DraftKings Sportsbook: 5 Tips for Making Money

DraftKings is one of the most popular online bookmakers in the United States & Canada. In this sports betting education article, we’ll be sharing five easy tips for making more money on DraftKings.

Tip #1: Line Shop!

This is one of the most essential parts of becoming a profitable sports bettor – you must line shop. The margin for error in being long-term profitable as opposed to losing is often small, so you need to be taking advantage of value when there is some.

Line shopping is checking all available sportsbooks in your area for the bet you want to place for the best odds. See the example above. DraftKings has this Mariners moneyline for -260, while Caesars and FanDuel are in the -290 range. You wouldn’t want to place the same wager for a higher cost at either of those sportsbooks.

Think of placing a sports bet as making a purchase. You certainly wouldn’t pay $290 for a new device at a store that another has for $260. It’s the same concept sports betting; line shop on every bet to ensure you are paying the lowest price possible. This is crucial to long term success sports betting.

Tip #2: Use Sharp Betting Tools

One of the best ways to secure a long term profit at DraftKings is through our sharp betting tools that make it incredibly easy for you to find mathematically profitable plays. One of those is the Positive Expected Value (EV) tool, where you can see what bets are currently available that are better odds than what the market indicates they should be.

Let’s break down this example in an upcoming Heat-Celtics playoff matchup. This play is for Grant Williams to hit more than one three-pointer in the game and is fairly plus-money odds. However, notice how BetMGM, in this example, is +150, while FanDuel is +126. There is clear value on taking this bet at +150.

Another important part of Positive EV betting is to look at the no-vig odds. The vig is what the sportsbooks charge for every bet placed as a sort of fee. The best example of this is a spread or totals being being -110 ($110 to win $100). Most spreads and totals bets are mathematically calculated to 50% chance of winning, yet you aren’t getting those odds. The no-vig fair odds, in this example, would be +100 ($100 to win $100).

In our Grant Williams example, the no-vig odds (pictured at the top right of the screenshot) are approximately +145.

By placing this bet at +150, you would be betting at odds that are better than the no-vig odds. Placing Positive EV bet like this are one of the best ways to secure a longterm profit with sportsbooks like DraftKings.

Tip #3: Take Advantage of Sign-Up Bonuses

One of the best ways to have a successful start to your sports betting career is to take advantage of sign-up bonuses at sportsbooks like DraftKings.

This is one of the best sign-up bonuses out there. For new customers, DraftKings offers up to a $1,000 deposit bonus, usually by way of free bets that are added to your account with your deposit. These are a phenomenal way to make some easy cash.

One of the other common sign-up bonuses at DraftKings is a $5 wager on any bet and if it wins, they’ll add $100-$150 in free bets. These are great as well, offering free bets at a smaller investment than the $1,000 in the other example.

This is called a loss-leader strategy, where DraftKings is essentially giving out free money in hopes that their new customer will engage in poor betting tactics that eventually lead to more profit for them in the long run.

By using the correct sign-up bonuses tactics with the tools at OddsJam, however, you can make significant amounts of money when registering for the sportsbooks in your area.

Tip #4: Engage in Responsible Bankroll and Unit Management

Sports betting has its highs and lows, which is why it’s incredibly important to be smart with your units.

A unit is typically 1/100 (1%) of your bankroll, or the amount of money you can afford to lose sports betting. That would mean for a $10,000 bankroll, $100 would be one unit. Typically, you’ll want to be betting one unit per bet and possibly go a bit higher for bets that have particularly good value.

In sports betting, we use the term variance to describe the highs and lows of betting. Sometimes, bettors have a great week and others not so much. If you bet too many units and have a losing streak, you will have lost more money than a responsible sports bettor would have, which is the type of behavior that will result in a long term loss.

Verified bet trackers, such as Pikkit, are extremely helpful for responsibly managing units and keeping tabs on your wins and losses over a given week, month of year. The sportsbooks don’t want you to be checking and knowing how much you are betting because that’s where uneducated sports bettors get themselves into trouble.

Tip #5: Take Advantage of Promotions

DraftKings is one of the best sportsbooks when it comes to offering promotions. These can include odds boosts, free bets and other special promos. In particular, odds boosts are mathematically profitable in the long run and can add a solid amount of units to your account over time.

Not all promos are mathematically profitable, so it’s still smart to check the value of each one in relation to the market.

Let’s look at a couple examples. This first one is MLB No Sweat Wednesday, where if your bet on an MLB game loses you get a free bet in return.

Of course, if it wins you’ll still be paid out as normal, which makes this a highly profitable promo. Another one is this SGPX boost. As always, be sure to read the full terms and conditions to understand the exact rules of the promotion.

These promotions can change on a daily or weekly basis as well as by state, so be sure to login to DraftKings and check which ones are currently available to you.