DraftKings Contest Deposit & Withdrawal Methods
If you’re a big fan of Daily Fantasy Sports (DFS), DraftKings is the premier place to get in on the action. It offers a huge variety of DFS contests, including Guaranteed Prize Pool (GPP), 50/50’s, multipliers, steps, head-to-head, leagues, qualifier, beginner, and free-roll contests, just to mention a few. With all these options, there is definitely a DraftKings contest to fit your budget and level of skill.
Having had remarkable success with DFS, the Boston-based sports fantasy leader has added a sportsbook and an online casino to its portfolio. The best part is that DraftKings allows you to move funds seamlessly between gaming platforms. Despite much hoodoo and confusion, you can actually fund your DraftKings Sports or online casino account using your DFS contest winnings (note the emphasis on winnings; you cannot make cash deposits from your DFS Account).
On this page, you’ll find out all about the DFS Contest Winnings system, including its deposit/withdrawal methods available for online casino games, security, pros, and cons.
Not sure if DraftKings is for you? Check out our other reviews for casinos and sports books in New Jersey here: Borgata, BetMGM, PartyCasino, 888 Casino, William Hill, Caesars, SugarHouse Casino, Golden Nugget, Tropicana and Virgin Casino, 888 sportsbook, DraftKings Sportsbook, Borgata Online Sportsbook, Hard Rock Sportsbook, BetMGM Sportsbook, PointsBet Sportsbook, FoxBet Sportsbook, and FanDuel Sportsbook.
DraftKings is the name on everyone’s lips when it comes to online fantasy sports contests. Founded in 2012 by the trio of Jason Robins (the current CEO), Paul Liberman (now the Chief Operating Officer), and Matt Kalish (CRO), it runs daily, weekly, and season-long fantasy sports contests, with players winning an assortment of cash prizes based on team and individual performances. The company is the official fantasy sports partner for major sporting associations, including the MLB, NHL, PGA, NFL, MMA, XFL, NBA, English Premier League, UEFA Champions League, Canadian Football League, and NASCAR.
Using its massive success in online fantasy sports as a springboard, the Boston-based company has launched an online sportsbook and casino, allowing you to enjoy sports betting, slots, roulette, blackjack, video poker, and other online casino classics. When the Professional and Amateur Sports Protection Act of 1992 (PASPA or the Bradley Act) was overturned in 2018, DraftKings was the first operator to offer online and offline sports betting in New Jersey.
On April 24, 2019, DraftKings made an IPO and is now a publicly-listed company at NASDAQ under the trading symbol DKNG.
Today, the company offers legal daily sports fantasy (DFS) contests in Washington, D.C., and pretty much every other state save for Washington, Nevada, Montana, Louisiana, Idaho, Hawaii, and Arizona. You can also legally enjoy DFS contests if you’re in Malta, Austria, Ireland, Germany, the UK, or Canada.
The list of states where DraftKings Sportsbook and Online Casino are legal is much curtailed due to the nature of the US federal and state internet gambling laws. As of writing, you must be a resident (and physically present) in Colorado, Illinois, Indiana, Iowa, Nevada, New Hampshire, New Jersey, Pennsylvania, or West Virginia to legally place a wager.
The range of contests offered by the NASDAQ-listed platform is very diverse. In its DFS carousel, you’ll find 9 different types of contests, each with different payouts and buy-ins. Most DraftKings contests have guaranteed prize winnings, so you can know your potential payout right from the outset. Some contests are designed specifically for newbies; you may be eligible to participate in them if you have participated in fewer than 50 games in a given fantasy sport.
How to Sign Up for DraftKings DFS Account
Before you can transfer your contest winnings to a DraftKings sportsbook or online casino, you must first sign up and link your casino account with your DFS account. Thankfully, opening an account with DraftKings is easy, fast, and fuss-free. If you’d like to take the easiest route, you can register through Facebook, making the sign-up process almost effortless and smooth.
For most new customers, signing up with your email address is a more practical and more secure method, especially if you haven’t joined Facebook. Just supply your email address and set up a username and password. Make sure you are located in a state where DraftKings is live and online gambling is legal. You will be required to provide your full name, residential address, date of birth, and phone number. You must also verify your identity with a government-issued photo ID and provide the last 4 digits of your SSN for tax-reporting purposes.
As soon as you’ve created your free account, you are ready to explore the offerings. The welcome bonuses kick in immediately. As of this date, you will be awarded a $35 no-deposit bonus, so you can get a feel for its sportsbook and online casino products. When you fund your account with your own money, you can expect your initial deposit to attract a lucrative 20% match bonus of up to $500.
