DraftKings is one of the largest daily sports fantasy sites out there. A lot of people have won a lot of money from this site. You might be wondering how do DraftKings payouts work, how do you get paid, and whatnot. Do not worry as I am here to explain everything you need to know in this short and easy article.
In DraftKings, it is very similar to traditional fantasy sports. You enter a contest, making your team by managing players, and at the end of the week or season, you either win or lose depending on the players’ stats in real-life games.
While that might be the gist of it, there is a fair bit more to it than that. As with any other competitive entertainment, there are a lot of steps and nuances to DraftKings. I will be giving you an easy explanation of everything you need to know in this article. So, strap on and keep reading ahead!
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How Do You Get Paid In DraftKings?
Based on the stats of your characters, your points go up or down. At the end of every day, week or sports season, winners of each contest are announced. And the winners are handed over their money within 2 to 3 business days.
You pay a contest fee and then based on how the players are playing, your points go either up or down. This happens throughout the contest. The prize pool of the contests is based on the entry fees of the contestants.
Usually, on large-scale contests, the ten contestants on the top receive prize amounts. But keep in mind that after the first three people, the prize rate drops significantly. You can enter multiple contests simultaneously.
After you have won a certain amount of prize money, it takes 2 to 3 business days for you to receive the rollout. After receiving the money in your account, you will be notified, and you will be able to see your balance in the “My Account” section on the site or app.
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How To Get Started
You start by opening an account or the site or the app. Then you select a sport and select a contest to participate in. There are starter fees, and then there are specific bets. You create your fantasy team, and at the end of each day, week or season, the winners are announced.
Opening an account on the app is very easy. This allows you to get started very quickly, and you can play every day on your phone. You don’t have to go anywhere or even sit in front of a computer. You can keep track of everything and play fantasy sports wherever you go.
There are a lot of different sports and competitions available in DraftKings. From NFL, MLB, and NBA to most other popular sports leagues, are all available. You select a sport and then enter a contest. You can enter large-scale public contests, or you can even enter beginner-level contests that have much smaller scales.
If you are hesitant about public contests, then you can even join or host private contests. Private contests are where only those the host invites can join in. you can have a small-scale contest with your friends, family, and coworkers.
At the end of every week, you will know the results of the contests you entered. Usually, the top 10 participants get prizes. Some of the prizes in the public competitions can get up to tens of thousands of dollars.
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How Does DraftKings Work?
DraftKings is a daily sports fantasy website. Their structure works very similar to traditional fantasy sports but condensed into shorter timespans. Also, because they are online, their contestants’ pool is much larger with large-scale public contests. DraftKings offers daily fantasy contents, where users can play and get paid out within hours of the game ending.
In fantasy sports, you make a fantasy team while a real-life sporting event is going on. You have a limited budget, so you manage and select which characters you want on your team. The better the players in your team perform in real life, the more points you accumulate.
Here you do not win through winning individual games. Because, well, you are not playing individual games. You win through the stats of your players. The better your stats are, the higher your points are. And the stats of your fantasy team players go up when their real-life counterparts perform well.
This creates a sense of micromanagement and strategy. You don’t have an unlimited budget, so your pool of selectable players becomes much more limited. There’s a critical aspect of drafting and managing the players’ salaries that takes skill.
With stats going up, your points go up. And if your points at the end of the round are more than everyone else in that contest, you win. Usually, the top ten contestants get prizes, but that can also differ from contest to contest.
How Much Does It Cost?
DraftKings has individual contest fees ranging from 25 cents to a few hundred dollars. The entry fees are vast and allow for all different types of budgets to participate.
As we have already discussed, there are a lot of types of contests in DraftKings. The contests vary a lot; some are more limited while others are more large scale, there are even private contests. In private contests, the entry fee is usually low, and these are mostly friendly competitions between acquaintances.
Meanwhile, the more large-scale public contests get serious, and the prize pools get larger. In a large prize pool contest, you can expect the entry fee to be significantly high. The million-dollar level prizes they show in the commercials for DraftKings quite often have entry fees that cost more than a few hundred dollars.
How To Withdraw Money From DraftKings?
You first log in to DraftKings from either the website or the app. Then you go to the section labeled “My Account.” After you go to that section, you will view the amount of money available to you based on how much you have won through contests.
After that, you need to go to the section labeled “Withdraw.” Here you will see all the necessary options for withdrawal: the amount and the withdrawal method. The most popular withdrawal method is PayPal.
There are checks and a bunch of other payment methods available too. The minimum you can withdraw is 20 dollars. There is also a maximum limit. For PayPal, that maximum limit is 60 thousand dollars every day. The maximum limits for other methods vary and can be anywhere from 20 thousand to a hundred thousand dollars.
Usually, the transaction takes a bit of time to process. For most methods, this timeline is typically 2 to 3 days. However, the most popular method, PayPal, usually takes 3 to 5 days to receive your money. If the transaction is later than that, then you should contact customer support.
Conclusion
DraftKings is a great way to enjoy daily fantasy sports. This is very similar to traditional fantasy sports, and there are many contests based on real-life sporting events going on simultaneously. You can enter and win by utilizing your management skills and knowledge of the players.
I hope you found this guide on how do DraftKings payouts work helpful in some way. Thanks for reading till the end. Until next time, goodbye and good luck.