FanDuel Group is a sports betting, horse racing, online casino, and daily fantasy betting company. The company works with sportsbooks in several states of the U.S., including Virginia, New Jersey, Indiana, and Pennsylvania.
If you frequently bet on the app, you can accumulate money and then withdraw it. If you are a lucky winner and want to know how to cash out, we prepared this post with all the steps to learn how to cash out on FanDuel.
How does FanDuel Cash Out work?
FanDuel Cash Out is a tool that allows users to receive the money from their bet before the end of the activity or event they bet on. The amount of money paid out is ordered at the time of collection. In addition, the amount to be received will depend on the actual odds of the bet being successful or not. With this early withdrawal option, the money received can be more or less than the outcome of the bet.
For example, if you place a bet on the Super Bowl, but it turns out that the game does not go in your favor, you can use Cash Out to withdraw money from online bookmakers to reduce your losses.
This early withdrawal tool works in live betting or gambling. Some people participate in these activities because they see it as a fun way to earn money on FanDuel.
Can you withdraw money from FanDuel?
Yes, as previously mentioned, you can withdraw your money from FanDuel. To cash out, you must meet some requirements, i.e., it is not available for all bets. So, what bets are eligible for withdrawal?
Although not all bets are available, most live games are eligible. You can cash out your winnings early or reduce your losses in real time.
Know that your bet is eligible for a Cash Out only if offered with a “Cash Out value.” You will see it on the bet coupon under the “Active Bets” tab in FanDuel Sportsbooks. We recommend you review the sports bets within the application and determine which ones are eligible for early cash-outs.
How to withdraw money with Cash Out?
If you win a bet and want to withdraw the money, you can do it directly to your bank account. In the mobile application or the desktop version, you must follow these steps:
Step one: Active bets
Log in to your FanDuel account and go to the “active bets” section. In this space, you will see a green withdrawal button with the amount of money available to deposit.
Step two: Choose your payment method
Click on this green button and choose your preferred payment method. The screen will display the available alternatives such as:
- Transfer to an online banking account
- Payments through the Venmo application
- Payments through the Paypal application
- Withdrawal by debit card and prepaid card
- Withdrawal as Cash at the teller window
- Check
When making a withdrawal, it is important to consider the following points:
- Withdrawals via PayPal or Venmo can take up to 48 hours to be approved; after being approved, you should have the funds available one hour later
- Debit card withdrawals can take up to 24 hours to be approved. Likewise, the money will be available one hour later
- Prepaid card withdrawals take 48 hours to be approved and are deposited immediately.
- Withdrawals by Online Banking take two hours to be accepted.
- Withdrawals by check are the least favorable to the customer because they take 14 business days after they are accepted.
Step three: Confirm the transaction
After choosing the payment method, a pop-up window will appear asking you to confirm the transaction; at this point, you must verify that all the information is correct. If yes, click the “continue” button, and an exchange house will accept or reject the request. The time will depend on the payment method chosen and the number of hours or days previously indicated.
Step four: Receive the money
The last step consists of receiving the money in the chosen payment method. In the application, this amount will appear in the “settled bets” tab with the word “Withdrawn” to identify that it has already been deposited.
How long does it take to Cash Out on FanDuel?
FanDuel awards real money to the winners of the bets, who can receive it through different forms of payment. Online platforms, digital wallets, bank accounts, and debit cards are valid to complete the withdrawal. The amount of time it takes to be available depends solely on the chosen payment method. In this list, we will explain the time for each:
- Withdrawals by Online Banking, debit card, Paypal, Venmo, and FanDuel Prepaid Play+ take two hours to be processed, but some amounts can take up to 48 hours
- Cash pickup payments are available within one hour, but large amounts will take up to 48 hours. In this case, an email will be sent when the money is available for withdrawal
- Checks arrive 14 business days after being approved
It is important to mention that withdrawals by debit card, Venmo, Paypal, or prepaid card will not be possible unless you have deposited money by this means in the past. That is to say, all the forms you have used to deposit funds will be available as a withdrawal form for you; those you have not used to deposit will not be allowed to receive your withdrawals.
Does FanDuel report winnings to IRS?
Yes, unfortunately, yes. If you are new to gambling and want to know if you have tax obligations, the answer is yes. In some cases, both casual and professional gamblers pay the same rate for their games. In other cases, the tax rates vary depending on the amount of money and how much you win on the bet or even how much you lose.
When paying taxes on winning bets, you should consider three main sources that set the rate to be charged: sports betting commission, federal taxes, and state taxes.
According to the IRS, all winnings from sports betting or other gambling, including horse racing and the lottery, must go on your annual tax return under “other income .” That means that even if you won $10, you must report it, but it doesn’t mean you have to pay.