How To Withdraw Money From DraftKings? The Complete Procedure

DraftKings gives the facility of various withdrawal options for fulfilling personal needs. Besides, you can have multiple options for withdrawal from DraftKings according to the different products. So in this article, we tell you how to withdraw money from DraftKings. Moreover, people play various casino games. Sometimes, they place bets on casino games. Also, they decide some punishments for the losers of the games. For instance, there are some good bet consequences for couples. Now, we discuss in detail the interface, types of contests, and withdrawal procedures and policies of DraftKings.

Table of Contents

Overview Of DraftKings

DraftKings is one of the top daily fantasy sports sites in the industry. It is based in Boston, Massachusetts, USA. There has been tremendous growth in DraftKings in recent years. Besides, this site now pays more than $1 billion. Moreover, the constant adding of affiliations with multiple professional sports organizations and leagues and massive growth is now offering various sports than any other site. Currently, the number of sports is nine.

Interface Of DraftKings

You can do all the possible options from the main lobby of DraftKings. From here, you can create a lineup. You need to click on Create a Lineup link. Then you can select your available support and starting time. After that, you can click on the continue button. It will take you to the draft page.

DraftKings has a salary cap amounting to $50,000 to spend for filling your lineups. Besides, all spots should be filled, and the total amount of your lineup should not exceed the salary cap of $50,000. For instance, DraftKings lists each position and available player in creating an NFL lineup. Moreover, the draft page will show the opponent matchup, the average fantasy points per game, the salary amount of the players, and the opponents’ ranks versus that specific position.

How To Withdraw Money From DraftKings
DraftKings Mobile Application

Further Information Regarding DraftKings Interface

Current player news, injury information, opponent matchup information, and game logs are available by clicking the link for a specific player. Once you fill all the roster spots at or under the salary cap, click on the Create New Lineup button. Hence you will save your lineup. Besides, you can create as many lineups as you want in the same method.

Once you create your lineups, you can select any contest from the lobby. Moreover, you can import your saved lineups into that contest; then, you are in action. Moreover, DraftKings offers a Late Player Swap feature as a global player swap option.

The Late Player Swap feature gives you the facility to swap out and replace any roster spot before that game of the players starts, even if games of the other players in your lineup have started already.  This feature comes in handy to adjust for last-minute non-starts due for any reason.

The Global Player Swap Feature of DraftKings

The global player swap feature gives you the facility to swap out a particular player and replace him in all of your lineups. For instance, you have ten various lineups with QB Andrew Luck in seven of them. So you want to replace him with someone else in your lineups. Hence, using this feature, you can swap him out and replace him with another player in your lineups at the same time.

You can create your contest as well in DraftKings. They will be just like the contests in your lobby. Besides, you have the option to make your created contests public or private. Public contests are available to everyone. On the contrary, private contests are not for everyone.

Lineup Of Sports In DraftKings

Furthermore, DraftKings has a sports lineup including Major League Baseball (MLB), National Football League (NFL), Canadian Football League (CFL), National Basketball Association (NBA), Mixed Martial Arts (MMA). National Hockey League (NHL), NASCAR (NAS),  Soccer (SOC), and Golf (PGA).

Types Of Contests And Payouts In DraftKings

DraftKings provides a variety of contest types to play in for all nine sports. Besides, the entry fees range from $0.25 to $5,000. Further, DraftKings offers freerolls to win tickets for the contests. Also, you can use the DraftKings dollars to enter cash contests.

In addition, massive cash payouts occur with year-round sports offerings in DraftKings. It happens every week almost. Besides, it continues to increase. Hence, DraftKings has covered all of your sports. So do not miss out during your favourite sports seasons.

How To Withdraw Money From DraftKings
DraftKings Contest Types
How To Withdraw Money From DraftKings
DraftKings Types of Contests

Free Entry To All The New Customers Of DraftKings

All the new customers of DraftKings will now receive free entry into the real money contest. The worth of free entry is $3. Besides, it will provide you with entry into one of the big guaranteed prize pool tournaments. DraftKings regularly offers it. Also, the sports depends on the time of year.

Additionally, you must register an account. Also, you should deposit at least $5 to qualify for getting the free entry coupon. After creating your DraftKings account, you have the option to deposit cash into the newly registered account. In addition, you can make cash deposits using your debit or credit card, including American Express, Visa, Discover, and MasterCard. Besides, you can use PayPal to make deposits.

