 

Satellite Contests

Satellite contest participants win tickets to higher-stakes contests and compete to win a place in a qualifier contest.

Tournament

Tournaments are large-scale contests with huge prize pools. Their entry fees and prize structures may differ. The total prize pool is paid out to the top finishers, usually the first, second, and third contestants.

Pick’em Contests

Pick’em contests have no salary caps. However, participants choose players from a preselected pool. Despite being easy to play, these contests need excellent strategic decision-making skills.

Underdog Daily Fantasy Sports Contests

At NXTBets, we have partnered with Underdog Fantasy to offer our esteemed readers a lucrative Daily Fantasy Sports Experience. Sign up for their pick’em contests, smaller nightly snake drafts, and larger tournament-based best ball competitions.

Factors to Consider When Choosing Contests

Here are a few factors to consider before entering a Daily Fantasy Sports (DFS) contest: 

Entry Fee

How much does it cost to enter the contest? Contests with higher rewards usually have high entry fees. As a rule of thumb, only enter contests within your budget. 

Duration

How long is the contest scheduled to take? Some contests may take as small as one day, while others transcend several weeks or seasons.

Prize Structure

Research and understand the program’s payout structure. Determine whether the money is paid to the first winner, the top three contestants, and the top half of the participants or if it is spread out. 

Skill Level

Your contest of choice should match your skill level. If you are a beginner, for example, enter one with relatively low competition. Remember to be honest with yourself when assessing your skills. 

Lineup Flexibility

How flexible is it to build a lineup? Contests with a draft-style format and salary caps (classic contests) allow participants to select their preferred athletes. Others, such as pick’em contests, have preselected pools of players. 

Field Size

The number of participants determines the size of a contest. Although smaller fields have less competition, they also present smaller prizes. 

Game Type

Are you joining a cash contest or a tournament (guaranteed prize pool)? Cash contests pay out consistently compared to tournaments, which have larger prize pools.

Risk Tolerance

How much are you willing to risk? It’s advisable not to risk more than you can afford to lose. If you are uncomfortable risking a large amount, settle for contests with a small entry fee. 

Only go for higher-risk contests if you have an adequate budget. Although such contests attract bigger payouts, they are usually uncertain.

Advanced DFS Strategies

Use the following strategies to improve your DFS gaming outcomes and overall experience:

Manage Your Bankroll

Do not overspend on a single bet however lucrative it seems. Instead, mitigate risks by investing a small percentage of your entire bankroll per contest. A percentage of 1%-5% is enough on most occasions. 

Fade the Favorites

This strategy demands that you avoid highly-owned athletes when participating in large field tournaments. Instead, go for good performers with relatively low ownership percentages. Doing so makes it easier to differentiate your lineup. It also favors you when high-owned players perform below expectations. 

Diversify Your Roster

Diversifying your roster means spreading athletes or drafts across different contests and entry fees to minimize risks. It can help you recover from losses occasioned by unforeseen events or underperforming players. 

Make Changes Based on Latest News

This strategy is usually referred to as the late swap strategy. You should adjust your lineup based on recent news, such as line-up changes or injuries. This leads to an optimized lineup. 

Stack and Correlate

You can pair players from the same team (for strong teams or where they complement one another) for better outcomes or skilled rivals to minimize surprises. 

Utilize the Salary Cap to the Fullest

Ensure that you utilize the entire budget when selecting a lineup. This strategy can help you maximize your point potential. However, do not pay more for undervalued athletes. 

Research Extensively

When deciding on a lineup, conduct extensive research and analysis. Consider recent trends, historical performance, and player matchups. Tools to use during research and analysis include player projections, advanced statistics, and expert opinions. 

Practice Emotional Discipline

Successful online gaming requires managing emotions. Refrain from making hasty decisions based on emotions or biases. Hold on to your pre-planned strategies and trust that things will go your way. 

Plat-Form-Based Tools to Utilize

Use the tools your Direct Fantasy Sports platform provides to improve your lineup and outcomes. Here are a few platform-based tools: 

  • Advanced Analytic Dashboards – Use advanced analytic dashboards to analyze historical data, recent trends, and player performance. 
  • Stacking Tools – Use your platform’s stacking tool to identify the best athlete pairs or correlations. 
  • Optimization Algorithms – If your platform provides optimization algorithms, use them to optimize your lineup. Remember to consider projected points, player salaries, and matchups. 
  • Advanced Player Filters – Advanced player filters allow you to narrow your athlete choices based on several factors. These include salary range, player position, recent performance, and projected points. 
  • Late Swap Feature – You can use your platform’s late swap feature to adjust your line-up based on ongoing changes or developments.

Staying Informed & Improving Your Game

Stay informed about recent sports and league developments for a rewarding Daily Fantasy Sports experience. For insights, remember to follow news outlets, fantasy experts, and websites such as NXTbets. You should also learn and obtain advice by participating in DFS communities and forums. 

Responsible Gaming and Security

Daily Fantasy Sports contests can be thrilling. However, a positive and enjoyable experience requires secure, responsible, and fair gaming. Therefore, you must set limits, play responsibly, compete fairly, and transact securely.

Set Limits & Play Responsibly

The line between entertainment and potential harm can blur without the right strategy. Therefore, you should invest in responsible playing strategies that will allow you to enjoy and maintain a healthy relationship with Daily Fantasy Sports. Engaging in DFS contests should be an enjoyable pastime activity, not a compulsion. Here are a few noteworthy strategies:

Set a Budget

Prepare a budget for DFS contests to avoid unnecessary financial strain, overspending, and debts. As a general rule, do not bet more than you can lose. Therefore, determine how much you can spend comfortably within a particular time frame. This can be the daily limit, session limit, a week, or a month, depending on how you budget your finances. 

