How To Cash Out Draftkings
Welcome to the last full NFL slate for cash games in 2020. Week 17 tends to be a little on the crazy side and resembles a preseason slate, but it can still be fun playing cash games.
DraftKings clawed its way to the top of the multimillion-dollar daily fantasy sports industry by maximizing the most visceral appeal of its product — the chance to win large sums of money in a single day. That potentially making any sporting event, regardless of its participants, one of keen interest.
- DraftKings is poised to pay out over $1 Billion in 2020. That dollar amount is mind-blowing and gives players ample opportunity to win a ton of cash prizes. In the first week of last NFL season, DraftKings made four people millionaires.
- 1 day ago DraftKings Sportsbook currently offers new players staggering 64-1 odds throughout the early part of March Madness and the NCAA Tournament with a $256 payout on $4 bets. Below, find out how to get this awesome new user promo from DraftKings.
That seductive quality has enticed plenty of sports fans — approximately 10 million of them according to co-founder Matt Kalish — to at least give DraftKings’ daily fantasy sports (DFS) offerings a try at one point or another.
The company kickstarted a new era when DraftKings Sportsbookofficially went live Aug. 6. Being the new kid on the block brings plenty of challenges; managing to capture the same level of engagement with the sports betting customer as they do with those on the DFS side is one of the bigger ones.
Spicing up conventional sports betting
Traditional sports betting can be a notably more “static” product than DFS on the surface. Many traditional wagers hinge on end-of-game outcomes. And many bettors may only have action on a handful of contests on, say, a typical NFL Sunday. Conversely, the DFS player could potentially have a stake to some degree in every game being played if they’ve created enough lineups.
Not averse to thinking outside the box, DraftKings Sportsbook has multiple features that allow bettors to have many skins in the game during the game. These are in addition to the conventional array of tried-and-true sports betting options, including:
However, they’ve also literally made every “event within the event” potentially mean something by making all of them wagerable.
Every point in tennis. Every play in a football game. Shoot, every pitch in a baseball game. They all have odds assigned within DraftKings Sportsbook, allowing you to plunk some money down on, say, whether Tom Brady’s next pass successfully finds its target or falls incomplete.
For example, DraftKings Sportsbook offered in-play golf bets on every hole for Tiger Woods and Rory McIlroy during the PGA Championship. Bettors could watch live action of those featured players on the PGA Championship app and bet on every shot on the DraftKings Sportsbook app, with the odds changing on the fly.
Having that kind of in-play action certainly helps glue a fair share of eyeballs to a game, not to mention the DraftKings Sportsbook app. And while, admittedly, DK is far from the only operator offering in-game betting (it’s already big in Europe), there’s another innovative feature they can actually claim all their own for the moment — a revolutionary “live ticket” system.
Think sports betting meets day trading, in the purest sense. Except, in this case, you won’t hear a chaotic cacophony of “buy!” and “sell!” — the action all takes place over a matter of seconds within the serenity of a bettor’s smartphone or mobile device.
Simply put, any open bet on DraftKings Sportsbook — even those that fully hinge on end results — can be assigned a value based on what’s happening as the contest unfolds.
In DraftKings Sportsbook, you can monitor that potential value of your wager — which fluctuates as lines adjust for in-game events — and jump off at any point in time you feel is particularly advantageous. A click on the Cash Out button that appears on every open betting ticket is all it takes.
The live ticketing system even applies if you have suddenly second thoughts about taking a stake in multiple games. In other words, you can jump off a parlay just as easily as you can a single-game ticket.
DraftKings Sportsbook becomes the first to offer the live ticket system in the United States, and it’s a feature that could certainly help it carve out a niche in what is already a crowded online sports betting market in New Jersey. The fact that bettors can take advantage of the price they locked in when they opened their betting ticket — particularly when there’s a drastic change in circumstances, such as injury to a key player — is likely to appeal to a sizable segment of the customer base.
DraftKings Sportsbooks is one of the easiest betting sites and apps to withdraw your winnings from. If you have never done it before, you may be wondering how do you make a withdrawal?
DraftKings is well-known globally for its daily fantasy sports (DFS) competitions. Customers regularly sign up with the DraftKings sportsbook so they can bet on their favorite sports and take part in the famous daily fantasy sports contests. However, what happens when you win, and it’s time to access some of your excess money, and you wish to make a DraftKings withdrawal? You may be wondering ‘how does DraftKings payout?
You will be pleased to discover that making a DraftKings sportsbook withdrawal is a straightforward process. Indeed, a DraftKings withdrawal at the sportsbook is as simple as making a deposit. Creating a DraftKings account, funding that account, and then making a withdrawal request is an efficient process that is crucial for any sports betting site in the United States. You will need to make sure you verify your account before being able to make a withdrawal, and this may require you to send in documents.
