A high stakes contest if a league or event for which entry fees are very high and the probability of returning a profit is low. However, if you do return a profit it should be very large. This high risk, high reward nature is what makes a fantasy football high stakes contest so special.
The first step is finding a suitable website on which to play.
Fanduel hosts many daily fantasy leagues that you can bet on. The high stakes contests are the leagues with the biggest entry fees. Be careful not to jump into these types of leagues right away! It is recommended that you try out free or low entry fee leagues for a while first to get the hang of things. Once you are feeling confident and winning a fair amount, you can go ahead and join higher stakes leagues.
Other good websites include DraftKings and Fantasy Draft.
Make sure the website you are playing on is legal in your state! Fanduel and DraftKings are the most famous betting sites for daily fantasy. These are usually a safe bet. If you're using a lesser known website, do some digging to make sure the website is legal and legitimate. Otherwise, you might end up losing your entry fee!
Your strategy should depend on the type of league. If it's a daily fantasy league, the matchup of a given player is very important. In high stakes competitions it's important to take risks if you want a chance at winning. This means betting on players that others will not.
If it's a year-long league, you can play it a bit more like you usually would in a fantasy football league.
You should consider keeping track of how you are spending and generating money on these sites. Writing down how much money you are losing or winning will keep you from losing out on a ton of money without realizing it. Remember that betting is addictive, and you should be careful with your money!