Get excited! This article is covering the THRILLING topic of BANKROLL MANAGEMENT!
Not only that, but we’ll cover how to make sure you’re putting your hard earned cash into the correct areas of your DFS game.
A FOOTBALL BONANZA awaits the AFL DFS community, with 33 games being played across a 20-day stretch.
The opportunity to play for the biggest pools in Australian DFS history exists right now.
(I really wanted a Captain Planet gif here, but there were NONE. The downswing continues 📉)
Regardless of the site you play on, make sure you employ correct bankroll management, or you may not even make it into the second week.
The main principle of bankroll management is simple – make sure you don’t go broke.
This is going to be harder than it sounds with 33 games being played in 20 days, especially with the amount of single game slates involved. Expect plenty of variance in the single game slates.
No player is immune to the swings involved in Daily Fantasy Sports. Here’s a recent example of where I had a massive upswing only to follow it up by two weeks of steep losses:
Losing streaks will be very common for everyone – I’ve been downswinging (worse than the picture above shows) for the past couple of weeks in DFS and have been straying from good bankroll management too. Getting ahead of myself after a big win.
The thing is, bankroll management and game selection is a tough thing to understand, but it’s even tougher to actually employ.
In theory, it’s easy, right? But actually employing it, when it counts, is the hard part.
It’s all too easy to want to enter every slate for some entertainment – but we should really avoid doing this if we’re serious about profiting long-term.
New players looking to build their bankroll must resist the urge to play every slate with the same amount of lineups, like a good stock trader does when waiting to buy a bottomed out share in a company.
Stock traders also prefer to trade in specific industries that they have more knowledge in, to increase their edge in each trade…
The same applies for DFS’ers!
Invest more money and energy into slates where you know the teams well or have an edge in some other form.
Do you have information on a player that the field doesn’t? Play more.
Do you only have 1 hour to analyse the slate? Play less.
Basic stuff to understand, but can be difficult to actually employ.
BUILDING YOUR BANKROLL
The first step towards employing good bankroll management is ensuring that we’re adequately bankrolled for the inevitable downswings.
Not only do we need the funds to back us in when those dirty losing streaks arise, we also need to work on our discipline to move down in stakes when required.
If your bankroll shrinks, you need to be disciplined enough to enter less lineups or move down in stakes.
For example, if you started with $1,000 and were aggressively max-entering the Fiverr ($5 entry fee, 50 maximum entries), you’d be playing for $250 each slate.
That’s a quarter of your bankroll each slate. That is very, very risky!
However, if you completely airball two slates in a row and you’re left with $500, it’s actually not too bad of a situation. Though I certainly wouldn’t recommend it!
It’s only okay if you’re able to identify that your bankroll is now at high risk and you have the discipline to move down in stakes.
In this case, you just have to move down to the $2 mini and work your way back up to the point where you feel comfortable playing the Fiverr again (I’d recommend $1,000+). If you go broke, there’s no coming back.
Here’s a few specific AFL DFS tips I’ve added to help you get a picture of some ball park figures you should be using:
- Enter more lineups at lower limits, rather than less lineups at higher limits. There’s less variance involved, and strategical advantages involved with more entries
- Try not to risk more than 10% of your bankroll on a given slate
- Single game slates involve much more variance than multi-game slates. It’s often a good move to play less on single game slates than multi-game slates, unless you feel out of depth in multi-game slates of course.
- Your personal risk profile determines how aggressively you should play your bankroll. Don’t get caught into the trap of thinking aggressive is better though, it’s definitely not.
- AVOID GOING BROKE.
If you avoid going broke, you can last long enough to enjoy the big UPSWINGS.
Here’s a tweet I made on the topic a while back:
The first principle is to not go broke. It’s about having the bankroll to withstand downswings, so you get to enjoy the upswings when they eventually come.
However, professional DFS players know that bankroll management involves more than simply avoiding going broke…
It’s about stacking the odds in your favour, like a good stock trader does.
This concept is known as Game Selection and is the second principle of good bankroll management.
Game Selection in AFL DFS
In a nutshell, the second principle of good game selection is really simple – put more lineups and dollars into slates where your edge is biggest.
Game selection is a constant balance of protecting your bankroll against downswings, enabling you to live long enough for the upswings. It’s also about achieving a good balance of aggression when required.
Identifying when the odds are in your favour and doubling down on those opportunities. Putting your chips in when the odds are stacked in your favour.
Here’s a few thought processes that should help in identifying the slates where you edge is biggest:
– When you feel really confident about a slate, play more lineups than you normally would.
– When you feel like a slate is really unpredictable, play less lineups.
– When you have limited time to analyse a slate, play less
– Similar to the points above, play more in the teams you know well. Play less in those you don’t. If you know more about 2 teams that are playing, prioritise that slate over other slates in the weekend. Invest your energy here.
– If you’ve heard a piece of information that you think the field doesn’t know, you should probably be max entering (depending on how valuable that information is).
On the other hand, if you’re not comfortable with a game and think it’s a tough match to get a read on, sit out or play less lineups than you normally would.
BANKROLL GUIDELINES FOR AFL DFS
Firstly, your DFS bankroll needs to be an amount of money that you’re comfortable with losing. The footy carnival over the next 30 days is the perfect opportunity to sharpen your bankroll management skills.
It can be tempting, but try not to go overboard with the aggression on the new Draftkings contests. Stay calm and calculated over the 30 days period.
The thing about bankroll management and game selection is that it’s solely dependent on the type of person/player you are.
If you’re a conservative type who wants to slowly grind up their bankroll, risking somewhere around 5% per slate is a good starting point.
If you’re an aggressive type with a high risk profile, somewhere around 8-10% per slate is good.
Here are the first two guidelines I follow and rarely deviate from:
1) An aggressive approach:
Try not to risk more than 10% of that number on a given slate too often.
2) A conservative approach:
Try not to risk more than 2% of that number on a given slate.
I don’t venture outside these rules very often, but when I do, it’s typically on a Saturday or Sunday slate, since there are more players to choose from and consequently, your picks have less variance since most of your players have good floors!
However, and as I’m sure you all know, you can still easily downswing hard in multi-game slates too!
This leads us to our 3rd guideline:
3) Never risk more than 20% of your bankroll on a given slate
Never, ever, ever.
Or you’re destined for failure.
The variance involved in single game slates is a killer and something you need to plan for.
There is also more variance involved with the less entries you play.
For example, if you’re entering $60 worth of entries through 4x $15 entries, that’s a strategy that will entail A LOT more variance than entering 120x 0.5c lineups for the same $ amount ($60).
Understanding the effects of variance and how to manage a bankroll management are two parts of the DFS grind that you have to spend some energy on.
There’s a reason why playing more entries is so beneficial – less variance, more skill, more strategical flexibility.
But that’s for another post.Until then, enjoy the feast of footy in the upcoming month.
We’re all licking our lips at the Studs and can’t wait to get stuck in with our community!
See you all in the lobbies,