Fortunately, DraftKings makes the process of initiating a withdrawal just as simple as making a deposit.
Once you’re all set and have cashed out, you should check out our post on where to play DFS this season. There are lots of great options that you may want to check out to get the most out of the funds you just cashed out.
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What Payment Methods are Available for Withdrawal at DraftKings?
When you go initiate a withdrawal, DraftKings will first refund the method that was used to fund your account, up to the amount of previous withdrawals. Any remaining funds will be paid via Paypal or check. Draft Kings asks that you notify them of any changes to your original credit or debit card that was used to fund your DraftKings account. There are no applicable DraftKings withdrawal limits, but you may be required to provide documentation for large withdrawals.
As a well-funded and reputable US-based daily fantasy sports website you can be sure to receive your withdrawal very quickly when the time finally comes to make your withdrawal.
According to Draft Kings, the accounting department processes withdrawals each Monday through Friday at 9 AM to 5 PM ET. Once the payment has been processed, the withdrawal can take anywhere from 2-7 days depending on the circumstances of the withdrawal. Checks can take approximately one week to receive via the U.S. Postal Service. Many players report receiving withdrawals at the lower end of the withdrawal range and oftentimes in a day or so.
Paying Taxes on Your Winnings
Any winnings above what has been deposited on DraftKings is subject to federal taxes in the United States. Once you have reached $600 in net profit during a calendar year, DraftKings will issue a 1099 and will be reported to the IRS. Any net profit below $600 will not be reported, but players are still legally required to report the income on their taxes.
Making Your First DraftKings Withdrawal
Making your first DraftKings withdrawal is very simple, taking just a few clicks from the My Account page. We will run you through the straight forward process.
To start, once you have logged into your DraftKings account you will need to check on “Withdrawal” from the left hand side of the page as seen below:
Enter in the amount you wish to withdraw, which will need to be at least $20. The first part of your withdrawal will be paid to your original funding source and any remaining funds will be paid to a method of your choice – Paypal or check.
Upon requesting your withdrawal request, you will receive a withdrawal confirmation. You may cancel the process if you made a mistake, but make sure to make any changes as soon as possible to avoid having the withdrawal go through.
If you have any questions about withdrawals at DraftKings, you can email them at firstname.lastname@example.org or use the web form from the DraftKings website. On the DraftKings website, you will also see a full list of the most commonly asked questions about DraftKings withdrawals.