Fantasy sports betting deviates a little from traditional sports betting. This is because punters don’t actually bet on the end result of a specific event. Rather they bet on a fantasy sports team they create and attempt to beat out the teams created by competitors for real money prizes. Although fantasy sports have been existence for decades, the rise of fantasy sports betting was fairly recent. Many Australian are now looking to get in on the action but aren’t quite sure as to how.
Well, with our ultimate fantasy sports guide, Aussie punters will learn all about fantasy sports betting, such as where and how to do it. So, read on, and find out more about this very lucrative sport.
Best Fantasy Sports Betting Sites for Australians
What is Fantasy Sports Betting
Before we can get into what online fantasy sports betting is, we need to take a look at what fantasy sports actually are. Basically, fantasy sports leagues are based off real-life sporting leagues where participants take the role of manager for their team. With a salary cap and other team limitations, they try to build up the best squad they can with a limited set of resources using fantasy versions of real-life players.
In order to create an effective fantasy sports betting squad, punters need to be well-versed in a particular sport. In this way they are able to deduce which real-life players will be best for their squad. The limitations mean that players will never be able to select only the top players of the league for their squad.
Fantasy sports gambling is not all that different from regular sports betting. Instead of betting on a team winning a particular match or league, bettors’ wager on their team being best in the league or league game.
Sports with Fantasy Leagues
There are a number of different sports that have popular fantasy sporting leagues built around them. Some of the most popular options in Australia include the following:
- Rugby League
- American Football
- Ice Hockey
- Daily Fantasy Sports
Fantasy Sports Bet Types
There are a number of different bets that can be made on fantasy sports. Some of the most notable include the following:
- Prize Pool Leagues – participants pay an entry fee upfront to take part in a league with a fixed prize. Players will be paid depending on where they finish on the league table. Some leagues may have bonus specialised rules that allow for further winning options.
- Head-to-Heads – a player goes up against another player in a contest to win a unified prize pool. Some players believe that these bets are better as you only go up against one other player, but punters really need to know the ins and outs of the game to make successful bets.
- 50/50 – these bets take place in larger leagues. Essentially, all the players that end the season in the top half of the league double their initial investment, whereas the bottom half, unfortunately, receives nothing.
- Cash Games – players join or create custom leagues in which the best side will be awarded with a prize. While these prizes may be smaller than guaranteed prize pools, they may prove somewhat easier to win in some cases.
Fantasy Sports Bet Betting Tips
Below are some general fantasy sports betting league tips that apply to the activity as a whole. While punters will need to look at more specific tips and strategies on our specialised fantasy sport pages, these at the very least will help punters pick which leagues to participate in:
- When picking a league to join, pay attention to the duration of the tournament. Daily fantasy sports competitions tend to be more popular than their season long counterparts due to a number of reasons. Firstly, there are greater opportunities to place bets. This is because a bet lasts perhaps a week or two. Secondly, the need for sustained interest is much smaller than with season long leagues. Basically, if you know that you aren’t able to retain interest in a sporting league for a long period of time, don’t sign up for longer competitions.
- Your strategy will be affected by what sort of competition you choose to compete in. If you choose to participate in a season long league, you’ll need to look for more consistent players to fill out your squad. However, if you choose to participate in a daily competition, perhaps, it may pay off to look at players on a hot streak.
- There are so many different fantasy leagues available online. It is important to ensure that you know the rules of the league that you join. Just because you were previously involved in a fantasy basketball league in the past does not mean that the next one you join will have the same rules. Ultimately, you need to make sure that you like the rules of the league you’re joining or else you might not have any fun while playing online.
Is Betting on Fantasy Sports Legal?
Online fantasy sports betting websites are legal in Australia. The form of gambling falls under sports betting, which is made legal under the Interactive Gambling Act 2001 (the only thing that is not so clear-cut and defined are the rules related to online casinos.)
Moneyball has been active in Australia since 2015 and offers punters the chance to make fantasy league teams in all the nation’s favourite sports, including the AFL, NBA, the Big Bash T20 League, the National Rugby League, among others.
DraftKings also recently entered Australia and also offer a range of fantasy sports betting options. Although their selection might be more focused on American sports, there are a few Australian favourite, such as golf and the NBA.
Ultimately, Australians interested in fantasy sports betting don’t really need to worry about the legality of the activity as it is legal. That stated, if you’re still somewhat worried, just check to see if your chosen betting site is registered and regulated by legislator in your state.