Placing Bets
Select the sport and game you’d like to place a wager on. You can place bets in the FanDuel app on your phone, or use their desktop site. On FanDuel, scroll through the sports at the top of the page/app to pick your sport, then scroll down to find your upcoming game. You will see three options: “spread,” “moneyline,” and “total,” which are the three most common kinds of betting. You can also find bets under the “popular” tab, or in the “promotions” tab. If you want to place parlays (two bets tied to one another), you have to do so manually in the bet slip by selecting two different bets. There is no separate tab for parlays.
Place a spread bet to gamble on the configuration of a game’s final score. When you place a spread bet, it means that you’re gambling for a specific team to win the game and score a minimum number of points (called “covering” the spread). The favorite is the team with the minus sign (-) next to their name since they’re “giving up” points (i.e. they’re expected to win). The underdog will have the plus sign (+) next to their name. So, let’s say you’re gambling on the Atlanta Falcons and the Chicago Bears. The Falcons might be +3, while the Bears might be -3. So, you could gamble on the Falcons losing by 3 points or less (or winning), or the Bears winning by more than 3 points. The number underneath the spread shows the amount you’d have to gamble to $100. So, if the Falcons are (+3 / -118), you’d need to gamble $118 to win $100 (you can bet more or less than $100, but gambling returns are always explained via this $100 example). Select the specific spread you’d like to gamble on and enter the amount you’d like to wager before clicking the “place bet” button.
Opt for a moneyline bet to gamble on the outcome of a game alone. The moneyline bet is pretty straightforward—you’re placing a wager on the outcome of a game. Since there are still favorites and underdogs, the returns tend to be a little less symmetrical than a spread bet (meaning that the odds aren’t adjusted to make up for the underdog/favorite imbalance—the return is). For example: Let’s say the Baltimore Orioles are playing the New York Yankees. The Orioles are the favorite. FanDuel will show something like “-320” under the Orioles, and “+240” under the Yankees. This means that you’d need to bet $320 on the Orioles to win $100, while you’d make $240 by betting $100 on the Yankees. Once you click the moneyline bet you’d like to take, the bet slip will open. Enter the amount you’d like to wager and select “place bet.” On some games, you may see “alternate lines” available. These are custom moneylines (i.e. not set by FanDuel), that you can wager on. These are often entered as part of a parlay to hedge a risky bet.
Enter a total bet to gamble on the combined score of a game. The third most common type of bet is a “total” bet, which is shorthand for “total points in the game.” This is also known as a “over/under” bet. On FanDuel, you will see two numbers with the payout odds. Let’s say the Dallas Cowboys are playing the Arizona Cardinals. You might see “O 48 -110” and “U 48 -110.” If you take the “O 48 -110,” it means that you expect both teams to score over 48 points combined, and you’d need to bet $110 to win $100. The “U 48 -110” is the same thing, except it’s “the under.” So, if you “took the over” and the Cardinals scored 21 points, and the Cowboys scored 35 points, you’d win because 21 and 35 points add up to 56, which is more than 48. Once you select the over or under, enter the amount you’d like to wager and select “place bet.”
Combine two bets in the betslip to parlay. A parlay refers to two (or more) bets that are tied together in a single bet. You have to win each bet to get the payout, but your return will be greater if you’re confident in the outcome of both bets. In FanDuel, select the first bet you’d like to place and enter your wager. Then, click “add to betslip,” not “place bet.” Select your second bet and add it to the betslip. From there, enter your wager under “two team parlay” before hitting “place bet.” You can add as many additional bets as you’d like before filling out the parlay wager, but keep in mind that every single wager must go your way to get paid. This is a mathematically riskier way to go. This is a high-risk and high-reward maneuver. Gamblers often place parlays when they’re very confident in one of their bets but the odds are terrible. By parlaying the bet with terrible odds, you give yourself a boost in the potential payout.
