Daily fantasy sports have become one of the most popular avenues to bet on sports in recent years. And while there are plenty of platforms to choose from, DraftKings is one of the best and most prominent choices out there.
Many sports enthusiasts still ask, “How does DraftKings work, and is it safe to gamble?” This article will explain all you need to know about how the platform works and what games you can play on it. We’ll also give you tips on how to win money playing daily fantasy sports on DraftKings.
What Is Daily Fantasy Sports and How Did It Become Popular?
Daily fantasy sports is a type of online gaming where players create virtual teams of real-world athletes and compete against other players for prizes. DFS first became popular in the early 2010s, with platforms such as DraftKings and FanDuel leading the way.
At their core, DraftKings fantasy games and any other DFS are about building the best team possible within a given salary cap and scoring as many points as you can. Players select a team of real-life athletes and earn points based on their statistical performance.
The key difference between DFS and traditional fantasy sports is that DFS contests last for just one day or one week, as opposed to an entire season. Daily fantasy leagues, as such, allow you to create a new team from scratch each time you play.
Moreover, these games typically offer larger prize pools than traditional fantasy sports leagues, making them more attractive to casual players.
Daily fantasy sports is a rapidly growing sector of the online gaming industry. Today, dozens of DFS platforms exist, with various niche sports offering their own selections of games and features.
This fast growth of DFS has not been without controversy. In 2015, an investigation by the New York Times revealed that employees of some DFS operators were possibly engaged in harvesting information from player databases and using it to create winning lineups for themselves.
The scandal led to the industry’s stricter regulation but did not seem to slow down its momentum. According to one estimate, DFS games will generate $38.6 billion in revenue by 2025. Whether you see it as a fun game or a dangerous form of gambling, there’s no doubt that daily fantasy sports are here to stay.
What Is DraftKings?
DraftKings is one of the most popular DFS platforms in the world. The Boston-based company was founded in 2012 and quickly rose to prominence thanks to its user-friendly interface and wide selection of games.
What makes DraftKings stand out is that you can use the same account to play daily fantasy games but also for online sports betting and online casino games.
DraftKings contests are available for various DFS games, including traditional sports like football, basketball, and baseball. But you can also find unique games like golf, NASCAR, and esports.
In 2018, DraftKings became licensed by the State of New Jersey to offer sports betting. As of 2022, DraftKings provides both online and mobile sports betting in 18 states: Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming.
Despite some controversies, DraftKings has become one of the most popular gambling companies in the US. The company’s success is largely due to its increasingly diversified product offerings and aggressive marketing campaigns.
DraftKings has reached partnership agreements with major sports leagues like MLB and NHL and some of the biggest sports broadcasting agencies – ESPN and FOX Sports.
With the constant release of new casino promotions and the DraftKings sportsbook bonus for first-time players, the company has attracted new bettors for sports and nonsports content alike.
How DraftKings Works
DraftKings is an online platform, so you’ll need to create an account before you can start playing. You’ll also need to deposit some funds to join the games and compete for cash prizes.
Though there are some free competitions you can join, you won’t be able to earn money in those. Instead, you can win other prizes like entry tickets for events and DraftKings dollars, which you can’t withdraw but can use to enter competitions where there are cash prizes.
Once you have opened an account, you can browse the available games and choose one that interests you.
Most DraftKings games follow a “salary cap” format, which means each team has a set budget that it can use to draft players. Within that budget, you’ll need to carefully select the athletes you want on your team.
Each player has a salary based on their overall stats, and you probably won’t be able to fit all of your favorite players into the necessary budget for a team. Therefore, to be successful in the competitions you enter, you’ll need to rely on your understanding of the various team situations.
If you’re new to DraftKings, the platform can initially seem a bit overwhelming. But don’t worry – you won’t have any difficulty understanding DraftKings once you start playing.
Your team will earn points based on how well the real-life players do. If your team scores more points than any other team in the contest, you’ll win a cash prize.
This kind of betting allows you to test your sports knowledge, as the salary cap will prevent you from picking only the best players. This is a fun way to gamble on sports without putting money on a specific team.
