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Placing bets on a sportsbook platform requires essential knowledge about payments, which, in this case, includes every DraftKings payment method and details revolving around it.
You can find out about DraftKings deposits and payouts, timeframes, and limits, as well as how to use them accordingly to avoid any additional processes that may delay their completion.
Before reading all about the deposit & withdrawal methods, visit our DraftKings article to get familiar with this operator.
Withdrawal Methods Available at DraftKings
The wide selection of available payment services makes fund transfers on this platform go smoothly. In other words, there are different types of payments coming with different limitations and processing times, which you can check here and base your pick on.
Before we move on, it is crucial to understand that minimum and maximum deposit limits mostly depend on the type of payment you choose and are also jurisdiction-based.
Online Banking (Withdrawal Limits: $1-$100,000)
You can connect this payment method to your bank account and use it for both deposits and withdrawals. Still, you cannot make withdrawals to business accounts with this service. Also, this payment option is not available in all jurisdictions.
Debit Cards (Withdrawal Limits: $1-$25,000)
Debit cards are a handy way to make deposits and withdrawals on this operator’s platform. It’s important to know that you must use one of the debit cards (Visa or Mastercard) for deposits if you wish to make withdrawals with it later.
Additionally, some cards may not be available for withdrawals in some regions, even if you use them for initial deposits. No DraftKings credit cards are available.
eWallets (Withdrawal Limits: $1-$60,000)
The main DraftKings eWallet option in focus here is PayPal. While it’s available in many states, it cannot be found in all jurisdictions. More so, you will have to make withdrawals to accounts other than business ones which hold your name only.
Checks (Withdrawal Limits: From $15 up to $49,999)
Checks stand for functional payment methods on this site. As is the case with other payments, you won’t be able to use Check to withdraw funds to business accounts. Furthermore, this brand won’t send any Check withdrawals to P.O. boxes.
E-Check (Withdrawal Limits: $1-$100,000)
You can have your funds effectively deposited or withdrawn with the E-Check payment method. But you should be aware that you cannot make withdrawals to business accounts. Plus, you won’t be able to use this option in all jurisdictions.
PrePaid DraftKings Play+ Card (Withdrawal Limits: None -$25,000)
This is a modern and advanced withdrawal method. You can use it for deposits and withdrawals, with the exception of business account withdrawals. Not all jurisdictions list this service as available.
Venmo (Withdrawal Limits: $1 -$20,000) & Apple Pay (Withdrawal Limits: $1 -$25,000)
Venmo and Apple Pay are payment systems that fit the majority of mobile users because of their fast and seamless transactions. If you wish to use Apple Pay, your operating system should be iOS 16 or higher. Also, you will have to use the Safari mobile browser if you’re not using the app.
Neither Venmo nor Apple Pay can be used for business withdrawals. When using Venmo to withdraw, your account name should match your username on the website.
Bank Wire (Withdrawal Limits: $20,000-N/A)
The Bank Wire transfer method allows safe deposits and withdrawals. Transfers with this option are only made from Monday to Friday. Therefore, any requests made after 10 am EST will be processed the following business day. Payments with this service may also be prolonged due to holidays.
Does DraftKings Accept PayPal?
PayPal is the main eWallet payment option on this site. It provides you with an opportunity to make instant deposits. Also, the withdrawal times are pretty fast and take only around 24 hours to complete. This DraftKings payment method is also easy to use.
If you want to compare, you can check the bet365 payment methods reviewed.
Is It Possible to Change the Currency in My Account?
If you happen to win prizes in the Crowns, which is the currency used on this platform, you will be able to redeem them for real funds as part of promotions. However, changing the US Dollar currency to any other international currency is not an option on this brand’s website.
How to Withdraw Money With DraftKings Sportsbook?
You don’t need to do much in order to withdraw funds from your account on this site. All it takes is a few steps before you press the final button to request your withdrawal.
- Open the website or app and select the profile icon.
- Choose withdrawals and decide how much money you want to withdraw.
- Pick one of the available DraftKings withdrawal methods based on your jurisdiction.
- Verify your withdrawal via email or SMS.
