How Do I Earn Money in Fantasy Sports?
In recent years, the media has spotlighted a few individuals reporting six-figure profits from fantasy sports (FS). This is more than what 80 percent of Americans make in a year working other jobs. It is therefore hardly surprising that more people every day see fantasy sports as a means to bolster cash flow. However, this is no easy task. Know-how, skill, and strategy are vital to making this game into a successful career.
Which Format Will Make You Money?
The first step in making money with fantasy sports is choosing the right format. A regular public league with no buy-in will not involve actual money. Private leagues and major online tournaments do involve real cash. They both require upfront investments, and they can both be profitable. Next, choose between daily or season-long games.
Season-long games are not big moneymakers. There are fewer risks and benefits because the play is spread across many months. To produce a significant return, you would have to play with extremely high stakes. This is a good option for those seeking a little money on the side. If you are aiming higher, daily games are preferable.
The odds in a daily format are condensed. In some cases, a week’s lineup boils down to just one day of play, which elevates the risk-reward threshold. With a new opportunity to make money every week, this is the best path for players seeking notable profits.
Can You Really Make a Living This Way?
Many people fantasize about making hobbies into full-time jobs. Whether your dream is to be a hedge fund manager or a soloist with the Paris Opera Ballet, it is relatively easy to feel out your chances. The comparatively new world of fantasy sports is a bit harder to pin down. The best thing to do is get inside the mind of top winners. Therein lies a recipe of sorts. Before quitting your day job, consider the following:
- Analytics: Many successful fantasy sports players have business or finance backgrounds. Of course, this is not true in all cases. However, this knowledge does provide a certain advantage. Players need to understand statistics and be capable of analyzing large quantities of data. Looking at recent game play only is not enough to create winning lineups. You have to account for fatigue, injury, overall stats, consistency, and matchups.
- Diversification: Year-round income requires year-round play. Most of the pros play the NFL, NBA, and MLB at a minimum. Some expand further to the NHL and college teams. The more diverse your portfolio is, the greater your chance of making a net profit.
- Skill: This is a growing industry, with more players joining every day. The competition is therefore growing stronger. It is important to be honest about your skill level relative to others. Remember, it is your ability to evolve faster than everyone else does that will catapult you to the top. Put your energies into staying a step ahead at all times.
- Time: To remain consistent and keep the money coming, you will have to sacrifice many other activities. You must accept a nontraditional schedule and very long hours.
To be truly successful, every player needs to find a different edge. However, these elements are a great starting point. Do you think you have the complete package to make this a full-time gig? Let’s look at the risks before you turn in your two-week notice.
What Are the Risks?
There are risk factors to fantasy sports as a job that you can anticipate. You must account for taxes, for example, in advance. Too many people fail to consider how taxes will affect their winnings until it is too late. You can also manage planning for off-seasons and budgeting accordingly with a little forethought.
The largest risk, however, is not easy to anticipate – uncertainty. The truth is, even the best players do not have a guaranteed income. Many supplement their winnings by appearing on shows or writing articles. These offers will only start rolling in once you have made a name for yourself. If your rankings begin to fall, offers will be withdrawn, meaning you cannot necessarily trust these additional sources of income.
By embracing this career path, you are accepting an exciting but inconsistent life. Is it possible to make your living playing fantasy sports? Absolutely. Is it probable that you will succeed? That is for you to decide.