Those new to the world of sports betting and DFS might find it troublesome to get the hang of things. And I am not surprised. There is so much jargon; it can get overwhelming. Let’s talk about a particular topic today: what does net total mean on FanDuel.
The net total is a straightforward concept. And it means your net total account balance. There are formulas the sites use to calculate this net total. In general, it is by taking your deposits, withdrawals, and account balance into the calculation.
As you might have guessed, that is not all of it. There is much more to it all. I will dive deep into how it’s calculated, what formulas are used, and also taxes.
- Backed by Mark Cuban, Adam Schefter, Kevin Durant, Matthew Dellavedova, and more!
- Use Paypal Or Any Popular Payments
- $100 Money Back Guarantee (Terms & Conditions Apply)
- 24/7 Support
- Use Promo Code 'DFF' For a Match Bonus Of Up To $100
- Sportsbook, Casino & Racetrack All On One Platform
- 125% Sign-Up Bonus & 200% Crypto Bonus
- Fast & Easy Deposits
- 24/7 Personalized Service 365 Days A Year
What Net Total Means On FanDuel
So, you started getting into the world of sports betting and DFS. There are some terms you need to be familiar with. One of them is the net total. What does it mean on FanDuel? It is a much simpler concept than you might think.
“Net total” refers to the balance in your account. This is calculated by formulas. There are two different formulas that sites like FanDuel use to calculate your net total.
How Does FanDuel Calculate Net Winnings?
Since sites like FanDuel need to report the player’s earnings to the IRS for tax reasons, calculating net winnings is important. This is how they decide who gets the tax forms to fill up and who does not.
Since whether the player/bettor has to pay taxes or not depends on the amount they won, this calculation helps FanDuel decide who to send the forms to and who not to.
FanDuel and similar sites use a formula when calculating net winnings. It is a pretty straightforward formula also. The default one is prizes won: entry fees + bonuses.
This will give you the net Profit. There is also another way to calculate as well. The formula for that is a broader one. Here is what it is:
Net Profit = (Withdrawals + Year-End Account Balance) – (Deposits – Beginning Year Account Balance)
As you can see, the formula makes a ton of sense. By using this formula, you can even calculate your net winnings for yourself.
What Does Match Total Double Mean On FanDuel?
These terms have different meanings in sports betting. There are different types of bets. To make sure you get the whole picture and get up to speed, let’s check out all the types of bets you can place.
Straight Bets And Props
This is a category of bets. Here the bet is made based on the outcome of a single event. The bets include the money line, spread, and totals. Let’s see what these are.
Moneyline
This one is pretty straightforward. It is a bet on the outcome of the match. Plus and minus signs also play a role here. A plus sign denotes an underdog, and a minus sign indicates the favorable team.
When it comes to the underdogs, the amount shown means how much you stand to win. This is if they wager $100. And in the case of the favorite team, it shows how much you need to wager if you want to win $100. This is how it goes.
Spread
The meaning of this is somewhat what you would think. A spread bet means betting on the margin of victory (or defeat). In other words, you are not betting on who will win. Instead, you are betting on how much they will win by.
The point spread is shown in the top column. Pluses and minus signs show whether they are favorable or not. A plus (+) sign means they are an underdog. At the same time, a minus (-) sign indicates that they are advantageous. Below this, you will see a number that shows how much you need to wager to win $100.
Total
Total is also called over/under. This bet is on the points scored by both teams. It is their combined score. When you bet over, it means both teams need to achieve more than the point total.
Intuitively, then, an under bet means the combination should be less than the point total. However, if the teams score exactly the indicated total, you will get your money back because the bet is voided.
Advanced Bets – Parlays and Teaser
So far, I have talked about fairly simple bets. Let’s dive into the more complex bets. I am talking about parlays and teasers.
Parlay
This bet is dependent on the combined outcome of two wagers or more. Moreover, the wagers do not have to be of a single type. That means they can be a money line, a spread, or even a total.
One particular thing about parlays is that they will pay out only when each wager is covered. This leads to higher payouts.
Teaser
Teaser bets combine spread bets. They combine two or more spreads into one bet. The bettor can adjust the spreads as well.
Adjustments need to be the same across each wager, though. Teasers have low payouts since the odds are shifted to the bettor.
See The Complete DraftKings 2021 Review & Guide Here
Top Rated Daily Fantasy App
Underdog Fantasy is our pick for users looking to try a new and exciting daily fantasy sports experience.
- Backed by Mark Cuban, Adam Schefter, Kevin Durant, Matthew Dellavedova, and more!
- Use Paypal Or Any Popular Payments
- $100 Money Back Guarantee (Terms & Conditions Apply)
- 24/7 Support
Can You Lose Money On FanDuel?
You need to understand that FanDuel is a betting site. It lets you bet your money for the chance of a payout. So, there is a chance you could lose some money on it as well.
There is no question about it. The best way to minimize the chances of you losing money is to bet with a strategy in mind. Do not just bet on a gut feeling. Although sometimes, a gut feeling can be right and can lead to large payouts.
This is a call you need to make for yourself. Trusting your gut is essential, but it might not be correct every time. So, keep that in mind.
Always try to know about the latest strategies and deep dive into what the analysts say. That is how you know that you have good information. Information is key.
For example, FanDuel has a lot of head-to-head betting opportunities. These are a great way to increase your winnings. The cool thing about it is you can pick who you play against.
Just click on the player’s profile, and the site will show you a history of their games. This information can be used to your advantage. You can avoid going against players that are more skilled than you.
A tried and true method of getting better is just by playing more. Nothing beats experience. There are GPP tournaments as well. GPP stands for guaranteed prize pools.
These are interesting. If you score, you can triple your money. It is not something you would want to miss. But scoring is very hard, as you can imagine.
Things You Need To Know About FanDuel Taxes
I know no one wants to talk about taxes. They are a mood killer. But they are essential. So, I will keep it short. FanDuel will report your winnings to the IRS if your winnings are above a certain amount.
If you win over 300x your original wager or more than $600 in a year, you need to pay taxes. Also, if you win $1200 on slot games, taxes will apply. The site will send you the tax forms to your address.
But you can also access the form by yourself. This option is in the ‘Transaction History’ section of the site. Make sure you use a desktop. The app or mobile version of the site might not show it.
Conclusion
Well, there you have it. Now you know everything about what net total means on FanDuel and, frankly, a lot more. When you gamble, make sure to do it responsibly.
After all, it is your hard-earned money. So, you need to be careful with it, even if the payouts can be great sometimes. But there is no guarantee.