Most withdrawals don’t take long to process. Yet, it may happen that withdrawal approvals slow down this process. In order to avoid delays, it is essential that you verify your identity via SMS or email.
In addition, the key fact here is also that DraftKings doesn’t charge any transaction fees for withdrawals. It may happen that users’ banks do so. That said, we advise you to check this before making withdrawals.
Finally, you may always contact this operator’s customer support team for assistance with withdrawals. Clicking the “How can we help” button will lead you to an expanded withdrawal help section.
Customers often use this section to make additional verifications which are needed if they use a withdrawal method which is different from their initial deposit option.
DraftKings Payout Speed: How Fast Can You Withdraw Money?
The average withdrawal processing time on this site is not long. In fact, some withdrawals take hours to process, and some of them may take up to several days.
| Withdrawal Method | Processing Time |
|---|---|
| Online Banking | Up to 5 Days |
| VIP Preferred (e-check) | Up to 3 Days |
| PayPal | Up to 2 Days |
| Debit Card | 1 Day |
| Cash/Cage | 1 Hour |
| Venmo | Up to 2 Days |
| Play+ Prepaid Card | Up to 4 Days |
| Apple Pay | 1 Day |
| Checks < $100 | Up to 14 business days; tracking is unavailable |
| Checks $100.01-$1,999 | Up to 5 business days with tracking via USPS |
| Checks > $2,000 | Up to 3 business days with tracking via FedEx |
| Bank Wire | Up to 2 Days |
The payout system at DraftKings is more than efficient and reliable. First, requesting a withdrawal takes only a few minutes. The only factor that may slow things down here are verifications that are necessary to confirm your identity.
We recommend completing all verifications the moment you request a withdrawal in order to ensure that you did everything well on your side. Also, using the same deposit and withdrawal methods may make your future payouts quicker, as you won’t need to complete additional verifications.
The second part is longer as it involves this brand’s check and approval. Once your withdrawal has been approved, the time needed to finalize the payout depends on your provider. Some players’ testimonials say that the actual check and approval time is sometimes fast but sometimes tediously long.
How to Deposit With DraftKings Sportsbook?
Starting the whole process where you place funds into your account for the first time is also simple. Make sure to check out the following steps, as they’re all that you need to deposit.
- Log into your account and click on your account balance in the top corner.
- Select the amount you want to deposit and choose the deposit option.
- Fill in the form with your payment details.
- Confirm your transaction.
Notably, this operator encourages you to set deposit limits to your account. You can even find the recommended deposit amount. Not only that, but this brand also allows users to start betting with pretty small amounts of funds.
Can I Use Cryptocurrency to Make a Deposit?
To make the possible transaction fees smaller, DraftKings decided to introduce Polygon, which is Ethereum blockchain Layer 2. You can transfer funds with this method, and rest assured that it is totally safe.
DraftKings Payment Features: Pros & Cons
The final verdict is here, and we found more appreciable elements than those that may need a change. Safety first, you can set deposit limits. Also, some withdrawals are swift and may take only around one hour.
Quick payments allow you to place various types of bets, such as live bets, easily. There’s even a cash out feature which you may use to take a part of your bet even before the end of an event you placed a bet on.
At times, you may need to wait a little longer than usual for customer support to reply to your requests. We also noticed that the moneyline wagering odds are priced, which means that the original wager is a bit alternated.
| 👍 What We Like | 👎What We Don’t Like |
|---|---|
| Set daily/weekly/monthly limit for deposit | Delayed customer support |
| Instant withdrawal (one hour, depending on the payment method) | Pricing in moneyline wagering |
| Live Betting | |
| Cash Out Function |
DraftKings FAQs: All You Need to Know
To end our review, we answer the most common questions about DraftKings payments.
DraftKings accepts lots of different payment methods, such as Debit cards, including American Express, eWallets, Checks, Bank transfers, etc.
No, it doesn’t. Still, your payment system or bank may charge some fees. We recommend getting informed on this before making withdrawals.
Payouts on this site can be quick and last only for one hour. The withdrawal timeframe range can be longer and take a few hours up to several days. On some very rare occasions, a payment may take two weeks to process.
