How To Make Money On Draftkings
There are various ways to make money online. It can be in the form of freelance work, answering surveys, or offering home services. The latest profit earning strategy in the online world, however, is fantasy sports. In case you’re still not aware, DraftKings just surfaced as one of the most popular online fantasy sports sites in the world right now. In this article, let us explore how to make money on Draftkings.
What Is Draftkings?
DraftKings is a popular website that gives players from all over the globe to enter fantasy sports contests. They have entry fees as low as 25 cents but reach as high as $10,000. The winnings will depend on how much you have placed as your starting entry fee. But how did DraftKings start in the first place?
The Creation of Draftkings
Three previous Vistaprint employees, namely Matthew Kalish, Paul Liberman, and Jason Robins, launched this website back in 2012. It began its operations with a one-on-one baseball competition that coincided with the opening day of the Major League Baseball. They started small with them handling one game at a time only. However, come July 2012, they were able to receive their first outside funding from a investor at Accomplice in Cambridge who gave them $1.4 million.
They used this money to convince organizers of big sports tournaments to partner with them. In April 2013, their first client came. Major League Baseball became the first professional sports organization to take part in their daily fantasy programs. After the partnership’s announcements to the media by CEO Jason Robins, their performance skyrocketed, and the company never looked back.
By August 2015, DraftKings had a significant announcement which solidified their place in the fantasy sports industry. The news revolved around the fact that the Gambling Commission gave them the license to operate pool wagering servicing, not only in the United States but also in the United Kingdom. This move extended their reach to another rich part of the world.
This organization is a big success. In fact, a wide variety of media such as Boston Globe, Wallstreet Journal, TechCrunch, and Forbes already featured them. They have also established a vast social media following on both Facebook and Twitter. On top of these, DraftKings also received an A-rating with the review of Better Business Bureau alongside positive customer and industry reviews.
How Does DraftKings Work?
DraftKings does not have a complicated process. In fact, making money from this platform only requires you to complete five easy steps.
Sign Up In DraftKings
Signing up is pretty simple. All you have to do is go to the website and click on the “Sign Up” link located on the upper right corner of your screen. The program will ask you to enter your email address and password. It will check whether you are 18 years old or older, and if you live in a province or state where joining DraftKings is legal. Take note that signing up is completely free.
After signing up, you need to deposit your initial payment. As a new player, you can deposit up to $600 as your starting fund. What’s good about being a newbie is that DraftKings gives out a deposit bonus that is the same amount as your deposit. For instance, if your initial deposit is $500, you can have a deposit bonus of $500 that you can spend on the online contests.
Your average spending determines the amount of deposit bonuses. Here is how DraftKings explained the process on their FAQs page:
“Deposit bonuses release in increments of $1 for every 100 Frequent Player Points (FPPs) that you earn by playing in paid contests. All deposit bonuses expire four months after they are created. If you have an issue with your deposit bonus expiring, please contact firstname.lastname@example.org.”
Pick Your Contests
You may opt to join free or paid contests, depending on how confident you are with your skills. If you’re still new to this platform, then we recommend that you start with free matches. This way, you’ll be able to study first how the process goes and work your way towards it. Listed below are the different kinds of contests you can try:
- Guaranteed Prize Pool (GPP): The GPP contests’ payout is the entire prize pool regardless of whether the capacity was filled with players.
- Sit N’ Go: Opposite to GPP, Sit N’ Go pulls out the contests if they don’t completely fill. Should this happen, your account will gain back the amount you have entered.
- Freeroll: Freeroll is the only contest on DraftKings where you can enter for free. You can use DrafKings dollars or Entry Tickets to pay the winnings that you will collect from your games. You can leverage these prizes in other contests.
- Leagues: This is the newest option in the website. You can create and customize your private contests with a group of friends.
- Double Up: Double Up requires the players to enter the same entry fee and those who finish in the top half of the standing will receive double payment.
- Head-To-Head: Head-to-head is a one-on-one contest with the same mechanics as that of Double Up. The winner of the game will win back double his or her entry fee.
- Winner Takes All: This contest is a quick game. Only the first player to win will take the whole prize pool.
- Step Tournaments: Players who enter these step tournaments will have incremental winnings as they continue to win. The first level entry fee might start with as low as $2 but may progress until the maximum prize pool of $200.
- Beginner: This option is tailored for those who are new to the scene. You will be matched to other rookies as a way to gain game experiences.
Sports Contest Lobbies
Aside from this list, you also have the option to make your way into various contest lobbies. DraftKings has offerings on the following sports:
- National Basketball Association (NBA)
- Major League Baseball (MLB)
- National Football League (NFL)
- National Hockey League (NHL)
- Canadian Football League (CFL)
- Mixed Martial Arts (MMA)
- Soccer (MX, Champions League, EPL, MLS, Liga MX, La Liga)
- League of Legends
Create Your Lineup
After you choose your contest and sport, you may then start drafting your complete team. Upon entering the game, a budget will be allocated to you. You will use this to draft or “hire” your own players. You have to remember, however, that each player’s salary is different. It will vary depending on their overall skill level – the better the player, the higher the salary they will require.
What’s unique about DraftKings is that each user only has a $50,000 budget limit as a way to level the playing field. As you can see, you really have to research and think your way through to be able to come up with the best player combinations.
You may use Daily Fantasy Nerd’s stats and tools as a support to your drafting. All you have to do is create an account on their website, and you’re good to go.
Watch And Win
DraftKing gives you the ability to monitor your teams live on whatever device you are using. They offer a live scoring service that enables the user to follow the step-by-step happenings in the contests and view score updates.
Take note, however, that contests are won depending on the statistics of the individual players, not on the overall game scores. The organization has its own way to accumulate the players’ stats throughout the game and translate it into points. If by the end of the contest you have more overall points than your competition, you win the game. There is also an option for you to trade players at some points in the game. This move may cost or grow your in-game money.
You should also consider that each sport has its own scoring system. Therefore, make sure that you study and familiarize yourself with their rules and pointing system before entering any contest.
After the contest, your account will gain or lose money. Should you feel the urge to withdraw all of these winnings, you may do so by requesting the service. However, this will only be processed within two business days.
Is DraftKings Legitimate?
It is a betting site, so it is natural to hear complaints about the website. Many individuals have an unrealistic expectation of always winning and making a lot of money. If they don’t reach this status after a long time of playing, they get frustrated and lash out about the platform.
If you want to progress in this business, you have to defy the odds and work your way through it. More and more players nowadays are using different projection systems and tools to create the most optimal lineups in the leagues.
To answer the question above, yes, DraftKings is legitimate. This organization has been a consistent leader in the daily fantasy sports arena for a reason. They have a wide array of content offerings, partnered with the most prominent sports organizations, and continuously updates their programs to tailor the interests of their customers. With all of these in mind, why don’t you start signing up today and try your luck as a fantasy sports player? You’ll never know what’s in store for you until you try.
Check out Essential Strategies for Winning at Daily Fantasy Sports by Kevin Bonnet to guide you with the whole process of fantasy sports.