If you are out looking for a betting site, DraftKings might have caught your eye recently. They are one of the easiest betting sites you can get started on. But everyone who uses a betting site has one primary question in mind: how to pull your money out of DraftKings.
The withdrawal process is straightforward and starts with you logging into your account. From there, you need to press the ‘Withdrawal’ options and enter the amount you want to withdraw. The amount has to be above $20. Select a method and proceed to check out.
That’s only the surface level of explanation of it. I will go into much more detail about the whole process from start to finish. And to make sure you do not finish this guide without knowing everything you should know, I will talk about a few key things that every site user should know before starting using it. So, without further to do, let’s get started.
- Backed by Mark Cuban, Adam Schefter, Kevin Durant, Matthew Dellavedova, and more!
- Use Paypal Or Any Popular Payments
- $100 Money Back Guarantee (Terms & Conditions Apply)
- 24/7 Support
- Use Promo Code 'DFF' For a Match Bonus Of Up To $100
- Sportsbook, Casino & Racetrack All On One Platform
- 125% Sign-Up Bonus & 200% Crypto Bonus
- Fast & Easy Deposits
- 24/7 Personalized Service 365 Days A Year
How to Pull Your Money Out of DraftKings
Alright, let’s dive headfirst into how you can get the money you made on the site in your hands. The process is pretty easy for the most part. All you need to do is follow a couple of simple steps. I will keep it short and sweet so you get it easily.
Here is how to do it:
Step 1 – Log In
The first step is to log into your DraftKings account. There will be a ‘Sign In’ button at the upper right-hand side of your screen. Click that. You will be asked to enter your username and password. Enter the appropriate details and click ‘Login.’ The login button is quite hard to miss; it’s a large orange button.
Also, make sure you do not share your log info with others. This is very important if you want to keep your account safe and away from malicious hands.
Step 2 – Click on My Account and Select Withdraw
After you have logged into your account, you will see a My Account section at the top of the screen. There will be a human icon (or your avatar logo). Click that to bring up the option. Once you click on ‘My Account, you will see a drop-down menu with many options.
From this page, click on ‘Withdraw.’ It will be the third option after ‘Account Information’ and ‘Deposit.’ You might also be asked which account you want to withdraw from. The options are Casino, DFS, and Sports.
Step 3 – Enter Your Withdrawal Amount
When you land on the withdrawal page, there will be a couple of fields. DraftKings will ask you to enter the withdrawal amount.
Enter the specific amount you want to withdraw from and process it to the next step. Of course, remember that the withdrawal amount has to be within the amount you have in your account. And your withdrawal has to be more than $20.
Step 4 – Select Withdrawal Method
The last step is to select how you want to withdraw your winnings. There are a couple of options here. If this is your first time making a withdrawal, you will be asked to choose between bank account, PayPal, Credit/Debit cards, E-check, Casino cage, or Prepaid DraftKings Card, also called Play+.
For future withdrawals, DraftKings will automatically select the method you chose earlier. You can also change the preferred method you want later on.
Also, note that DraftKings needs you to notify them if any change was made to the Credit/Debit card.
The withdrawal process may take anywhere between 2 to 7 days. DraftKings processes withdrawals Monday to Friday (9 AM – 5 PM ET).
See The Complete DraftKings 2021 Review & Guide Here
How To Transfer Your Money From DraftKings To Your Bank Account?
If you want to transfer your money directly to your bank account, the process is almost the same as a general withdrawal. The only difference is in the withdrawal method section; you need to select ‘Bank Account.’
You will need to provide DraftKings with your appropriate banking info. Then they can perform an E-Check withdrawal for you. This allows you to withdraw the money directly into your bank account.
Top Rated Daily Fantasy App
Underdog Fantasy is our pick for users looking to try a new and exciting daily fantasy sports experience.
- Backed by Mark Cuban, Adam Schefter, Kevin Durant, Matthew Dellavedova, and more!
- Use Paypal Or Any Popular Payments
- $100 Money Back Guarantee (Terms & Conditions Apply)
- 24/7 Support
Things to Know Before Using DraftKings
Before I wrap up, there are a couple of important things you need to know about DraftKings. This will help you stay safe and will ensure you do not face any trouble legally. Do not worry; these are just very normal things you need to keep in mind.
Sportsbooks Are Not Legal In Every State
The number 1 thing you should first know that sportsbook betting and online casinos are not legal everywhere. Each state has its own laws regarding it. Does that mean you cannot play? Not really. Check out your local laws and give the DraftKings site a visit to see what the laws are in your state.
Paying Taxes
Oh, taxes. No one likes them, but they are a part of our lives whether you like them or not if you have won a big amount, first of all, congratulations! Second, you also need to pay taxes on your winnings. Make sure to deal with this before you go on spending your winnings. It isn’t a big hassle, though. So, that is a good thing.
Any user of DraftKings who has made equal to or more than $600 with a single calendar year will be subject to paying taxes. DFS and DraftKings will issue a 1099 and will report to the IRS (Internal Revenue Service).
Another rule you need to keep in mind is winnings vs. deposits. If your winnings are more than your deposits, then these are subject to taxes in the USA.
Withdrawals Can Be Put On Hold
Sometimes, withdrawals can be put on hold. Do not freak out. These measures are taken to ensure safety. If you have done anything that raised a red flag, the withdrawal can be on hold. Things like changing your bank details, address, or even email can be a reason.
Another could be if you requested to withdraw an amount that is larger than your usual. Users who do not have a verified account might also see their withdrawals being held. These holds are mostly temporary.
To avoid this, make sure you create your account with all the necessary information and correct details. Also, pay specific attention to the last 4 digits of your SSN.
Make Use of Special Offers and Promo Codes
Who does not like promo codes and special offers? Ask anyone they would like a bonus on anything or something for free; chances are they will most likely say yes. DraftKings has some promo codes and offers that you should most definitely make the most of.
Sportsbooks want customers to use their site. And to stay competitive in the industry, you will see many offers, great discounts, and welcome bonuses. Do not forget to collect these and be on the lookout for better deals. The winner at the end of the day here is you.
Conclusion
Well, that’s all on how to pull your money out of DraftKings. See, I told you withdrawing money from your DraftKings account is not that difficult. What you need to make sure is that all your details are correctly inserted. If you need to fill out and send a W9 form for taxes, make sure to do that.
Thanks for reading till the end. And I hope this article has come to your aid.