Updated August 4, 2016
Here is a list of the 26 most commonly asked questions about DraftKings.
This article was originally written in 2014 and has various updates. That being said, the world of Daily Fantasy changed dramatically in late 2015 and in 2016. Here is an exact update of where DraftKings is allowed and the various regulations that have been addressed and added to the DraftKings software.
- How is DraftKings Legal? DraftKings is run completely within the 2006 UIGEA (the Unlawful Internet Gaming and Enforcement Act). UIGEA was passed by our Federal Congress as a control of illegal gambling on the internet. Fantasy Sports was specifically mentioned in the UIGEA Law as a legal form of internet gaming and it was ruled that there is skill involved while drafting/picking players and handicapping their performance.
- What exactly is regulated on DraftKings? All Fantasy Contests have to follow specific rules. Every Fantasy Contest played on DraftKings has to be announced in advance for all to see, has to have a specified total number of entrants listed and has to have a detailed listing of how many players can win and how much they can win. These rules are similar to rules set forth for sweepstakes in most legal territories.
- Are Taxes Considered? Yes, all players who win $600 or more are required to fill out the applicable tax forms and are responsible to pay taxes on any net winnings (total winnings minus total deposits, even if it is just a $1).
- Is it a safe site? Yes, DraftKings uses the latest SSL technology making any transaction safe and secure. DraftKings follows all applicable laws in every state they except players from and they follow all Federal laws and guidelines required by the UIGEA and applicable Business laws. DraftKings is a USA based company located in Boston MA.
- Can I play where I live in the U.S.? All U.S. States are included and completely legal with the exception of Arizona, Hawaii, Iowa, Louisiana, Mississippi, Montana and Washington.
- How old do I have to be? 18 everywhere except Alabama and Nebraska where you have to be 19. You will be required to prove your residence and age upon request by DraftKings.
- How is the PC Software? Outstanding, there is no download needed (Mac friendly). When you go the DraftKings.com you are logged on and ready to go. You can do everything you need to play on the site. No re-directs to different addresses or any surprises.
- Is there a Mobile App? Yes, it is has complete access to everything you can do on DraftKings on your android, iphone, ipad or iPod touch.
- How many people play on DraftKings? Draftkings doesn’t display their total player counts, but just looking at the main contest lobby will show over 100,000 or more players signed up and set to play in the MLB, NBA, NHL, MMA, PGA, CBB, CFB and NFL contests. You can figure on that amount and probably more on most evenings and every week end.
- How many players are in each Contest? Contest sizes start with 2, 3, 5, 10, 20, 50, 100 players and the larger tournaments can have as many as 100K to 200K players buying in.
- Can I trust them with my Money? Absolutely, they hold your account money in separate player accounts and will pay you whenever you choose to cash out within days.
- Can I use my Credit Card? Yes, DraftKings accepts Visa, Master Card, American Express and Discover Cards. You can also use your Bank debit card, Prepaid gift cards and Prepaid debit cards. If you have a PayPal account, that is another option available to use.
- How do I Cash-out? Your first cash-out is set up as a refund on your original deposit method, up to your original deposit. After that, you can request a Check cash out or have your requested cash out added to your Pay pal account.
- How do you Play? Each Contest you enter requires you “Draft” a fantasy team using a Salary Cap and filling a required player line-up. There are different (based on the sport) salary cap amounts to follow, different line-ups to follow and each player has a unique cap value. Your team must come in under the Salary Cap, must fill the entire line-up and must use players from two different teams from two different games.
- Once I set my line-up, Can I change it? Yes, you have until 5 minutes before the first game starts that day in that sport to make any changes you wish. You must stay within the salary cap and line up requirements when making any changes.
- How do I win? You win by scoring more points than your opponents. If your finish position is in the payout bracket you win that amount, based on your final position. All payments are based on final scores of all entrants, ranked 1st to last. If there is a tie for a cash paying position, the prize money is shared equally by everyone who is tied for that position. For example, if you and another player are tied for first, with 1st paying $100 and 2nd paying $80, you and that other player will split $100+$80 ($180) or $90 each.
- When do the games play? Everyday there is a contest to play on DraftKings. Most week day evenings for MLB, NBA and NHL the contests will start at 7PM ET (lineups lock 5 minutes before the first game starts). Weekends will usually have a early (12PM ET) and late (6PM ET) start times, depending on the pro schedules. NFL will have Thursday start contests and Sunday start contests (1PM and late games). CFB will have Thursday starts, Saturday early (12PM ET) and late game (5PM ET) starts.
- What Sports are offered? Every major Sport including the NFL, MLB, NBA, NHL, College Football, Soccer and PGA golf.
- What kind of scoring do they use? DraftKings uses the standard Fantasy scoring and lineup requirements for the major sports. There are no special gimmick rules or scoring. DraftKings uses the sporting stats service Stats LLC
- How much does it cost to play? You can enter many fantasy contests for as little as 25¢. Contest buy-ins will range up to $1000, the most popular contests are in the $1 to $25 buy-in range.
- How much can I win? There are many contests that offer top prizes into the Thousands of Dollars. Smaller contests like standard 10 player leagues pay the winner 50%, 2nd place 30% and 3rd place 20% of the prize pool. The most popular contests like the Double Ups and Triple Ups pay twice or 3 times the buy-ins for winning. Large tournament size contests will pay 1st place about 20 to 25% of the total prize pool. The Big Promotional Events have 1st place prizes of $500K or $1 million dollars.
- Is it realistic for me to win a Million Dollars? Why not? Someone has to win. If you have a good knowledge of sports and can even say you know more about any one sport, your way ahead of the game. Many players (myself included) play fantasy games involving sporting events I don’t even follow that closely. I play for the sheer challenge and entertainment. Serious players concentrate on their strengths and win $1000’s over the course of the various sport seasons.
- What is the minimum amount I need to start playing? You can deposit as little as $5 into your account to start playing.
- What do I get from DraftKings, If I sign up now? You will automatically get a free entry into your first cash contest when you make any deposit of $5 or more on DraftKings.
- Can I play for Free? Yes, DraftKings offers many Free Rolls (contests that award cash or free cash play entries every day and week of the year. Just look for contests with $0 entry on the main contest lobby.
- What kind of help does DraftKings offer to their players? DraftKings has many tools you can use to help your lineup decisions. When you click a players name his profile information includes: Latest player news, player stats for last week , the last 4 weeks and season to date stats. The NFL draft page even includes team depth charts, opponent rankings and a filter that shows all players (both teams) in that game. Look for DraftKings TV (DKTV) announcements on your e-mail, these pod casts have many strategy ideas and player ranking tips and advice.
Go to DraftKings Now and start playing on the Best Daily Fantasy site available.