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ABC News Report: ‘I Lost $70k Playing Fantasy Sports’

Written by:
Tyrone Black
Published on:
Sep/21/2014
ABC News Report: ‘I Lost $70k Playing Fantasy Sports’

Fantasy Sports is gambling, hence, the activity does come with a fair amount of risk.  This is illustrated in a Sunday special from ABC News, which examines one Fantasy Football player who claims to have lost at least $70,000 betting on individual players in leagues offered at the likes of FanDuel.com and DraftKings.com.

From ABC News:

“I’m down maybe 70 or 80K,” he said. He’s not sure exactly how much, but he’s at a net loss over his years of betting. Still, he loves it. He really, really loves it. His voice is full of excitement and happiness, even when he talks about losing thousands of dollars, because he’s still talking about football. Little else seems to matter. He’s in five fantasy football leagues (for the uninitiated, that means he has five rosters made up of players around the league, whose performances earn him points against his opponent’s roster), and he also bets on the head-to-head matches.

It may seem crazy how someone could lose so much money over fantasy matchups, but betting on football adds up. Some of Stein’s leagues require a $1,000 buy-in, and he bets on college football as well. He says his alma mater, LSU, usually makes up for a lot of the money he loses on the Cowboys.

“I can’t watch a game without putting money on it. It’s boring,” Stein added. “It’s an addiction, honestly, but I don’t think it’s ruined my life.”

That’s what NBA Commissioner Adam Silver is apparently counting on when he did an about-face earlier this month, saying he would support betting on his league.  Betting on games – and in the case of Fantasy Sports, players – means more interest in the sport.

Fantasy player Kurt Johnson is one of the majority who wins taking part in his favorite activity.

It costs him $100, and having money on the line keeps everyone engaged.

“It’s fun to have that component to it,” he said, noting that it comes down to less than $10 a week for the season. “Fortunately, I’m in a point in my life that $100 for a fantasy football season isn’t a big deal.”

Johnson won $4000 recently playing in a Fantasy Sports league and used that money to pay off college tuition debts.

- Tyrone Black, Gambling911.com  

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