How Do Draftkings Payouts Work

The DraftKings betting site charges you a vig (or a percentage of your bet) of -110for each of these single-game NFL bets, which means the site will take 10% of your bet for itself. In this scenario, your two separate $10 wagers would return you $38.20 if you won both bets. Many people wonder if they have to pay taxes on their winnings. The answer is yes, your cumulative net profit is taxed, and DraftKings is contractually required to send a 1099 tax form to any player that nets of $600 in profit in a calendar year. 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. DraftKings Payout structure. I know DK recently flatted out their payout format, but it still doesnt sit right for me. Teams finishing in the 5% arent even making triple their money in GPP format. I think they should condense the teams that win from roughly 20% to 15% or heck 12%. Please please please do this. When drafting your lineup, you’re given $50,000 as a salary cap. Spend this budget on players to create your team. Choose your players from the Player Pool. A Player Pool consists of all the players who will be in a given contest’s game set.

EDITOR’S NOTE: THIS OFFER HAS EXPIRED

The end of the NFL season usually brings the end of the best sports betting promotions of the year. However, DraftKings Sportsbook is keeping the action going into the spring with a great deal for new bettors.

From now through the end of the NBA season, DraftKings will offer parlay insurance for parlays of five or more legs. If only one leg of the bet misses, the site will refund the bet as site credit, up to $25.

Draftkings Tutorial

This is a great opportunity to try out one of the best legal sportsbooks in the US.

How does parlay insurance work?

If you live in a state where DraftKings Sportsbook operates, it’s really easy to sign up for an account. Follow the steps with your email, ID, and other info. You’ll also get a free $25 bet just for signing up.

Once on the site, deposit money through a bank account, credit or debit card, or other means. It can be done in-person at a partner casino as well.

How Do Draftkings Payouts Work 2019

Give yourself some time to go over all the betting options DraftKings offers. Putting together the parlay card is simple. DraftKings shows its menu online with easy-to-read prices and figures. Each leg must be -300 or higher, so while you can take the Clippers at -240 in Cleveland, you can’t take Philadelphia at home where they’re -800 against the Bulls.

Use one bet per game for the parlay card. Combining a total and a moneyline for a single game won’t work. However, players can use games from multiple leagues and sports.

Here’s an example of a parlay card from this year:

• Over 6 goals between the Los Angeles Kings and New York Rangers (-105)
• Atlanta Hawks -4.5 on the point spread against the New York Knicks (-112)
• Ja Morant to score 18 or more against the Wizards (-115)
• Los Angeles Clippers moneyline against Cleveland Cavaliers (-240)
• Miami Heat to cover 5.5 points against the Portland Trailblazers (-110)

The total payout on this bet is +1789 (nearly 18-to-1). However, if one leg misses, a free bet up to $25 will be credited to the account.

The insurance isn’t a one-shot deal like other sites run for promos, either. Players can use this up to four times a day. Payouts come on the next business day to the accounts

Parlay insurance rules

While this is a great deal, there are some rules. This has to be a straight parlay card with five as-is bets. No teasers, no round-robins, no odds boosts, and no free bets in the mix. Attempts to cash out while the parlay is still active will nullify the chance to get the insurance.

Parlays have become increasingly popular for bettors. If you like to take some shots to build your betting bankroll, parlay insurance will help soften the blow of a few close calls.