You probably have heard the terms DFS and sports betting. Are they the same thing? Let’s break down what you need to know.
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What is Sports Betting?
Traditional sports betting is when you place a wager on a specific outcome for a game, match, event, etc. You examine the odds, do research, and bet on what you believe will happen. If you are correct, you receive winnings based on the odds.
There are all sorts of bets. Some of the most popular are spreads, totals, and moneylines. A spread bet is a wager on the point margin of a game. For example, you might bet on the Titans to cover a -6.5 spread. That means they have to win by 7 points or more to win.
Traditional sports bets can be placed in person at retail sportsbooks or with online sportsbooks. You will see clearly stated odds and winnings for your bets. You can change the size of your bets depending on your bankroll.
What is DFS?
DFS stands for daily fantasy sports. In DFS, you pick an entire team of players in a particular sport. You are given some sort of salary cap so you can’t just purchase all of the best players. The players on your team earn points by scoring, racking yards, etc.
If your players perform well on the field, you score more points for your team. There aren’t odds from a sportsbook to determine your payout. A payout is determined by the tournament you enter and what place you finish. You can play in large tournaments with several players or in head-to-head matchups.
DFS contests usually involve a fee. It can be any price to enter with some tournaments as low as $1. Also, these tournaments are daily and take place over a short amount of time. It can be one day or just a weekend.
Is DFS Legal in the US?
DFS is legal in several states across the US but sometimes it falls into a gray area. Daily Fantasy Sports are considered a game of skill instead of a game of chance. This allows companies like DraftKings and FanDuel to operate in more states than their sportsbooks can.
DFS contests claim to be fantasy sports contests and this has given companies the chance to operate in more states.
Is Sports Betting Legal in the US?
Yes, but not in every state. There are almost 40 states with legal sports betting including Michigan, Ohio, Pennsylvania, and Tennessee. Each state is in charge of regulating and legalizing sports betting as it sees fit. Legal states have set up governing bodies to regulate sports betting.
BetMGM, DraftKings, FanDuel, and other sportsbooks have to apply for licenses and adhere to strict rules and regulations in states to operate.
What is Better? DFS or Sports Betting?
There are pros and cons to both sports betting and DFS. It comes down to personal preference, where you live, and other factors. With anything, it’s important to do your research and understand what you are wagering, consider your bankroll, and take the necessary steps to protect yourself when participating in any form of gambling or cash games.
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