Pay-to-play fantasy sports have faced immense scrutiny lately in terms of their legality and ethical standards. Some have decried fantasy sports giants DraftKings and FanDuel for bilking sports fans out of money with promises of giant payouts that never seem to happen. These companies have invested millions in advertising and development costs, so are they swindling customers – or are they legitimate organizations?
The Risks of Pay-to-Play Fantasy Sports
- Legal Concerns: When it comes to fantasy sports, it’s a good idea to understand the inherent risks of betting real money on your fantasy sports play. Free-to-play fantasy operators, like Bantasy, exist for sports fans to enjoy their favorite fantasy sports without hurting their wallet. Additionally, betting real money on fantasy sports is still illegal in several states.
- Preying on Weakness? Gambling addiction has received more attention recently, and pay-to-play fantasy sports operators have been accused of encouraging repeat gambling with outlandish prize pools and “guaranteed” prizes. Some fans see “guaranteed prizes” and think there’s little-to-no risk – however, they fail to read the fine print that only guarantees a minimum of 25% of the entry fee. That means that on a $10 entry fee, they are technically only guaranteed to win $2.50.
Gambling addiction rears its head in the form of the “just one more” mentality. A player may repeatedly lose, but think that if he or she just holds out a bit longer, the big win will come. Some people hold the inaccurate assumption that if they have a 1 in 100 chance to win, they’ll eventually get that win after enough losses. However, the truth is that you have the same odds every time.
- Micro-transactions: Micro-transactions are a relatively new form of business model that first rose to prominence in the casual videogame industry – games would release under the pretense of being “free,” but the player’s actions were limited unless they were willing to pay. Game developers also started offering low-dollar “add-on” purchases for major videogame titles. Although relatively inexpensive, these small purchases can quickly add up over time, and consumers don’t pay attention to the mounting costs – they only see the low-dollar price tags and think nothing of them.
The same happens in pay-to-play daily fantasy sports: players think nothing of a $10 entry fee and may want to try their luck a second time that day if they lose. Then they play all week. $10 a day becomes $20 a day – and that turns into more than $100 per week. Unless you have significant disposable income, daily fantasy sports can quickly turn into a money drain if you aren’t careful.
- Play for Free on Bantasy: Bantasy is a fantastic option for anyone who wants to enjoy fantasy sports without all the legal concerns and the risk of losing their hard-earned money. You play for Bantasy Chips – a virtual currency you’ll use to buy into leagues. You can even create custom leagues for you and your friends to play on your own terms. Keep your wallet in your pocket, and enjoy Bantasy for free.