A must-have for every fantasy football fan this season

Sundays are about to get even more exciting for football fans across the country as the 2024 NFL season kicks off on Thursday, September 5 with Patrick Mahomes and the defending world champion Kansas City Chiefs looking to win their third straight championship.

With the first official game already played, over 30,000,000 fantasy football enthusiasts are ready to see if their carefully constructed fantasy football rosters will win the competition. If you were lucky enough to land a star like Miami Dolphins wide receiver Tyreek Hill or San Francisco 49ers running back Christian McCaffrey in the draft, you’re probably feeling confident about your chances of winning this season.

Fantasy football has evolved from a casual hobby into a multi-billion dollar industry, with millions of participants and total winnings worth more than six figures. Gambling is currently legal in 38 states (and the District of Columbia), but it's important to note that fantasy football winnings over $600 can be taxable income to the IRS, and fantasy football is considered gambling in the 12 states that don't currently allow gambling.

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Fantasy football gambling has never been more popular, and players' enthusiasm and dedication have reached new levels. However, the unpredictability of injuries and other unforeseen circumstances has left some wondering, “Is fantasy football insurance necessary?”

Fantasy Football Insurance (FFI) may sound like a strange concept at first, but it's quickly becoming a serious consideration for anyone serious about fantasy leagues. After all, the prize money for winning can reach $100,000 or more, and the financial impact when a star player is sidelined with an injury can be significant.

So what exactly is fantasy sports insurance and how does it work? Let's take a closer look.

What is Fantasy Football Insurance?

Like any insurance, fantasy football insurance is designed to protect you from the financial loss that comes with the loss of a key player on your fantasy team. The idea is simple: you pay a premium to insure one of your top players and receive a payout if that player misses a large portion of the season due to injury. Companies like PlayerSure make it easy to purchase this type of insurance.

Typically it works like this:

Search for a player: When purchasing fantasy sports insurance, you choose one player from your team that appears on the top 100 list provided by the insurance company. This player will be insured.

Choose a plan: If a designated player misses a certain number of games during the season due to injury, they are eligible for compensation. The amount of compensation varies depending on the league and the insurance purchased, but it usually ranges from $200 to $320.

Receive automatic payments: Unlike most insurance policies that require you to submit a claim, you will be automatically paid if one or more players are injured according to the terms of your policy.

Injuries are an unfortunate reality of the NFL. Even the most durable players can suffer a season-ending injury at any time. Recent seasons have seen stars like McCaffrey and Cleveland Browns running back Nick Chubb sidelined for extended periods of time, leaving fantasy managers scrambling to replace them.

In 2024, players like Cincinnati quarterback Joe Burrow and Los Angeles Rams wide receiver Cooper Kupp are extremely valuable but also come with injury risks. That's where fantasy sports insurance comes in.

San Francisco 49ers running back Christian McCaffrey, wearing number 23, scores a touchdown during Super Bowl LVIII between the Kansas City Chiefs and the San Francisco 49ers at Allegiant Stadium on February 11, 2024 in Las Vegas, Nevada. (Patrick T. Fallon/AFP via Getty Images)

Consider the case of a top-tier quarterback like Josh Allen of the Buffalo Bills. If you or he were to suffer a serious injury, your chances of winning the league could plummet. With fantasy sports insurance, you at least have the financial wherewithal to cushion the blow.

Is it worth the investment?

The decision to purchase fantasy sports insurance ultimately comes down to your risk tolerance and how much you have invested in your league. For those who play in high-stakes leagues with high entry fees, the cost of insurance may be worth it because of the peace of mind it provides.

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After all, losing a star player not only hurts their chances of winning, but it can also negatively impact investment in the league.

In most cases, you’re better off taking chances and relying on your skills as a fantasy manager to handle any challenges that arise.

What does the future hold for fantasy football insurance?

As fantasy sports grow in popularity, we expect the demand for fantasy sports insurance to grow as well, with more companies offering insurance policies tailored to different types of leagues, such as dynasty leagues, best-of-ball formats, and even daily fantasy sports.

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In fact, some insurers are already exploring ways to expand their offerings, such as policies that cover multiple players on a team or pay out for short-term injuries. These innovations could make fantasy sports insurance even more appealing to a wider audience.

As you prepare for the 2024 season, take some time to evaluate the teams and leagues, and if the stakes feel too high, fantasy sports insurance might be the safety net you need to enjoy the season with a little less stress.

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