Playing daily fantasy sports can be a very exciting and potentially lucrative way to spend your time. With the right strategies, skills, and luck, you can quickly build your bankroll and achieve a level of financial freedom you might have never imagined. 

Sounds great, right? Imagine a life-changing windfall from a DraftKings Milly Maker. Sure, it takes time to build up to that and get on that level.

Building your bankroll in DFS requires a lot of hard work, dedication, and some intelligent decisions along the way. Fortunately, we're going to go over a few ways to build your bankroll and be a bit more successful on the DFS track.

Bankroll Management

One of the most important aspects of successful DFS play is proper bankroll management. 

Novices and pros need to clearly understand how much money you have to work with and be disciplined about how much you spend on any contest. Most new players tend to look at each contest individually. However, the pros will typically look at their bankroll from a holistic point of view.

Experts recommend that players keep at least 20% of their bankroll set aside for entry fees, with no more than 5% spent on any contest. 

This ensures you'll have plenty of chances to win big without overextending yourself financially. Managing your bankroll like this will also help you with some of the tips we'll discuss shortly.

Research and Stats

To consistently win in DFS, you need to understand the players you're drafting and the matchups they'll be playing. 

Sounds pretty obvious, right? You'd be amazed at the players that play based on the names they know instead of the stats.

Researching to find the players with the best opportunities for success and taking advantage of stats and analytics will give you an edge over the competition. 

Paying close attention to injury reports and weather updates can also help you make intelligent decisions about who to draft and avoid. Just because a running back is listed as "probable" doesn't mean they're going to be the RB1 for the game.

Taking Advantage of Bonuses and Promotions

Several DFS websites offer great bonuses and promotions for new and returning players. The DFS sites want you to join their platform, and they're incentivizing you to do so — so make the most of it!

By taking advantage of these offers, you can quickly build your bankroll. Instead of starting your bankroll out with $100, if it's a 100% match, you'll start with $200. It's just a little bit of padding for a losing streak.

Here are a few of our favorite current bonuses.

Be sure to read the terms and conditions carefully to ensure that you meet all the requirements to qualify for the bonuses. Some of these bonuses have time limits, rollover requirements, and other terms that you should be aware of before jumping in.

Participate in Multiple Contests

Participating in multiple contests is another great way to build your bankroll in DFS. It can seem counterintuitive to enter multiple contests when you're trying to save money, but spreading your entry fees across multiple contests gives you more chances to win. 

This is where DFS is a bit different than sports betting. You're not playing the house; instead, you're playing other players. When you play in multiple contests, you're hedging your bets that you'll be playing a really good DFS player.

Playing in multiple contests also allows you to fine-tune your lineups and strategies while mitigating your risk.

Speaking of fine-tuning your lineups...

Diversify Your Lineups

In DFS, putting all your eggs in one basket is not a good idea. 

Instead of entering just one or two lineups in a contest, try diversifying by creating multiple lineups with different players and strategies.

This can help mitigate potential losses if one lineup is a bust.

Let's take a look at QBs, for example. You have two lineups for two different contests. One lineup has Jordan Love of Green Bay, and the other lineup has Trevor Lawrence of Jacksonville. One of those two could have a great day, whereas the other could be a bust. This is the most expensive player position, so this essentially just saved your bankroll for the day. If you would've had one of those two on multiple lineups and he was a bust, your entire day is shot.

Join a DFS Community

Joining a DFS community can help you learn from other experienced players and get new ideas about playing and winning in the DFS world. 

These communities can be found online and on social media platforms. Sharing your strategies and learning from others can go a long way in building your bankroll.

In fact, if you want some excellent tips and picks throughout the week, follow EatWatchDraft on X to see what we're sharing for the day. Also, look at some of our followers because we network with some of the best DFS pickers in the world.

I'm not saying they'll always be right, but they're simply another level of analysis that you can weigh against your own research.

Start Playing Smarter

We've seen a lot of DFS success and failure throughout the years. Most of the players we see that fall flat typically fail in one or more of these areas.

Building your bankroll in DFS takes time and effort, but by following these tips – proper bankroll management, doing your research, taking advantage of bonuses and promotions, participating in multiple contests, diversifying your lineups, and joining a DFS community – you'll be well on your way to fast-tracking your success.