How To Withdraw Money From DraftKings
DraftKings Free Entry

A Variety Of Contests Offered By DraftKings

DraftKings offers you a variety of contests, including:

Head To Head

Head To Head is just two entries at whatever entry fee amount will work for you. Also, it is just you versus another player, with the winner taking all. Besides, rakes usually are 10% for all contests types. But they can be less than 10% for the higher stake entries.

Leagues And Tournaments

Leagues and tournaments are the most famous type of contests with the majority of the players. They provide you with the biggest cash prizes. Additionally, guaranteed prize pool tournaments have the biggest cash prize payouts. They have cash prize structures guaranteed to pay out to the winners regardless of those contests fill to capacity.

Furthermore, leagues may or may not be guaranteed. If these contests do not fill and will cancel in this case. The variety of league contest types can vary greatly depending upon the entry fee amounts and the number of entries. These specific options can be filtered particularly to narrow down the types of contests you are searching for.

Multipliers

Multiplier contests have different prize payout structures depending upon the type of multiplier you are playing. For instance, triple ups pay three times the entry fees to the winners. Also, they pay five times, ten times or whatever multiplier you choose.

Double-Ups And 50/50s

Double ups and 50/50s are similar in nature. You win 50/50s by scoring in the top half of all entrants. Hence, you can double your entry fee. Besides, you can get two times your entry fee in Double ups if you win this contest. But you have to score higher than 50% of the field. So this is the other way this site covers the rake.

Freerolls

DraftKings offers freerolls daily or weekly depending upon the sport. Besides, winners of freerolls can win tickets to enter cash DraftKings dollars and contests. In addition, you cannot withdraw DraftKings dollars. But you can use them to enter cash contests just like the tickets.

Qualifiers And Satellites

Qualifiers and satellite contests pay winners entry tickets to the bigger contests if you win instead of cash. Moreover, some tournaments are qualifier entry only. It means that you cannot buy into the large guaranteed pool prize contests without winning one of these. Besides, other scenarios involve winning these tickets to avoid paying the bigger entry fee to the bigger guaranteed pool prizes.

How To Withdraw Money From DraftKings Account?

Withdrawing funds from DraftKings is a simple task. You need to click on the My Account link in the upper right-hand corner. Then you will select Withdraw. But you should remember that the withdrawals must be at least $20 per transaction.

The policy of DraftKings is to pay your initial withdrawal amount back to the original source of the deposit. Any withdrawals exceeding the original deposit amount will be paid to your PayPal account or through check. For instance, if you deposit $700 initially by using your Visa Credit Card, the first $700 you withdraw will be credited back to the same Visa Credit Card for the original deposit. Besides, any withdrawals above your original deposit amount will be paid to you by PayPal or check.

In addition, you may receive a 1099-Misc federal tax from DraftKings if you receive a cumulative net profit greater than $700 in a calendar year. So if this is the case, you will require to submit your Social Security Number (SSN) for processing this.

How To Withdraw Money From DraftKings
Withdraw Option in DraftKings Account

The Steps Involved In How To Withdraw Money From DraftKings Account

You need to follow the following steps to know how to withdraw money from your DraftKings account:

Log into your DraftKings account

First, click the Sign-in link that is available in the right-hand corner. Then after entering your username and password, click the login button to proceed.

How To Withdraw Money From DraftKings
Login to DraftKings Account
How To Withdraw Money From DraftKings
Sign in to DraftKings Account

Click My Account

Second, click My Account that is available in the drop-down box in the upper right-hand part.

How To Withdraw Money From DraftKings
My Account in DraftKings Account

Select Withdraw

Third, select Withdraw from the careen of My Account.

How To Withdraw Money From DraftKings
Request Withdrawal in DraftKings Account

Completion of Your Withdrawal

Forth, complete your withdrawal. Hence, the process will end here.

Days Required For Withdrawal Payment

It will take almost two to seven business days for the withdrawal payment reflecting in your DraftKings Account.

How To Withdraw Money From A DraftKings Application

Follow these steps to withdraw money from a DraftKings application:

  • First login to the DraftKings application.
  • Then tap your profile picture that is available in the top left corner.
  • Scroll down and click on Withdraw.
  • After that, review ‘Things to Know Before Withdrawing.’ Click on Got It.
  • Enter the amount for How much do you want to withdraw on the Withdraw Funds page.
  • Then press Continue.
  • Select How would you like to receive your funds?
  • Then click on Request Withdrawal.

