One of the most exciting moments of betting on sites like FanDuel is cashing out your winnings. The feeling is quite exhilarating. Those who are new to the area might be curious about how FanDuel payout. This guide will be all about that.
FanDuel has a lot of options its users can choose from for withdrawals. There is PayPal, Visa debit, wire transfer, FanDuel Prepaid card, and more. Some are free, while others require a fee. And also, not all have the same processing time.
Each payment and withdrawal method has slightly different processing times. This can vary. So, it would help if you kept that in mind.
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How Does FanDuel Pay Out?
When choosing a betting site, its withdrawal options are an essential consideration. It is just as crucial as the depositing options. I would even go a bit further and say it is more important.
Plenty of withdrawal options will make getting your hands on the money you own easier. And the easier it is, the quicker you get a hold of your winnings (not to mention spending them as well).
Here is the caveat, though. Not all betting sites will have the same payout system or withdrawal options. While most places do offer the most common ones like PayPal and wire transfers, not all do.
Well, what about FanDuel? Luckily, FanDuel has a couple of withdrawal options. You can choose the one that’s suitable and easy for you. Let’s check out all of them. I will talk about everything in detail.
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The Withdrawal Options
To make things even more precise, I will also explain how long each method’s transaction takes, as all are not the same. The Withdrawal Options:
- eCheck
- PayPal
- Visa Debit
- Prepaid Card (FanDuel)
- Check Withdrawal Request
- Wire Transfer
eCheck
This method lets you transfer funds from your TVG account to your checking account. It is easy to do and does not take that much time either. However, you will need to have an eCheck account though.
If you have never used one, you will need to set one up before using it. There are two ways to go on about it:
- Filling out Check Authorization with a voided check copy. Then email it to FanDuel or
- You can make a deposit also with a checking account number plus a routing number. This can be done online.
eCheck withdrawals are free. You can expect the process to take anywhere between 2 to 5 days. Not that long.
PayPal
Everyone knows what PayPal is and loves it. It is hands-down one of the most convenient ways to withdraw from FanDuel. And this is one of the fastest methods. More on that a bit later.
There is nothing much to talk about here. It is very straightforward. If you have made any deposits with your PayPal account, they will be saved on your TVG account. You can withdraw from there.
PayPal withdrawals take the shortest. The process can be done within just 24 to 30 hours, at max. See what I mean when I say it is the fastest?
Visa Debit
FanDuel also introduced Visa debit as a withdrawal option. This means you can withdraw funds the same way you deposit them. How cool is that?
There are some things you need to keep in mind, though. First up is the maximum amount. FanDuel will only let you withdraw a maximum of $10,000 per transaction. That is still quite a lot if you ask me.
And you will also need a card on file which you have already used to make a deposit. For amounts that are over the limit, you can go for wire transfers.
The processing time for this is not that bad. It will take about 25 hours. You can even cancel it within this time frame.
Prepaid Card (TVG/FanDuel)
FanDuel also pays out through your prepaid card. With a TVG or FanDuel prepaid card, you can get the funds transferred to it and cash it out from an ATM. Any ATM that works with the Discover card will work with it too.
The processing time for this is also relatively short, like PayPal. It will take between 24 to 30 hours.
Check Withdrawal Request
This option can take the longest to process. The checks are usually mailed from Utah or Salt Lake City via mail. And if the payout is more than $10,000, then it will be sent E-certified.
You can only request 11:59 PM PT of the previous night. And it can be done Mondays through Fridays. Except on federal holidays, of course.
If you want to cancel your withdrawal request, you will also need to do it within a specific time. It must be done before 5:00 AM PT on the process date.
Check withdrawal can take anywhere between 3 and 10 days. It depends on where you live.
Wire Transfer
Lastly, there are wire transfers. This is one of the fastest methods to get your hands on your winnings/funds. But there is a fee. A small fee of $15 will apply to every transaction. You can do it easily by just filling up the form, signing it, and emailing it to FanDuel.
Wire transfers made on time will come either on the same day or the day after. Now, what does that mean? You need to make the transfer request before 3:00 PM EST. If you do this, the funds will be in your checking account by the end of that business day.
All requests that are made after this time will be processed the next day.
Do I Have To Pay Taxes On My FanDuel Winnings?
Yes, you need to pay taxes on your FanDuel winnings. So, when they payout, this will be taken into consideration. There is a minimum amount you need to win before you are required to pay taxes, though.
If your winnings are more than $600 in a year, they will send you a form. Also, if you win more than $1200 in slot games or your winnings are more than 300x the original wager, you must pay taxes.
FanDuel reports everything to the IRS. So, this is pretty important stuff. There is a W2-G form that you need to fill. If you have not received this form, then you need to contact FanDuel and let them know.
Sometimes the site can also withhold your taxes. This is done if your winnings are more than $5,000.
Where To Find The Tax Statements?
Finding your tax statement is pretty straightforward. It should be on your ‘Transaction History’ page of the site. But make sure you visit it on a desktop computer.
The information might be there if you are visiting it with the app or viewing the mobile version of the site.
Conclusion
There you have it. Now we are all up-to-speed on how FanDuel pays out. There are a lot of options you can use. What you need to do is pick the right one. I would suggest using PayPal or wire transfers as they are the fastest.
But there is no right or wrong answer here. If something works for your specific needs, go for it. Remember that you do need to pay taxes if your winnings are over a certain amount.