When we talked about which contests you should enter, we mentioned how the amount that you play with should be determined by your level of skill. The general rule is that the more you risk, the more experience you have had with daily fantasy sports, and the more success you have had with it, too.

There are a few different money related decisions that you will need to make when it comes to daily fantasy sports. Here, we will walk you through them.

Starting Out

The first money decision that you’ll need to make is how much you want to deposit into your account. This should be money that you won’t miss, and if you lost, you wouldn’t be upset about. This will vary based upon your personal circumstances. For some people, it will be $5 or $10, for others, a couple hundred. Always stay within your means and never put up more than you will miss. Even the biggest sports fans can lose money playing DFS, so there are never any guarantees that you will make money doing this.

If you’re not quite sure about whether you want to devote any money at all, that’s perfectly fine, too. The bigger sites offer free contests from time to time, and this can be a good way to gain experience and figure out if this is right for you. You can even earn cash in these free tournaments which you can use later on. Don’t fee pressured to devote any money at all to this if you don’t want to.

Picking Contests

Next, you’ll need to decide how much to risk per contest. At DraftKings, you can find contests for less than a dollar, while at FanDuel, these start out at $1 each. The general rule is that the lower the entry fee, the less competitive the league will be. If you’re new to a site, start out as small as possible until you’re comfortable with the site and the drafting process. Once you get more experience, then you can go with the bigger entry fees.

Don’t risk all of your deposited cash on a single tourney. You want to have fun and play for a while, and simple statistics say that you won’t win anything every single time. If you want to keep yourself active and playing, spread your money out over the course of a few weeks.

Obviously, you know your own situation and capabilities better than anyone else. The above mentioned guidelines are things that we’ve found to work for us, but feel free to do what you need to do to have the most fun possible.

Cashing Out

Hopefully, this last step will be an enjoyable one! This is when you transfer money out of your DFS account and back to whatever account the money originally came from. This is where you get to realize your winnings and put that money that you won to use!

Now, if you’re going to keep playing, you don’t want to withdraw too much. You want to enjoy your money, of course, but you want to preserve enough in your account so that you can keep playing. The obvious exception is when a season is over and you have a few months before you’ll be playing again. In these instances, you can and should withdraw your money so that it’s working for you, rather than sitting in a DFS account. You can always deposit your money when you’re getting ready to play next season. If you are interested in more than one sport, then you can just keep the money active. This is a personal call on your part.