If you watched any NFL games over the weekend, or if you've ever listened to a comedy podcast, then you've been bombarded with advertisements for daily fantasy sports sites like FanDuel and DraftKings.
It seems like fun, right? Pick your lineup based on the salary cap restrictions, compete either in a large contest or simply head-to-head against someone else, watch the games, and watch the cash roll in.
Except just like anything related to gambling, it's really not that simple.
The folks at Bloomberg Businessweek went in depth to show you just how screwed you are if you think you have a shot at winning money on anything resembling a consistent basis.
While any player might get lucky on the back of a handful of entries, over time nearly all of the prize money flows to a tiny elite equipped with elaborate statistical modeling and automated tools that can manage hundreds of entries at once and identify the weakest opponents. ...
Analysis from Rotogrinders conducted for Bloomberg shows that the top 100 ranked players enter 330 winning lineups per day, and the top 10 players combine to win an average of 873 times daily. The remaining field of approximately 20,000 players tracked by Rotogrinders wins just 13 times per day, on average. ...
The money-losing players tend to get lucky, win a few times, reinvest the prize money, and eventually lose.
If you look at these contests as nothing more than an inexpensive form of entertainment and a way to make the games more interesting, then obviously there's no harm done. But play responsibly kids, because the odds are stacked against you, to say the very least.
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