DFS BANKROLL MANAGEMENT
Note the Strategy Article below is from 2013-2014 and may make reference to DraftStreet, which has since been acquired by DraftKings.
Below are some tips on bankroll management that I think will benefit subscribers. Previous subscribers may have already read a similar article from me on bankroll management, but with another sport (NBA) underway, I think a reminder is in order.
Playing Daily Fantasy Sports (DFS) is all about having fun while making money. In order to ensure both of those things, it is important to practice proper bankroll management. Proper bankroll management gives players the chance to be profitable over the long run while simultaneously preventing short term hiccups from derailing you. Here’s a list of tips that I think new and experienced players should follow, at least until you develop something you are comfortable with.
1. Don’t play for more money than you are comfortable losing, and in particular, be conservative with your first deposit (However, always try to get the full first time deposit bonus even if you don’t plan on playing with that much money. The worst case scenario is the bonus money sits in your pending bonus account at no detriment to you). DFS is a game of a skill. However, with any game of skill comes a learning curve, so I don’t suggest going all out on your first deposit. Put in a small first deposit and become familiar with the site you are playing on, and as you learn the nuances of DFS you can invest a bit more. Also, remember the fun aspect of Fantasy sports. DFS is a great new way to play the Fantasy sports games we love, but it will quickly turn away from fun if you are reckless.
2. Set yourself up to win over the long run. Again, DFS is a game of skill, so being observant, using smart strategies (and of course reading the Rundown 😉 should net you positive winnings over the long run. Knowing you can win over the long run, it makes no sense to allow a cold streak to bankrupt your bankroll. Cold streaks will happen as a result of random variation; the key is to not overextend yourself on a given night. This will allow you to brush off a few losing nights in a row, and before you know it you will be back to winning. Nothing is worse than knowing you can win consistently over time only to have yourself run out of money because of a few bad breaks. I’ve found 10 percent of your bankroll to be a good amount to play on a given event (one day of baseball/basketball, one NFL weekend, one PGA Tournament, etc.). For those with smaller initial bankrolls that want to try to expand more quickly, I think a 10-15 percent range is acceptable. For those with already established, bigger bankrolls, I think a more conservative 5-10 percent in play per event makes sense.