Depositing funds to your DFS Account is pretty simple. You can pay with Skrill, Visa, PayPal, MasterCard, Amex, Discover, and any other eligible debit/credit cards. As you might expect, there is an enforceable minimum deposit amount of $5. You will get a $20 free bonus for use on your favorite DFS contests in which you can potentially walk away with cash prizes.
How Do I Transfer Funds from my DFS Account to DraftKings Sportsbook/Online Casino?
Let’s make one thing clear before we delve into it: the DraftKings DFS account is independent of the DraftKings Sportsbook and Online Casino wallet. Although you can link your daily fantasy sports account with your gaming wallet, the two are not governed by the same laws. Given the state and federal laws regarding online gambling, you can’t move all funds seamlessly between the two accounts.
The DraftKings Sports and Online Casino share the same gaming wallet, and they are subject to the same gambling laws. In practice, DraftKings must report your gambling income to the respective tax agencies; however, they aren’t obligated to reveal your contest winnings. So, this begs the question: can DraftKings Fantasy Sports players transfer money to their DraftKings Online Casino or Sportsbook wallet?
The answer is a thumping YES. However, the mechanics are not exactly simple and only winnings can be transferred.
This is an important point that cannot be emphasized enough: it’s true that you can transfer funds from your DFS account to your DraftKings sportsbook/online casino wallet — but only the contest winnings. That means you can’t simply make a cash deposit to your DFS account and subsequently move the money to your DraftKings gaming account. You must wager the cash deposit on a DFS contest at least once and then ship only the winnings to your online casino account.
It is very important to keep this rule in the front of your mind: only contest winnings can be transferred between the accounts. For example, if you deposit $250 to your DraftKings DFS account, participate in some contests and win, say, $400, the maximum amount of money you can deposit to your online casino or sportsbook account from the DFS account cannot exceed the winnings, in this case that amount is $400.
Linking your DraftKings DFS Account and Sportsbook/Online Casino Wallet
You can connect your DraftKings DFS and Sportsbook/Online Casino accounts. If you have already signed up for a fantasy sports account on the DFS side, DraftKings has made it super easy for you to link it with your other DraftKings accounts, be it a sportsbook or online casino account.
You’ll find the links to the three platforms at the header of the DraftKings website. Generally, the Sportsbook and Online Casino share the same gaming wallet which you can link to the DFS account. This way, you can make a deposit to the DFS site and then transfer the winnings to the online casino or sportsbook. The big hurdle here is that you must play through the cash deposit to the DFS account at least once.
DraftKings Contest Withdrawal Methods
To make a withdrawal from your DFS account, simply go to the My Account section, click on the “Withdrawal” tab on the left-hand side of the platform, and follow the onscreen instructions. You can make withdrawals using Visa, MasterCard, Amex, and other eligible credit or debit cards. If you used an online banking transfer or PayPal to make a deposit, you can also use them to withdraw your funds. More importantly, you can transfer your winnings to your DraftKings sportsbook or online casino account to continue your internet gambling expedition.
Security & Safety
DraftKings is a 100% legal and licensed gambling business operating in several states, so they don’t cut corners when it comes to your security and safety online. DraftKings makes use of the latest encryption and security protocols to protect your money, personal information, and financial data. All deposit and fund transfers to and from the DFS account are protected using 128-bit SSL encryption and TSL technology. They use state of the art servers that are safeguarded by advanced firewall tech to secure everything, from your login credentials to your personal data.
To protect you from identity theft and online fraud, DraftKings may ask for additional verification info such as your photo ID, the last 4 digits of your social security number (SSN), date of birth, and so forth. Given that only contest winnings are transferred from one DraftKings platform to another, this method is pretty safe and secure. With the backing of encryption technologies, this is as safe and secure as online gambling payments can get. With no exchange of sensitive financial information like your credit/debit card details, you can sleep easy knowing that your online safety is intact.
DraftKings DFS Contest Winning Deposit Pros and Cons
- Safe and secure – because it involves no third-party processors, you don’t have to enter your bank account details or credit/debit card information.
- Instant deposits – transferred contest winnings will be credited to your DraftKings gaming account immediately, so you can start playing your favorite online casino games and placing sports bets right away.
- Free of charge – money transfers will be made instantly and safely at no additional fee to you.
- You’re in great hands – Operated by a well-known and reputable brand based in the US.
- Only winnings can be transferred between Draftkings accounts
- Limited withdrawal methods
- Doesn’t work when depositing to other online casinos
Are you a New Jersey resident interested in playing online in our state and taking advantage of the best offers? Check out our curated list of NJ casinos, NJ sportsbooks, and online bonuses