How Fantasy Football Affects Your Finances

Between 25 million and 32 million Americans play fantasy football each year, according to a recent article by Jeff Feuerstein for the financial website LearnVest.

And all that sporting adds up. Feuerstein says players spend about $15 billion, or $467 each, on league dues and additional betting. He spoke with one player, a 29-year-old bartender, who shells out $600 yearly on dues and throws $40 in the pot every week for 13 weeks of the season (another $520).

According to Gregg Sussman, a fantasy sports analyst for RotoExperts.com and Sirius/XM, that's not unusual. He told Feuerstein that a majority of people who play fantasy sports risk their money — and end up kissing it goodbye. From the article:

In his experience, there are far more losers than winners. “I would say the average person’s finances finish significantly down at the end of the season,” Sussman says. “If you win one league, you usually end up coming out ahead,” he explains. “But it’s not easy to do.”

In any case, the rule of thumb is the same when it comes to gambling, whether it be in a league of would-be NFL general managers or at a craps table in Las Vegas. “You can only lose what you put in — so only spend what you can afford to lose,” Sussman advises.

While playing for money might provide a rush and incentive to continue, cutting down the number of leagues you participate in or choosing not to play for money could certainly bulk up your wallet.

Click here to read the full article.