Daily Fantasy Sports players, check out these five things and see if there is something you could be doing better!
5 common mistakes made by DFS players.
1. Updating and checking on your lineup
It sounds like a very simple one but as we know a lot can change in the final 48 hours, 8 hours, 30 minutes or 90 seconds leading up to a contest lock-out.
Teams change, weather changes and so does coaching strategy and starting lineups.
These all impact greatly on player projections and the ‘value’ in your lineup.
So, don’t be lazy. Don’t set and forget. Put an alarm on your phone and take 10 minutes before lock to dot the I’s and cross the T’s!
A Pro DFS player recently told us,
“There is a huge edge when you are not only able to take these players out last second if you have them but also can target a player that benefits from the news as they will likely have fairly low ownership if other users don’t have much time to adjust.”
2. Over betting/playing
It’s a common gamblers fallacy that transfers to the DFS industry as well. Downswings, draw downs and variance are all inevitable. You must allocate your cash thoughtfully to prepare for the inevitable.
This means, not playing contests above your means, not chasing that quick payout and not putting too much of your bank in play on a given day or slate of games.
Pro DFS player Sean Koerner had this to say to us about bankroll management.
“I look at it much more like managing a stock portfolio where you allocate a certain percentage of your bank in safer ‘cash’ games and a smaller percentage in riskier “GPP”s and treat it as a long-term money maker as opposed to a get rich quick operation.”
3. Bias to favourite players and teams
This is incredibly hard for the diehards fans out there but essential to making better lineups. Remove the bias!
Be true to yourself, trust the data, trust the projections and keep your eyes on the prize.
If you’re a Hawks fan and find yourself week in, week out with the likes of Rioli, Bruest, Mitchell, Hodge and Lewis in your lineups on a full weekend slate. Maybe it’s time to reassess things!
4. Stretching too thin
It’s incredibly hard to follow multiple sports intrinsically.
We often see players entering every contest imaginable even if it’s not a sport they have a great understanding of.
“Specialisation leads to profits” a prominent victorian horse racing bettor told us during the week and in the DFS world, this holds true.
Consider cutting back on the amount of contests you are entering and focus on becoming great on one or two before stretching into other areas.
5. Reporting and recording
How many DFS players can tell you how much they’ve spent on contests this year? How much they’ve won or lost and where they’ve won or lost that money. What about the types of contests they are most successful at?
Recording the results of your daily fantasy sports contests will allow you to stay on the pulse of all of the above.
This fosters accountability and helps to keep you in control of any downswings,
Common categories we recommend including in your results spreadsheet are; Date, Sport, Website, Entry, Contest Type, Payout structure, your score, the winning score, finishing position, profit/loss.