If you aren’t yet a customer of the sportsbook, you can join at sportsbook.draftkings.com and get a $1,000 free bet bonus! You can also claim some other free bets from US sportsbooks too!
So, you have entered your DraftKings promo code, used your deposit bonus, and now you want to cash out your winnings. This article covers the DraftKings payout structure, how you can access your winnings, and the runs you through the DraftKings withdrawal times.
How To Make Your First DraftKings Withdrawal
The nice part of betting is that moment when you have won, and you come to access the spoils of victory. Making a withdrawal at DraftKings sportsbook is straightforward; you can be set up and make a request with just a few clicks from the ‘my account’ page. Below is a rundown of how this process works.
- Log in to your DraftKings account at sportsbook.draftkings.com
- Select My Account from the dropdown menu
- Select which account to withdraw from (Sports & Casino or DFS)
- Enter the amount you want to withdraw, then press continue
- Select how you want to receive your winnings
- Press the Request Withdrawal button
It’s very easy to withdraw using the above method and this is the same on the mobile app or full site. Please note that the minimum withdrawal amount on the DraftKings sportsbook is $20. The first part of your withdrawal will be paid to the original source used for the deposit, with any surplus funds paid to a method of your choice, such as PayPal or Neteller.
When your request has been made, DraftKings will send you an official withdrawal confirmation. If you have entered the wrong amount or done something wrong, you can cancel the process. In this instance, make sure you cancel as soon as possible, so the withdrawal does not go through.
DraftKings offers help on its website via a frequently asked questions section. Alternatively, you can email their customer service team via support@draftkings.com.
If you continually face withdrawal problems from the sportsbook at DraftKings, you may also want to read our guide to DraftKings sportsbook alternatives.
Withdrawal Payment Methods Available at DraftKings Sportsbook
When you would like to begin the process of making a withdrawal from your account, DraftKings will automatically select the payment method that was used when you made your first deposit up to the amount of previous withdrawals. Any funds that are left are then paid via PayPal or Check. DraftKings requests that customers notify them if there have been any changes made to your original credit or debit card, which was initially used to fund your account.
Full list of available deposit options:
- Bank account
- Credit & Debit cards
- Prepaid DraftKings card (Play+)
- PayPal
- E-Check
- Casino cage
You can also check out our guide on using prepaid cards at DraftKings sportsbook. There is no stated DraftKings withdrawal limit; however, make sure you know documentation is needed for large withdrawals.
How Do You Cash Out On Draftkings
DraftKings is a very trustworthy and reputable daily fantasy sports website and sportsbook based in the United States. Consequently, players can be safe in the knowledge that they will receive their winnings quickly when it is time to make a withdrawal.
How To Cash Out Of Draftkings
Withdrawal times
DraftKings state on their website that they can process withdrawals Monday to Friday between 9 AM to 5 PM ET. Once the withdrawal request has been processed, it can take anywhere from two to seven business days for the player to receive their money, depending on which payment option was selected. Checks can take longer to send out, typically taking approximately one week to be delivered in the post. Numerous DraftKings players have said they often get their money in a matter of days and sometimes within hours.
We have found it is best to request a withdrawal on a Monday morning. As you can imagine there are a lot of players winning and trying to withdraw over the weekend. If we opted to withdraw on a Monday, funds were normally with us in a couple of banking days.
Withdrawal Hold Draftkings
Paying Taxes On Your Winnings
If you have won big on a daily fantasy sports contest or big bet, and the total money generated is above what has been deposited, these funds are subject to federal taxes in the United States. When you reach $600 in net profit during a calendar year, DraftKings Sportsbook and DFS site is required to issue a 1099 and will be reported to the IRS. Any net profit that falls below the figure of $600 will not be reported. However, players are still legally required to report this extra income on their taxes.
FAQs
How long does DraftKings withdrawal take?
The DraftKings sportsbook states that once their accounts department has processed your withdrawal, it can take between 2-8 business days for the funds to appear in your PayPal or bank account. Checks can take longer, sometimes up to three weeks. You could do a FanDuel Vs. DraftKings comparison on banking methods if you are unsure of which sportsbook to use.
Why does DraftKings refund my money for withdrawal?
Where possible, DraftKings will first refund any deposits made within the last 90 days. Contact the operator directly if there is a DraftKings sportsbook withdrawal hold.
How Long does DraftKings PayPal withdrawal take?
If you use e-wallets such as PayPal or Neteller, you should receive your money within 2-8 days. Players have reported receiving their funds in a shorter period, sometimes within hours. If there are any DraftKings withdrawal issues in 2021, you can contact the sportsbook directly.