The most important part comes after setting your budget. Whether you experience a winning or losing streak, you must refrain from exceeding your set budget limits. You should also separate the money for DFS activities from your everyday finances or savings. Check if your platform has deposit limits and spending trackers and use them. 

Have Time Limits

Daily Fantasy Sports should not take up a significant portion of your life or deter you from everyday activities. Having a time limit prevents DFS from consuming lots of your time. It helps you maintain balance in your life and prevent any neglect of responsibilities. 

Time limits also make it easier to stick within your budget; the more time you spend on a DFS platform, the more you will be tempted to spend. Unfortunately, you may cave in and exceed your budget. Therefore, use the tools provided within the platform, such as session timers and self-exclusion tools, to time yourself.

Resources for Help with Gambling Addiction

If you are struggling with gambling addiction, you are not alone. Here are a few resources that can help you turn your life around: 

The National Council on Problem Gambling (NCPG)

  • Gamblers Anonymous 
  • Online support forums (such as Quora and relevant subreddits)
  • Therapy (mostly behavioral therapy)
  • Financial counseling 
  • Mobile applications (such as Bet Blocker)

Additionally, read NXTbet’s articles on responsible gambling for more information on taking control of your betting experience. We have covered several aspects, including bankroll management, spotting the signs of problematic gambling, and setting limits.

Security & Fairness

Security and fair play are ethical cornerstones of real money gaming worth embracing. Here is how to ensure secure transactions and advance fair competition in partnership with Daily Fantasy Sports platforms: 

Secure Your Account

The encryption protocols provided by DFS platforms secure transactions and protect sensitive data from unauthorized access. Secure your account with a unique password and exhaust any other encryption options the platform provides.

Use Secure Payment Gateways

Choose a platform with secure payment processors. Prioritize options with a history of complying with set industry standards for online financial transactions. 

Verify Your Identity

You should comply when your DFS platform asks you to verify your identity. Verification happens during or shortly after registration to ascertain the real account user. It is one way of preventing fraud. Do not hesitate to provide relevant documentation, such as your government-issued ID, or link a valid bank account when asked. 

Engage in Fair Gameplay

Follow the provided rules and regulations to ensure fair gameplay. Do not cheat or take advantage of a loophole to secure a victory. 

Contact Customer Support Promptly

Promptly contact your platform’s customer support team with any issues, disputes, or concerns. For a great experience, choose a platform with excellent customer service.

Choose a Reputable Platform

Choose a platform that: 

  • Adheres to regulations governing online gaming 
  • Has anti-money laundering measures 
  • Protects user’s data and rights 
  • Detects and prevents collusion among players. 
  • Conducts regular audits and real-time monitoring to detect suspicious or out-of-order activities.

Conclusion

Participating in Daily Fantasy Sports is a thrilling option for sports lovers looking for more. It allows you to build a lineup of your favorite players and make money based on their performance. However, to enjoy the thrill, you need an excellent DFS platform. At NXTBets, we have partnered with Underdogs Fantasy to make that a reality. 

As one of the leading DFS platforms globally, Underdog Fantasy users enjoy a variety of contests, flexible payment options, top-notch security, and several assistive tools and features. Sign up with the platform for amazing offers and features and remember to read our blogs for more.

Frequently Asked Questions

Here is a step-by-step guide if you are interested in playing Daily Fantasy Sports: 

  • Choose a reputable platform such as Underdogs Fantasy. 
  • Understand the platform’s rules and scoring system. 
  • Familiarize yourself with recent developments in your sport of choice. Check out details such as injuries, team matchups, and player statistics. 
  • Set a budget. Allocate an amount you can afford to lose and be ready to stick to it. 
  • Pick a contest that aligns with your budget and skill level. 
  • Build your lineup. Do not exceed the provided salary cap. 
  • Monitor any last-minute changes or developments and make necessary adjustments. 
  • Track players’ performance in real time by watching the games they are participating in. 
  • At the end of the contest, review your performance. Identify strategies that worked and what you should improve on. 
  • As you participate in contests, remember to manage your bankroll well and stay informed. More importantly, enjoy the experience.

Different states have different online sports betting and gambling laws. Therefore, confirm with your state to be certain. Such information is usually available online.

Daily fantasy sports encompass several games, including soccer, Formula 1, MotoGP, surfing, cycling, football, and horse racing.

Here are a few strategies that can help you choose great players for your DFS team: 

  • Conduct extensive research. Focus on aspects such as recent performances, player statistics, injuries, and matchups. As you research, use reputable sources and consider expert opinion. 
  • Stay within the salary cap (if provided) but utilize it well. 
  • Balance your line-up. Do not purely focus on high-value players. Include other consistent performers and potential stars. 
  • Make informed adjustments to your lineup based on recent developments.

Daily Fantasy Sports platforms pay out winnings through designated payment systems. The funds are remitted to the winners’ accounts after the necessary fees have been deducted. The winners may withdraw using any of the provided means. Withdrawal durations and thresholds usually vary; some platforms offer instant withdrawals while others have processing times. 

Yes. Most Daily Fantasy Sports platforms offer dedicated applications and mobile-responsive websites. You can easily build your lineup, enter contests, track scores, and manage your account from your phone.

Here are a few reasons Underdogs Fantasy is an excellent choice for DFS: 

  • It is legal in several US states 
  • It offers an easy way to enter contests. 
  • It allows deposits from all major US credit and debit cards. 
  • It offers several daily promotion options 
  • Its application is highly rated and easy to use. 

Underdog Fantasy also offers an alternative way to enjoy fantasy sports through pick’em contests.

Yes. Underdog offers new players a signup bonus of $100. This means you can enter into a contest free of charge as long as it doesn’t exceed $100.