Despite being around for less than a decade, the Daily Fantasy Sports (DFS) industry has grown by leaps and bounds.
Daily fantasy sports let people bet on sports using their mobile devices and get cash rewards the very same day. This is why fantasy sports have gained so much appeal, growing the industry into a billion dollar enterprise projected to be worth well over $14 billion by the year 2020.
One of the most popular variants of this new betting fad is fantasy football. In fact, daily fantasy football is in the lead with regard to the booming popularity of daily fantasy sports. For those new to this sport, here is what fantasy football is, how it works, and what the media is saying about it.
So, What Is Fantasy Football?
Unlike typical fantasy football, daily fantasy football are contests that begin and end the same day. However, for most parts, the rules of the two fantasy football versions are similar. For instance, you select a team of players on the basis of their salary cap.
These players then get points depending on how they fare in the pitch.
At the moment, every week, millions of dollars are awarded to winners. Players of daily fantasy football can place bets of between $0.25 to $1000. Some even offer prizes like beard supplements.
Some popular fantasy football sites are DraftKings and FanDuel.
How Does Fantasy Football Work?
First of all, playing daily fantasy sports involves staking real money. Nevertheless, rather than wait an entire season or a weekend before the contest is complete, the entire process takes just a day.
You should select your team based on a choice fantasy contest. The draft is selected depending on salary cap. However, this is not always the case, but it is the rule rather than the exception. How this works is, you select participants based on a fixed maximum salary of say, $50,000, based on which you have to make a 9-player roaster as is required of a football match. For instance, some players can cost as much as $9000, while others can cost less than half as much.
Although your selection is completely independent of what everyone else has selected, you could end up selecting the same lineup as someone else.
The better the players you have chosen do on the field, the better your performance. The players earn fantasy points. You should select a team that can score better than competing fantasy football teams.
Fantasy Football In The News
At the moment, daily fantasy football is legal, but the popularity of this form of sports betting is predicted to change gambling’s legal landscape in future. The use of modern technologies such as mobile phones and the large amounts of money involved in fantasy sports is challenging existing laws on gambling, which do not take daily fantasy sports as seriously as conventional gambling games.
At the moment, fantasy sports are not considered gambling under the law, since a fantasy sport is considered a “game of skill” rather than a “game of chance.”
That’s why many fantasy participants who take it seriously like to take a brain supplement to boost their cognitive abilities. In places like UK and most of Europe, sports betting is considered gambling, and the U.S, is likely to follow suit. The media also speculates that the popularity of this game will change American culture considerably over the next couple of years.