Hockey fans love to look ahead and try to predict what will happen. So, how does the emergence of the new FanDuel Predicts platform help them do this and what are the key areas to be aware of when using it?  

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Look for Contracts to Trade

If you’ve ever used the FanDuel sportsbook, you need to start by understanding that prediction markets aren’t the same as sports wagers. They use a different structure, since every possible outcome is presented as a pair of binary options that you can take out as a contract. Each contract pays $1 if you predict correctly, but $0 if you don’t. 

Let’s say that you want to predict that your chosen NHL team will win their next game. Rather than looking for specific odds on this happening, you need to look for the price of the current contract. If it’s trading at $0.60, this means that the market currently gives this result a 60% probability of happening.   

Decide When to Buy and Sell Contracts

The process we just looked at above explains why the predictions market functions more like a financial market than sports betting, which is also the reason why these platforms are available in states where sports gambling isn’t yet legal. 

This changes the way you handle your funds, as you can enter and exit contracts more dynamically than with traditional sports bets. Rather than simply placing a bet and waiting for the game to end, you can now decide when to trade contracts based on new information becoming available. This approach also applies in other sports like golf.

News of an injury or a contract dispute can affect the chances of the team’s success, so you might decide to make trades based on the stories that you read in the run-up to a game. When you read something like the ESPN list of current NHL injuries, it can help you see what trades to make.

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Collect the Welcome Bonus

The FanDuel platform currently provides a $25 bonus for new users, as featured on Saturday Down South. This bonus can be used on a variety of markets, so it’s worth taking a look around to see what you’d like to place your first trades on. It’s available in all 50 states, but there are some restrictions in certain states.

You can get started by downloading the Android or iOS app, which is restricted to users aged 18 and over. It isn’t limited just to sporting events, as you can also look for non-sports contracts in areas like entertainment, culture, and even the weather, like looking ahead to predict future weather forecasts.

This is an example of how the predictions market is growing and giving us new ways to enjoy the NHL. The dynamic nature of the trading aspect makes it a fast-moving approach that might suit an NHL fan who loves to stay in touch with all the latest sports news before trying to predict what might happen.