How To Withdraw Money From Mobile Web

Follow these steps to withdraw money from Mobile Web:

  • First, log into DraftKings on the mobile web.
  • Then click on three line Menu icon. It is visible in the top left corner of your screen.
  • Then tap the gear Settings icon. It is visible on the left rail. Tap Account Information from the appearing options.
  • Then click on the drop-down in the centre of your screen from the My Account Page. Then tap Withdraw from the appearing options.
  • After that, review Things to Know before Withdrawing. Then click Got It.
  • Enter the amount for How much do you want to withdraw on the Secure Withdrawal page. Also, you can toggle between Withdraw from Fantasy and Withdraw from Gaming in the top left corner of your screen.
  • Then click Continue.
  • Select How would you like to receive your funds?
  • Then click on Request Withdrawal.

How To Withdraw Money From Laptop Or Desktop

Follow these steps to withdraw money from a laptop or desktop:

  • First, log into the DraftKings on your desktop.
  • Then click your profile photo in the top right corner of the homepage. Select Account Information that is available in the drop-down.
  • Click on Withdraw in the left rail of My Account.
  • After that, review Things to know before Withdrawing. Then click Got It.
  • Enter the amount for How much do you want to withdraw on the Secure Withdrawal page. Also, you can toggle between Withdraw from Fantasy and Withdraw from Gaming in the top left corner of your screen. Moreover, you can check Available To Withdraw on the right side to confirm the amount you can withdraw.
  • Then click on Continue.
  • Select How would you like to receive your funds?
  • Then click on Request Withdrawal.

DraftKings Withdrawal Policies And Procedures

The following are some policies and procedures for DraftKings withdrawal:

Verification Of Your Identity

When you want to withdraw money from DraftKings, you must verify your identity before making your first deposit. But if you have already made your first deposit, there is no need to verify your identity. This verification includes NFT drop purchase or Daily Fantasy contest entry.

Cancellation of Withdrawal

Your withdrawal can be cancelled in some rare cases. The reason is due to some limited gameplay in accordance with the banking policies and procedures. Moreover, in the case f cancellation of your withdrawal, you can contact your customer support for getting additional assistance and information.

Winnings And Earnings

Winnings and earnings are generally eligible for withdrawal. Besides, some types of promotional credit and pending bonuses are not eligible for withdrawal.

Avoiding Potential Fraudulent Behavior

A review for potential unlikely behaviour is conducted before processing your withdrawal. This process ensures that the DraftKings accounts are being used for their intended purposes. Further, DraftKings reserves the right to reject the withdrawal in case of potentially fraudulent behaviour. Also, DraftKings can close the account according to the terms and conditions for the related DraftKings product in case of fraudulent activities.

Confirmation Of The Withdrawal

You will receive an email from DraftKings with the subject line, “Your Withdrawal has successfully been processed.”

Withdrawal From Marketplace Or Daily Fantasy

Marketplace Or Daily Fantasy will refund all the first deposits in the last three months when it is possible. Besides, any remaining funds will be delivered through PayPal or Check after fulfilling the refundable deposits.

Moreover, you can request any part of your withdrawal balance that has not been refunded through the following methods or channels:

Check

The check is payable to the exact name and address related to the bank account.

  • Note

If in case of changes made to address or name on the bank account, you will have to fulfil the additional documentation requests defined by DraftKings

PayPal

PayPal needs a verified bank account that is associated with your PayPal account. Also, it can be an existing Paypal balance on file. Moreover, PayPal does not allow business accounts to deposit amounts. Besides, the email address used for PayPal withdrawal should be in your name, using an email address confirmed by PayPal. Also, there should be a confirmed bank account associated with the PayPal account. You will have to deposit some amount in PayPal before using this method.

Withdrawal From Casino Or Sportsbook

You have the facility to withdraw your balance at any time by using any of the following methods:

PayPal

PayPal needs a verified bank account that is associated with your PayPal account. Also, it can be an existing Paypal balance on file. Moreover, PayPal does not allow business accounts to deposit amounts. Besides, the email address used for PayPal withdrawal should be in your name, using an email address confirmed by PayPal. Also, there should be a confirmed bank account associated with the PayPal account. You will have to deposit some amount in PayPal.

