Frequently Asked Questions

Written By PlayPicks Staff on December 1, 2014 - Last Updated on September 15, 2022
FAQ

With the incredible rate that the Daily Fantasy Sports industry  has grown in the past couple years, we are seeing countless new players enter into the daily fantasy sports market. Below we try to highlight the most Frequently Asked Questions for new players and hope to give you all the answers to your questions before diving in and depositing on one of the many sites.

 

Daily Fantasy Sports: How many people are playing?

 

What are the busiest sites? What games can I play?

 

FanDuel announced in the release of their financial information this summer that they had 519,310 paid actives in the 3rd quarter of 2014. This number has sky rocketed in quarter 4 of 2014. But if FanDuel does have 70% of the market share as claimed then about 750,000 people played daily fantasy sports in quarter 3 this year. Over 2 million have joined for this football season so we could be seeing well over 3 million people participating in daily fantasy sports in 2014.

 

The busiest site is by far FanDuel as they are projected to have 70% of the market share according to Eilers Research. DraftKings with its acquisitions this past summer is firmly hanging onto the #2 spot with no other close competitor in site. These are the two main sites that you want to have money on and is where most of the action in the daily fantasy sports industry can be found at this time. We are seeing new sites pop up on almost a daily basis however. Some with more fan fare then others but they all have a long road to climb if they want to compete with the top two dogs in the industry.

 

The basics of Daily Fantasy Sports

 

Daily Fantasy Sports are a fast growing, niche market that has spun off from the traditional fantasy games offered by ESPN, Yahoo, CBS and countless other sites. Unlike a traditional season long league, daily fantasy sports have a much smaller time frame. For most sports the contest is over after one day. For NFL, it generally spans the weekend to include Thursday and Monday games along with Sunday.  Most games offered are a salary cap structure where each player is assigned a salary amount and you fill each roster requirement by selecting players whose overall salary fits under the cap. The players are then given points for stats they accumulate in that days action. The stats that are scored are given point values. The person who selects the team whose players scored the most points wins. There are countless contests that you can enter across many different sites that have different payout structures and buy in amounts. These are considered the different game types or selections that can be found. For a brief primer and some different definitions that are thrown around the daily fantasy sports industry check out our definitions page that we are constantly adding to.

 

 

List of mobile options for daily fantasy sports players

 

DraftKings and FanDuel are on the cutting edge of mobile options for Daily Fantasy sports players. Each site is making constant updates and tweaks to their IOS and Android app platforms. Playing Daily Fantasy sports on the go is as easy and slick as playing in front of your desktop or laptop. FanDuel lists their full mobile feature list on their site and can also be found below.

 

Full list of features available on the mobile site for FanDuel

  • Sign up and log in
  • View your live, upcoming or recent contests
  • Enter a contest
  • Create a contest
  • Challenge friends via email, FanDuel user name, or direct link
  • H2H and league view (with live scoring via manual refresh)
  • Editing team lineups
  • Add funds to your account with Visa or PayPal
  • Manage your account
  • Support tickets
  • Player game logs

 

Will daily fantasy sports sites be legal in all 50 US states?

 

No, as it stands all of the major sites including FanDuel and DraftKings offer daily fantasy sports for every state except the following states do not allow fantasy sports competition for cash: Arizona, Iowa, Louisiana, Montana, and Vermont. Washington was also added to this list recently. The legal landscape of the daily fantasy sports industry is continually shifting as we are at the infant stages of a new industry. We will always keep you up to date with the latest legislation and legalization questions across all 50 states.

 

Are all sites legal?

 

All sites that are offering real money games that do not offer their services to people residing in  Arizona, Iowa, Louisiana, Montana, Vermont and Washington are considered legal. At this time there is no regulation or overseer monitoring the daily fantasy sports industry. New sites do pop up all the time but as long as they follow the guidelines that are in place to operate a site legally and ethically then they are considered legal in the eyes of the law.

 

Why is this legal? What are the laws?

 

In 2006 the federal government passed a law called the Unlawful Internet Gaming Enforcement Act (UIGEA) which was designed to prevent gambling over the internet. The law included a carve out that clarified the legality of fantasy sports. Specifically, it exempted:

“participation in any fantasy or simulation sports game or educational game or contest in which (if the game or contest involves a team or teams) no fantasy or simulation team is based on the current membership of an actual team that is a member of an amateur or professional sports organisation and meets the following conditions:
1. All prizes and awards offered to winning participants are established and made known to the participants in advance of the game or contest and their value is not determined by the number of participants or the amount of any fees paid by participants.
2. All winning outcomes reflect the relative knowledge and skill of the participants and are determined predominantly by accumulated statistical results of the performance of individuals (athletes in the case of sports events) in multiple real-world sporting or other events.
3. No winning outcome is based:
a. On the score, point spread, or any performance or performances of any single real world team or any combination of such teams; or b. Solely on any single performance of an individual athlete in any single real-world sporting or other event.”

 

In essence the UIGEA carved out a clarification legalizing fantasy sports for money. At this time sites are operating under this carve out by following guidelines specifically etched out in the UIGEA. For more discussion on the legality of Daily Fantasy Sports check out our article done here that goes into greater depth on the legal landscape of daily fantasy sports.

 

Who can play daily fantasy sports?

 

As long as you do not live or currently reside in one of the 6 states that have outlawed Daily Fantasy Sports (Arizona, Iowa, Louisiana, Montana, Vermont and Washington) and you are 18 or older and have a pulse then you are free to play daily fantasy sports for money.

 

How to make accounts and play

 

Signing up to a daily fantasy sports site is extremely easy. All it takes is a UserName, Password, Valid Email address and acknowledgement of the current state you reside in to get started playing on any of the main daily fantasy sports sites.

 

Depositing and withdrawing out of a daily fantasy sports site

 

How do I deposit? What works the best?

 

Depositing onto a daily fantasy sports site is as simple as making any purchase online. All of the major sites accept payment either through PayPal or most major credit cards. It is best to use Paypal because as soon as you are ready to cash out your winnings the daily fantasy sports site can transfer funds back to your PayPal account in approximately 48 hours. From there it is just a simple transaction back to your bank account to begin spending your winnings. There are no fees or any hidden charges that get tacked on. What you deposit is what your bankroll starts at. Most of the major sites do offer a first time depositer bonus through our affiliate links to help build your bankroll so check out our review page if you are ready to get started. If you have ever purchased anything online then you should be extremely comfortable depositing funds into a daily fantasy sports site.

 

Daily Fantasy Sports: Security questions

 

What information do sites want? Why are these sites safe?

 

Generally Sites only ask for the general information about you in order to verify your identity. It starts with a UserName, Password, Valid Email address and acknowledgement of the current state you reside in. Once you try to deposit onto the site you will most likely be asked for your home address as well. If you deposit through PayPal then that is all the information you will need to enter. If you decide to deposit through one of the major credit cards then entering your card information along with the valid billing address will be required as well. We advise going through PayPal as it gives you the added layer of security between your bank account and the daily fantasy sites. It also makes cashouts almost seamless. We do not have any qualms with using a major credit card however and at this time no one has had any issues with sites misusing player information or allowing private or sensitive data into the wrong hands. We all remember the horror stories of the online poker boom but thankfully none of this has carried over to the daily fantasy sports industry yet.

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PlayPicks Staff

PlayPicks staff has years of sports betting and DFS knowledge and we share all of that with you for free daily.

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