3 Tips for Daily Fantasy Sports Bankroll Management
When you start wagering on daily fantasy sports competitions, it can be tempting to pick a favorable line up and bet your entire bankroll on it. While this strategy could pay out huge dividends, losing your entire bankroll could be detrimental to your long term success in fantasy sports. We’ve listed a few tips that will help you stay on track as you begin to build your bankroll as a daily fantasy sports manager.
Variance: It Can and Will Happen
Although daily fantasy sports has been declared a game of skill, variance can still play huge role in your short term success. For example, what if one of your players becomes injured and has to sit out the rest of the game? If you believe that you have an edge, playing within your bankroll will negate variance making it more likely for you to overcome any short term setbacks.
You Might Have to Move Down in Stakes
Set your ego aside and mentally prepare yourself in case you have to move down to a lower buy-in level. Even the best fantasy sports managers endure losing streaks. When you make it a point to always play within your bankroll, you won’t have to stress about redepositing. Once you’ve stopped constantly redepositing, you won’t be inclined to make picks based on emotions in efforts to win back your losses.
Treat Daily Fantasy Sports Like a Business
If you managed a hedge fund, you’d never move all of your investing capital into one stock, even if that one stock has had a considerable amount of success in the past. The same analogy is true for daily fantasy sports. When you play daily fantasy sports, you should carefully track all of your wagers and vigorously look for matchup problems that give you an edge.