Online Banking

You can connect your bank for a streamlined deposit and withdrawal process by using your username of bank and password with associated the bank account. If you want to use this method, you need to deposit some initial amount for withdrawing money.

Play+ Prepaid Card

Play+ gives an easy and fast way to deposit and withdraw money while playing online. Further, you can use third party cards everywhere Discover is acceptable. Also, the Play+ option has a high approval rate while loading funds.

VIP Preferred e-check

You can add your account numbers and route for deposits straight from your bank account. Besides, you will have to deposit some initial amount before using this method to withdraw money.

Wire

DraftKings needs account numbers and routing to withdraw money by using this method.

Checks

The checks are payable to the exact name and address related to your bank account.

Note

In case of any changes made to your name and address, you will require to fulfil the additional documentation requests explained by DraftKings.

Cage

You can withdraw money from Cage at Resorts Casino in Atlantic City, New Jersey. It permits you to make safe, instant, and in-person cash withdraws. Moreover, Cage withdrawals are available in New Jersey only at this time.

Examples Of The Withdrawal Policies

The following are some examples of withdrawal from DraftKings:

Casino Or Sportsbook Withdrawal

  • Deposit made in the last three months: $30 ending in 5678.
  • Withdrawal Request: You request to withdraw $200.
  • Withdrawal Funds: $200 sent to the withdrawal method of your choice.

Marketplace Or Daily Fantasy Withdrawal

  • Deposit made in the last three months: $30 ending in 5678.
  • Withdrawal Request: You request to withdraw $200.
  • Credit card refund fulfilled: $30 returned to Visa ending 5678.
  • Withdrawal Funds: $170 sent to the withdrawal method of your choice.

Some Important Points To Know About Withdrawal From DraftKings

You need to have the following information regarding withdrawal from DraftKings:

Time Required For Withdrawal From DraftKings

Withdrawals are processed within five business days. Besides, each withdrawal method requires various maximum and minimum limits. Also, you can visit the withdrawal tracker to see the updated status of your withdrawal.

How To Know About Completion Of The Withdrawal?

You will receive an email for the confirmation of the final details of your withdrawal from DraftKings having the subject line, “Your withdrawal has successfully been processed.”

What To Do If Withdrawal Sent To Multiple Accounts?

If you have used your debit or credit card to make your Daily Fantasy Deposit, the initial deposit amount will be refunded to the debit or credit card within the trailing window specified by the processor of debit or credit card. Moreover, you will receive the remainder of the funds approved for withdrawal on the withdrawal processing method of your choice.

Furthermore, if you have deposited with a non-refundable gift card, the team will try to return the funds up to the card’s original value. Also, if you do not have access to the card used to make the initial deposit, you can contact the customer support team before making the withdrawal request.

What To Do If The Card Is Expired?

In case if your card number is different, but the account number is the same as the issuing credit or bank, you will get the refund of your eligible funds to the card.

But if the account number is changed, you can contact the Customer Support Team before making the withdrawal request.

What If I Do Not Have Access To The Card

If you do not have any access to your card for making a prior deposit, you can contact the customer support team before making the withdrawal request.

What If Withdrawal Sent To The Multiple Accounts

If you withdraw from Daily Fantasy Sports, your initial deposit will be refunded to the debit, credit, or gift card used for the deposit. Besides, the remainder of the funds approved for withdrawal is sent to the method of your choice.

DraftKings Support Team

DraftKings Support team is efficient and quick to respond. The response time to the queries or issues ranges from two minutes to several hours later. Besides, you can access the support from the same My Account section for withdrawals or deposits. You just need to click on the ‘Contact Us’ link. Then you can send your request or question.

Additionally, DraftKings support is available seven days a week. You do not need to be logged in on the DraftKings site to contact them. So you can email them at [email protected]. But you should ensure that you are using the email address that you have on your DraftKings account.

Wrapping it Up How To Withdraw Money From DraftKings

DraftKings gives the facility of multiple withdrawal methods to meet your personal need in the best way. There are different policies related to withdrawing money from DraftKings. Besides, there are some policies and methods regarding withdrawal from Marketplace or Daily Fantasy. Moreover, you can withdraw from Casino or Sportsbook through PayPal, online banking, VIP Preferred e-check, Play+ Prepaid card, checks, cage, or wire. Also, we have explained the detailed process of withdrawing funds from the DraftKings application, mobile web, laptop or desktop. So now you know how to withdraw money from DraftKings after reading this article.

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