Place a prop bet to gamble on specific events taking place. Prop bets have nothing to do with the outcome of a game—they’re unique events, like a quarterback achieving 150 passing yards in a game, or a point guard getting 10 assists in a game. These bets appear periodically at the top of the app/website under “prop bets,” or underneath specific games when they’re offered. You will almost always see a plus sign (+) under the payout for these prop bets because the odds that a prop bet pays out are typically pretty slim. For example, you might see a prop bet for “Matthew Stafford has the most regular season passing yards +800.” This means that a $100 bet would pay out $800. It can be difficult to get a sense for whether the odds are very good for certain prop bets, and you may want to only place these sparingly. The payouts on prop bets are often very high, but that’s because it can be very difficult to win. What are the odds that a specific player hits a home run in a given game, for example?
Place a Same Game Parlay Plus (SGP+) on FanDuel to combine multiple parlays. This is a unique feature of FanDuel—you can take multiple parlays for a game that is taking place today (or even right now), and combine them to increase your potential payout (and potential risk). FanDuel only offers these occasionally, but look for a green “SGP” in the betslip to see if it’s available. You might place a SGP+ bet if you’re extremely confident in a certain sequence of events taking place. These bets can get pretty complicated, so hold off on this until you understand what you’re doing. For example, let’s say the San Francisco 49ers are playing the Philadelphia Eagles. You might combine a moneyline bet on the Eagles winning, a prop bet on the Eagles’ QB throwing over 200 yards passing, and a spread bet on a separate game taking place right now.
Enter futures bets for games or events taking place in the far future. Futures bets are relatively straightforward bets on larger events taking place in the future, such as the Green Bay Packers missing the playoffs in 2022, or the Minnesota Timberwolves winning the NBA championship next year. You can find these bets by going to the specific sport and looking for the “futures” tab at the top. Like prop bets, futures bets tend to have huge payouts because the odds are extremely low. Winning a futures bet involves predicting the outcome of something very specific happening in the far future.
Place a Round Robin bet to enter a “safer” version of a parlay. The Round Robin feature is unique to FanDuel, and it allows you to add up to 6 legs (aka separate bets) to a single betslip. Unlike a typical parlay, you can still be paid out for the legs of your bet that you win when you make a Round Robin bet if you don’t tie them together. The Round Robin bets can get fairly complex, since you can parlay multiple legs together and then parlay that basket of bets into an additional bet. You’re best off staying away from Round Robin bets until you’re extremely confident in what you’re doing on the platform.
Managing Your Account
Check the terms and conditions of FanDuel to make sure the platform is legal in your state. You can only place bets on live sporting events using FanDuel if you live in NJ, NY, PA, WV, IN, CO, IL, TN, IA, VA, MI, AZ, CT, LA or WY. This is due to the fact that gambling laws are state-based, and you must be a resident of a state where it’s legal to sign up. If you are a resident of one of these states where FanDuel is offered but you spend time in another state, do not log into your account or place bets while you are out of the state. FanDuel tracks your location, and your account may be banned if you use their platform in an illegal state. Some states have deposit limits, so you may not be able to deposit as much money as you’d like depending on where you live. FanDuel is one of the only legal betting sites for the state of New York! The legality of FanDuel in Louisiana depends on the specific parish you’re in. It’s legal in part of the state, but not others, so check ahead of time.
Sign up for a FanDuel account to get started. After you select the state that you live in, enter your email and pick a username. Then, create a password and select “create account.” Then, enter your name, phone number, address, SSN, and upload a copy of your driver’s license or state ID to confirm your account. You can sign up on FanDuel’s phone app if you prefer. You’ll also be able to sign into the app using your desktop account as well, if you prefer. You may also be asked to submit a utility bill displaying the address you entered.
