If you are fortunate enough to find your groove in daily fantasy sports at FanDuel and don’t decide to move up in stakes, eventually you are going to want to take some money off of the table. Have extra cash to withdraw from DraftKings as well? Here are the DraftKings cashout steps.
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.
Like the process for depositing, withdrawing from FanDuel is also easy and can be done in just a couple steps. We’ll take you through the easy steps so you will be ready when the time comes.
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Payment Options Available for FanDuel Withdrawals
FanDuel keeps the process of making a withdrawal very simple and limited to two widely available options — FanDuel players can withdraw by using Paypal or checks.
If Paypal was used to make your deposit, you will be able to withdraw into the same Paypal account, although additional checks will be made if the account is not the same one you deposited with.
Players are paid in a relatively timely manner; however, if you want your funds quickly, you will want to use Paypal. Withdrawal requests made through Paypal will be processed within 48 hours. Checks, on the other hand, will take anywhere from 7-10 business days, slowed down a bit because of its non-electronic nature.
Note that some anti-fraud checks are made by FanDuel before processing a withdrawal and additional documentation may be requested by FanDuel to process your withdrawal. Be aware that if you have received a bonus or “other benefits” from your deposit and have not generated enough play, FanDuel may block your withdrawal request.
Taxes on Your FanDuel Winnings
Federal law in the United States requires that FanDuel — and any other similar companies where players can accumulate winnings — issue a 1099 for any winnings over $600. U.S. citizens are legally required to pay taxes on winnings less than $600 but a 1099 will not be issued. Luckily for players the $600 figure is based on net winnings, so you will only have to pay taxes above what was deposited.
How to Make a FanDuel Withdrawal
The process to make your FanDuel withdrawal is very easy and can be completed in less than a couple minutes.
To get started, you will first need to sign-on to your account. After signing in near the top of the page you will see your account name.
To see the options available for your account, click the down arrow. Select “Withdrawal.”
From the Request Withdrawal page, select the methods you would like to use for your withdrawal – either Paypal or check.
Fill out the details, which is the amount you wish to withdraw and your Paypal email address for Paypal or amount and address for a check. Submit the withdrawal request and receive your payment within 2 days with Paypal and up to 10 business days by check.