Updated: Nov 9, 2022
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Read all details about Bet 5 Win 200 At DraftKings.
Before you sign up on a betting site, there are a few crucial features that you always consider.
Many bettors may not look at a sportsbook’s available banking methods, but this is one thing that you should prioritize. Just ask yourself this: If you can’t deposit funds, how are you going to place a bet?
DraftKings sportsbook, the focus of this banking guide, excels when it comes to payment options.
There are many available payment options that cater to each bettor’s payment preference, and you can use most of them to make instant deposits.
We’re going to go through some of these payment methods and also show you how to deposit and withdraw your funds on DraftKings.
How To Make An Online Sportsbook Deposit At DraftKings
Before you can make a deposit, you need to have a DraftKings betting account. Don’t worry, signing up on DraftKings is extremely easy.
Once you’re a registered user, just follow these simple steps if you want to deposit funds on DraftKings:
- Go to DraftKings and sign up.
- On the top right corner, next to your account balance, you’ll see the deposit button. Click this button.
- Several payment methods will appear. Pick the method you’d prefer to use.
- Enter the exact amount you want to fund your account with and follow any additional prompts that may be triggered by your payment method.
- Finally, click deposit. The funds should appear instantly.
There are many payment methods that you can use to fund your DraftKings account. Some of these methods can be used for both deposits and withdrawals.
Here are some payment methods that are common in the betting industry, most of which are available on DraftKings.
Mastercard & Visa
Debit and credit cards are common payment methods. Luckily, you can use your Mastercard or Visa card to fund your DraftKings betting account.
Since some banks won’t allow you to deposit to betting sites, you may need to contact your bank to ensure that you can fund your betting account using this method.
Just like Mastercard and Visa, American Express is another popular credit card.
You can use your AMEX card to fund your DraftKings account, though the availability of this payment method will depend on the state that you’re in.
DraftKings allows you to make deposits via PayPal, as long as you’re not using a PayPal business account.
Your Paypal account details and your DraftKings info must match for you to use this method.
Since PayPal is an e-wallet, you can also use this as a withdrawal method as long as you’ve used PayPal in the past to fund your betting account.
If you’re looking for a convenient payment method at DraftKings to fund your sports betting account, ACH is available.
Simply head over to the cashier/deposit section and choose ACH/VIP preferred e-check.
Once you’ve selected this, you’ll need to enter relevant bank account info and your ID verification details as well.
This option may not be offered in every state. So you’ll need to double-check before proceeding.
Venmo is a popular alternative to payment options like PayPal and Payoneer.
DraftKings is one of the chosen few that lets users deposit and withdraw using Venmo. When using it as a withdrawal method, an initial deposit via Venmo is necessary.
Venmo withdrawals are capped at $20,000 per withdrawal request.
Cash App also isn’t accepted at DraftKings. However, the platform’s Cash Card (a Visa debit Card) may be a suitable alternative.
With PayNearMe, you can fund your betting account by depositing cash at a participating retail location, e.g., Family Dollar and 7-Eleven.
To use this payment method on DraftKings, simply head over to the deposit section and select cash.
A one-time barcode will be generated; this is the code that you’re supposed to present at a participating retail location.
Keep in mind that the maximum amount that you can deposit per day using this payment method is $500.
Skrill is another popular alternative to PayPal. Essentially, this is an e-wallet that you can use to make online payments.
Many betting sites allow bettors to fund their accounts using Skrill, but, currently, this method isn’t available on DraftKings.
Physical Location Or Cash Cage
In certain states, such as New Jersey, you can fund your betting account by going to a casino that has partnered with DraftKings.
For example, if you’re in New Jersey, just head over to Resorts Atlantic City and visit the cashier to make a direct deposit.
VIP Preferred e-Check
Using this method, you can deposit funds from your bank directly to your DraftKings account. Simply select VIP preferred e-check when choosing a deposit method and then provide your banking details as well as your ID verification details.
Deposit Bonus Offers
It’s extremely common for sportsbooks to offer bonuses to new bettors. Most bonuses usually require a deposit, though a few may be awarded without requiring a deposit from you.
In DraftKings’ case, there is a $1,000 first deposit bonus. This is a welcome bonus that is gifted to new customers who sign up on DraftKings and deposit a minimum of $5.
Once you’ve made your first deposit, the sportsbook will reward you with a 20% bonus. As per the sportsbook’s terms, the maximum that you can get from this bonus is $1,000.
For example, if you deposit $1,000 after signing up, DraftKings will reward you with a $200 bonus.
How To Make An Online Sportsbook Withdrawal At DraftKings
If you’ve won a couple of bets and you want to get your hands on your money, here are the steps that you need to follow:
- Launch the app and sign in.
- Click on your profile icon.
- Scroll down until you see the withdraw button, then tap on it.
- Enter the exact amount that you wish to withdraw.
- Choose your withdrawal method.
- Finally, click “Request Withdrawal”.
DraftKings Sportsbook Payout Time
Ever you ever wondered “How long does DraftKings take to payout?”.
The typical timeline for a withdrawal will depend on the method that you’re using to get your funds.
Here is the amount of time that DraftKings takes to process withdrawals made using the following methods:
|Withdrawal Method||Withdrawal Time||Minimum Withdrawal|
|Bank Transfer (ACH)||3 – 6 business days||$20|
|PayPal||2 – 6 business days||$20|
Advice On Managing Your Bankroll
Shrewd bettors know that the secret to long-term success in sports betting largely depends on a bettor’s bankroll management.
If you’ve never heard of bankroll management, we’re here to help you out. Bankroll is the amount of money that a bettor sets aside for sports betting, and bankroll management simply focuses on how to manage this money.
To ensure that your betting account stays in the green, here are three bankroll management tips that should always be at the back of your mind.
Keep Your Bankroll Separate
If you want to be successful in sports betting, you need to treat it like a business. That’s why you should keep your bankroll separate from your personal finances.
This will ensure that you always bet within your limits and will prevent you from potentially going bankrupt.
Don’t Chase Losses
Losses may hurt, but you need to remember that losing is also part of the game. If you try to chase losses by increasing your stakes, you’ll end up draining your bankroll faster.
When you encounter the inevitable losing streak, stay composed and don’t overreact. Just face it one game at a time, and you’ll emerge from this losing period as a disciplined and more experienced bettor.
Always Track Your Bets
Smart bettors ensure that they are aware of their betting habits by keeping track of all their wagers. This exposes their strengths and weaknesses and helps them develop a betting strategy that takes both factors into account.
If you encounter any problems as you’re depositing or withdrawing funds, you can contact DraftKings’ customer support team at any time.
The fastest way that you can get help is by submitting a support request. In addition to this, you can use live chat (when it’s available), request a callback, or send the sportsbook an email (firstname.lastname@example.org).
Alternatively, you can also go to the site’s help center. Here, you’ll find a detailed FAQ section that will answer most of your queries.
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