No, you cannot directly withdraw or cash out bonus bets or bet credits from your DraftKings account. However, any winnings resulting from wagers placed using DraftKings bonus funds are eligible for withdrawal.
As an avid DraftKings user and online sports betting expert, I want to provide you with a comprehensive 2300+ word guide to fully explain how DraftKings‘ bonus bets and bet credits work.
I know there‘s a lot of confusion around whether you can withdraw these promotional credits directly, so my goal is to give you a detailed breakdown of how to maximize their value.
By the end of this guide, you‘ll be a pro at using your DraftKings bonus funds to your advantage!
Bonus Bets vs. Bet Credits – What‘s the Difference?
The first thing to understand is that DraftKings offers both "bonus bets" and "bet credits." These are similar, but have a couple key differences:
- Bonus Bets – These are bonus funds added to your account in a fixed monetary amount, usually $25, $50, or $100. When using a bonus bet, you must place a wager for the full amount.
- Bet Credits – Bet credits also add bonus funds to your account. But the key difference is you can use any portion of the credit, rather than the full amount. For example, if you get a $50 bet credit, you could place a $5 wager using just a portion of it.
Both bonus bets and bet credits work similarly in that the bonus funds themselves cannot be withdrawn. But here‘s the good news – any winnings earned from wagers placed with the bonus funds are yours to keep and withdraw!
Now let‘s dive into the details of how to use them…
How Do DraftKings Bonus Bets and Bet Credits Actually Work?
When you use a bonus bet or bet credit to place a wager, here‘s what happens:
- If your bet wins, you keep the entire amount of winnings, less the bonus funds staked.
- If your bet loses, the bonus funds are lost and removed from your account. You do not get the bonus funds back.
- The bonus funds themselves are never returned to you as cash. You only keep any winnings generated above the amount of bonus money staked.
Let‘s look at an example:
- You receive a $25 bonus bet.
- You place a wager with the $25 bonus bet at odds of +120.
- Your bet wins, paying out $30 based on the +120 odds.
- You receive the $30 payout, less the $25 bonus bet amount, equaling $5 in winnings.
- The $25 bonus bet is not returned to you. But you keep the $5 won using it!
So in summary, the bonus funds are used solely to place your wager. You do not get the bonus money back – you only receive any winnings above the bonus amount if your bet is successful.
Pro Tips for Getting the Most from DraftKings Bonus Funds
Now that you understand how DraftKings‘ bonuses work, let‘s get into some pro tips for maximizing their value:
1. Place bets at the highest odds possible
The higher the odds, the more potential winnings when risking the bonus funds. Focus on underdogs, large spreads, or boosts in order to increase your payout potential.
2. Consider moneyline bets on big underdogs
Moneyline wagers on heavy underdogs are a great way to get a big payout from a small bonus bet. For example, a $25 bet on a +500 underdog nets $125 in winnings if they pull off the upset.
3. Don‘t feel compelled to use the full bet credit amount
With bet credits, you can place smaller wagers than the full credit amount. This gives you flexibility to take advantage of good opportunities without overextending.
4. Watch the expiration date
Most DraftKings bonuses expire 7 days after being awarded if they are unused. So be sure to use your credits promptly.
5. Line shop for the best odds
Your bonus bets and credits can be used on any bet at DraftKings. Compare lines and odds across sportsbooks to place your bonus wager where it gives you the greatest edge.
6. Review odds and lines before wagering
Don‘t blindly bet your bonus funds. Doing your homework gives you the best shot at winning money you can withdraw.
Case Study: Ideal Bonus Bet Strategy
Let‘s look at an example of the ideal strategy with a $50 bonus bet:
- After comparing odds across 5 sportsbooks, you find a moneyline on an underdog paying +320 odds at DraftKings. Other books have the line at +300.
- You place a $50 bonus bet on the +320 underdog moneyline.
- The underdog wins in an upset!
- Your bet pays out $160 in winnings, above the $50 bonus bet amount.
- You successfully turn your bonus bet into $110 in cold hard cash.
The higher +320 line compared to other books gave your bonus bet more profitable potential. Doing your homework paid off!
Withdrawing Your Winnings from Bonus Bets and Credits
Now the fun part – how do you actually get money you won using bonuses out of your account?
Withdrawing winnings from bonus bets and credits is a straightforward process:
- Go to the "Banking" section of your DraftKings account.
- Click on the "Withdraw Funds" option.
- Enter the amount you want to withdraw.
- Select your preferred withdrawal method.
Your options for withdrawal include:
- Bank account (1-3 days)
- PayPal (24 hours)
- Play+ prepaid card (Instant)
- Cash at casino cage
- DraftKings retail location (Instant)
The bonus funds themselves remain in your account for wagering only. But this withdrawal process allows you to cash out any profits you‘ve earned!
Key Takeaways on DraftKings Bonus Bets and Credits
Let‘s recap the key points from this comprehensive guide:
- Bonus bets and bet credits cannot be withdrawn directly back to cash.
- However, you keep any winnings from wagers placed using bonuses or credits.
- Study odds and lines to place smart wagers using bonuses to maximize profit potential.
- Withdraw your cash winnings easily via the DraftKings banking section.
- Bonus funds expire after 7 days if unused, so don‘t let them go to waste!
I hope you now feel like a DraftKings bonus bet expert! Please let me know if you have any other sports betting questions come up. I‘m always happy to share my insights as an experienced bettor.
Wishing you the best of luck scoring big winnings with those promotional credits!