Deposit money to your account to start placing bets. Link a bank account to your FanDuel account and enter the amount that you’d like to deposit to get started. Wait for your money to be transferred to get started placing bets. Typically, your money will be credited instantly so that you can start gambling after you’ve clicked the “deposit” button. There is no limit on withdrawals and you can take cash out at any time.
Delete your account if you plan on giving betting up permanently. If you ever decide to stop gambling, don’t withdraw everything and leave your account alone. FanDuel will charge inactive accounts $3 a month after 2 years of inactivity. Go into your profile, select “account settings” and then click “close account.” You’ll be asked a few questions about why you’re leaving and your account will be closed. If you ever find yourself compulsively placing bets, you can lock yourself out of the account to take a break for 3, 6, 9, or 12 months in the same menu as the “close account” button.
Picking Winning Strategies
Gamble on sports and games that you know a lot about. If you’ve never been a football fan, gambling real money on the NFL is not going to be a good idea. Stick to what you know. Research teams in the league that you’re following, keep your ear to the street when it comes to following analysis and pre-game coverage, and use the off-season to stay up on the moves teams are making. Many (if not most) sports gamblers stick to a single sport and only gamble on those games.
Look for asymmetrical odds to keep your risk low. Odds refer to the probability of something happening. In general, the less likely something is to happen, the bigger the payout will be. However, odds are set by the house (in this case, FanDuel), and they aren’t always accurate! If there’s a game where the odds seem a little skewed in your favor based on what you know, it might be a good opportunity! For example, let’s say you’re playing the spread on a game between the Miami Dolphins and Green Bay Packers. The Packers may be listed as the underdog, but what if it’s supposed to snow that day and they’re playing in Green Bay? The Dolphins may struggle in the brutal conditions, so you may have a better shot!
Manage your bankroll carefully and never go all in on a single game. Your bankroll refers to the starting amount that you’re going to gamble with. Since you don’t want to be forced into perpetually depositing more money, preserving your starting money is key. Generally speaking, you don’t want to risk more than 2-5% of your bankroll on a single bet. This way, if you lose, you won’t lose your shirt. This is also why it’s key to never go all in on a single bet. It may be less exciting to gamble small amounts, but you’re going to be able to stick around a lot longer if you don’t overdo it. For example, let’s say you have a $500 bankroll. You’d want to gamble $10 (2%) if you aren’t confident, or $25 (5%) if you’re extremely confident. If you find yourself depositing more and more money, you may not want to stop gambling.
Use teasers sparingly to maintain reasonable odds. Teasers allow you to add or subtract points from a spread or total bet. FanDuel offers teasers on certain bets, which means you can make your odds more difficult to improve the amount you’re paid out. Use these rarely in order to ensure that you don’t make it too difficult to win. For example, let’s say you’re playing the spread on the Denver Broncos and Detroit Lions game. The spread might be Broncos -8. If you really think the Broncos are going to win, you might add 8.5 points to make the odds +0.5, which will pay out way more.
Check the [FanDuel odds boosts] when available for great odds. The “odds boosts” tab on the left side of the desktop site (or top of the app), displays specific bets where the odds have been dramatically increased for a bigger payout. The bets may still not be worth taking, but you may be able to find a great deal if FanDuel has recently updated a bet you were eyeing anyway. Remember, it’s still not a good idea to wager on events that you don’t know a lot about, even if the odds are extremely enticing.
Get help if you find yourself struggling to stop gambling. If you feel an uncontrollable urge to continue gambling, you may be addicted. Gambling can be just as addictive as drugs or alcohol, and there’s no shame in needing help. Talk to a family member, close friend, or medical professional about getting support. There are plenty of medical programs out there that will offer support to help you quit. Signs that you may be getting addicted to gambling: Obsessive thinking about gambling, being unable to quit, gambling to escape problems, trying to get back “lost money” with more gambling, lying about the problem, or destroying your financial stability to continue gambling. You can contact the National Problem Gambling Helpline at 1-800-522-4700 to get free support.
Comments
0 comment