Where Does Draftkings’s Revenue Come From?
Generally, DraftKings makes money from charging an entry fee for the competitions. The lowest amount is $0.10 for contests that involve a fee. There is no cap for the maximum amount a contest could require.
For most competitions, DraftKings fees are 10% of the fee amount collected from all players, and the rest of the money goes into the prize pool.
The reward will mostly depend on the popularity of a single event. Even a $2 and $3 contest can have a reward pool worth between $10,000 and $100,000.
Another source of income worth mentioning is the website ad space that DraftKings rents out to big brands in sports and entertainment.
How Does Draftkings Payout Work?
If you’re ready to collect your winnings, DraftKings has made it easy to use its mobile app or your computer to transfer funds. You can transfer funds to your PayPal account, withdraw with a check or ACH, or pick up your winnings at a retail location.
What Games Can You Play on Draftkings?
You can make daily teams in all five major American sports – NFL, NBA, NHL, MBL, and the PGA. Other popular competitions include popular soccer leagues like the Premier League and the UEFA Champions League, but also NASCAR, WWE, and mixed martial arts (MMA).
The most popular game is fantasy football. In this game, you draft a team of real-life NFL players and earn points based on their performances in actual games. You can also play highly competitive head-to-head games against other players or enter larger tournaments with bigger prize pools.
Baseball is in second place, far behind the NFL in terms of bet amounts. Another popular game, according to statistics, is Premier League soccer, with 9.1 million players in the 2021-2022 season.
In addition, the DraftKings app allows you to play casino-style games such as blackjack, slots, and video poker.
You can also choose among various game types, including head-to-head contests, leagues, tournaments, and challenges. You can even create your own competition and invite friends to join.
Tips for Playing at DraftKings
There are a couple of tips we would like to share when it comes to playing at DraftKings:
- Learn the fundamentals of fantasy sports betting before you start investing money.
- Start with smaller amounts. Betting $5 or $10 will make the game exciting, and it might also involve a decent prize.
- Look at what the experienced players are doing, but also try to rely on your instincts. You can use some of the players from their roster, but don’t stop searching for your own additions.
Is DraftKings Legal?
Since its inception in 2012, DraftKings has become one of the most popular destinations for sports fans looking to test their skills and win big prizes. But as the company has grown, so has the scrutiny from regulators and lawmakers.
Players use their knowledge of the sport and athletes to draft a team they think will score the most points. However, some critics have argued that because there is an element of chance involved in any sport (injuries, weather conditions, etc.), DraftKings should be considered gambling.
So far, courts have largely sided with DraftKings on this issue. In 2018, the Supreme Court struck down a federal law from 1992 that prohibited states from legalizing sports betting. Recently, a New York court ruled that the site was not considered gambling under state law.
As a result of these decisions, it appears that DraftKings is currently legal in most states. However, given the ongoing debate on this issue, it’s possible this could change in the future.
The Bottom Line
Daily fantasy sports are becoming a popular way to test your knowledge of sports and perhaps earn some money along the way. One of the most popular places to play is DraftKings.
We hope this article has given you a better understanding of DraftKings and how it works. If you’re interested in trying out fantasy sports gambling, DraftKings is a great option. With a user-friendly interface and plenty of leagues, it’s easy to get started.
Do you win real money on DraftKings?
Yes, you can win real money on DraftKings. While some skill is involved in choosing the right lineup and making strategic choices, luck also plays a role in winning. However, the good news is that even if you don’t hit the jackpot, you can still win smaller prizes by finishing among the top-tier players.
How do you play DraftKings for beginners?
Here’s how it works: First, you create an account and make a deposit. Then, you use that money to draft a team of players for a particular sport. If your team does well, you’ll earn points and move up in the standings; If they don’t, you’ll drop down. The better you do, the more money you can win.
How long does it take for DraftKings to pay out?
The DraftKings withdrawal procedure might take up to five working days. There is also a withdrawal tracker available so you can learn about the current status of your transaction.
If you are asking, “How does DraftKings work?” we suggest you read the entire article about one of the biggest fantasy sports platforms in the US.