Fantasy sports is all about bragging rights. The better your team performs, the more invested you become in the sport, and the more you can brag about your victories to your friends, or anyone who will listen. However, it simply isn’t enough just to defeat your friends and family in the virtual world, why not put your money where your mouth is and actually cash in on some of your success as well?
But How Exactly Do You Gamble on Fantasy Sports?
Fantasy sports betting is similar to traditional betting but in this case you are betting on the results of your fantasy sports league rather than the real live action. While fantasy sports has been around since the 1950s, being able to gamble on their results, is a relatively new addition to the game.
While people may have put down a few beers or a meal on the results of a particular game, formal betting opportunities were only formalised recently with the growth of the online gambling industry. Now it is possible to win thousands, or even millions, by betting on the results of your fantasy sports team. By putting actual money behind your fantasy league team results, the stakes are upped significantly.
How Does the Betting Work?
Betting can work in a number of different ways, with wagers being placed either on specific games, for a certain time period, or results or on the overall league winnings for the entire season. Some betting scenarios are set up with a winner takes all approach while others offer a percentage of the winnings as the grand prize along with smaller prizes for the top few positions. Players can also choose to bet on the results of a particular opponent in a head to head betting scenario.
Cash games typically pay out on a 50/50 basis or head-to-head. 50/50 cash games pay out to the top 50% of all the teams, no matter the actual standing, meaning there is a larger chance to win. Head to head on the other hand is when you are only playing against one other competitor, and in this case it’s a winner take all approach, with a chance to double your money.
Tournaments on the other hand normally work with a guaranteed prize pool and in this case, the higher your team places, the more money you will receive. In this case pay outs of a certain size are guaranteed for the winners no matter how many players sign up.
Is Fantasy Sports Betting Legal?
Fantasy sports betting is considered a legal activity in many countries around the world. It is always best to check the local gambling laws of your own country before engaging in betting of any form and ensure that you are doing the activity through an operator that is certified by your country’s gambling authorities.
In fact, many people think that fantasy sports are a better, fairer way to gamble, as you are playing against actual people, rather than the house, and there is a good deal of skill and statistical understanding that comes into the game.