What is DraftKings?
DraftKings is not only one of the longest-tenured operators in the daily fantasy sports (DFS) industry, but at present, the top company in terms of entry fees and registered users as well. It’s been in business since 2012 and has expanded its reach to five offices worldwide (Boston, MA, New York, NY, Hoboken, New Jersey, London, England and the Isle of Malta).
DraftKings is the exclusive DFS partner of Major League Baseball, Major League Soccer, the National Hockey League, NASCAR and the Canadian Football League. Additionally, it has individual strategic partnership agreements with multiple teams in all four major North American sports leagues (MLB, NFL, NBA and NHL), and teams in the English Premier League.
DraftKings also offers a wide array of strategic content designed to dispense DFS strategy, statistical analysis and overview of the real-world, fantasy-relevant personnel moves of teams with respect to all of the sports that the site offers. This content is located within the site’s DK Playbook. DraftKings also offers a robust selection of similar video content through its DKTV section.
The site offers a comprehensive array of sports and contest types through its website, iOS or Android application. Many of the company’s offerings are more or less industry-standard, but there are a number of initiatives that are unique or proprietary:
- Pick ‘Em – A format without a traditional salary cap in which participants pick one player from a pre-selected list over six tiers.
- Showdown – DraftKings’ version of single-game slates.
- Leagues – Private leagues for any sport DraftKings offers that are designed to be composed of social groups such as family members, friends and work colleagues.
- DK Live smart device application – A companion app that provides players with injury news, scores, highlights and the latest developments with players in their pre-set lineups via a “My Players” feature.
- DraftKings Frequent Player Points (FPP) – The site’s proprietary ongoing player incentive program, where players earn one FPP for every $1 spent on real-money contests. FPPs may be subsequently be used to enter contests on the site or purchase items from the online DK Shop. Players achieving certain FPP benchmarks (100, 500, 2,000, 10,000, 25,000 and 125,000) in a given month earn entries into free contests with cash prizes.
- Experience Badges– The site tracks the experience level (via frequency of play) and winnings of each user. DraftKings draws a distinction between badges based solely on frequency of play and those based on amount of winnings. For example, badges are award at the 500- and 1000-contest milestone regardless of winnings, and there are three subsequent designations for players who’ve won at least $1,000 and $2,500 over a certain number of entries.
- Beginner–Only and Casual Contests- Contests where only players of a certain experience level can participate. Beginner-Only contests are open to players who’ve yet to earn an experience badge or who have not entered more than 50 contests. Casual contests are open to players who’ve yet to earn an experience badge.
- STEP contests– A series of contests where players advance by winning a ticket to the next level. Step 1 contests usually begin at $2.00 progress upward in entry fees. Step 4 contests, the final one in the series, pays out cash prizes to a certain percentage of finishing positions.
- DK Dollars– Site credits that can exclusively be used for entry into real-money contests on DraftKings. DK Dollars cannot be withdrawn.
DraftKings Deposit and Withdrawal
Players can deposit money on DraftKings through:
- Visa, MasterCard, American Express or Discover credit card
- Visa, Mastercard or American Express gift card
Minimum deposit amount is $5 and the maximum amount is currently $2,000. Due to varying state regulations, players in certain jurisdictions may initially be prevented from depositing above a certain amount per month.
Players subject to such restrictions wishing to be considered for a temporary or permanent increase in the amount they’re allowed to deposit monthly are required to upload a copy of their driver’s license or other state-issued identification and an image of a utility bill in their name from the past 60 days in order to provide proof of residency and have their request considered.
Players can withdraw money on DraftKings by filling out a withdrawal request form from the appropriate section within their Account page. DraftKings refunds the amounts of all deposits made within the prior 90 days to the funding source(s) these originated from and then returns the rest via the customer-selected method of either a check or Paypal account.
Presently, DraftKings funds withdrawals via either check or through PayPal. The former method typically takes 7-10 business days to process, while the latter is usually has a 2-3 business day time frame with respect to fulfillment.
DraftKings Games and Features
DraftKings offers a full array of daily fantasy contest types, with entry fees as low as .25 cents to potentially as high as $10,600:
- Guaranteed Prize Pools (GPPs)
- 50/50s and Double Ups
- 3-100 Player Leagues
- Multipliers and Boosters
- Satellites and Qualifiers (when available)
Additionally, DraftKings offers free contests with no cash payouts of any kind and occasional freerolls that do offer pre-set cash prizes.
Presently, DraftKings offers contests in the following sports:
- LOL (esports)
- Euroleague Basketball
DraftKings users can review and enter available contests, cancel entered contests, create and edit lineups, check on live scoring for their entered contests and deposit or withdraw funds through the operator’s website or through its iOS application or Android applications on their smart devices.
DraftKings Player Rewards
At present, DraftKings currently offers first-time depositors a free contest ticket of varying denomination.
DraftKings rewards existing players who successfully refer others to the site. The operator runs varying promotions at different points. Currently, they are offering the following to existing customers for each referral:
- Each DraftKings user receives a 25% bonus (in DK Dollars) on the initial deposit amount of each of their referrals they make that is new to the site, opens up a DraftKings account, verifies their identity, and clicks on the player’s unique referral link, which can be provided to others through e-mail, shared via Facebook or Twitter or other online platforms, or via a system-generated challenge link for a specific contest.
- Referrals also earn a 25% bonus (in DK Dollars) on the amount of their initial deposit once they’ve met the terms described above.
DraftKings Customer Support
As a major player in the DFS industry, DraftKings boasts a multi-faceted customer support system.
DraftKings features a comprehensive FAQ (Frequently Asked Questions) section on its website that offers assistance with, and answers to, many of the common questions or issues that users have. The topics covered include:
- The Basics – Basic information for new users on the legality of DraftKings and what type of contests the site offers.
- Account Management – A thorough overview of account management and security.
- Deposits and Withdrawals – An overview of the site’s process for handling both incoming and outgoing funds.
- Gameplay, Prizes and Bonuses – An overview of the logistics of contest entry on DraftKings, as well as related issues such as scoring, possible contest outcomes and contingencies such as cancelled or postponed games.
- Player Rewards – An overview of the Frequent Player Points (FPP) system.
- Leagues – An overview of the Leagues mode of contests offered by DraftKings.
- Policy on Employee Participation – An overview of the limitations that DraftKings employees have in terms of contest participation and a review of how much proprietary information they have access to.
- Contact Us – A listing of the company’s Customer Support Department hours.
- Community Guidelines – An overview of the Code of Conduct expected by DraftKings of those competing on its site.
- Players First Initiative – An overview of various measures instituted by DraftKings to enhance the player experience, including Player Blocking, Player Notification Blocking, Multi-Entry Limits and High Volume Player Entry Fee Restrictions.
Players who cannot obtain answers to their questions through this content are also able to access a DraftKings representative via live chat or through [email protected] seven days a week. Support hours are Monday-Friday, 7:00am-12:00am Eastern and Saturday-Sunday, 9:00am-12:00am Eastern.
DraftKings abides by all applicable federal laws governing paid-entry fantasy sports, as well as the specific state regulations in the areas in which it offers its contests. As such, DraftKings does not currently offer paid-entry contests in the following states:
Residents of any state wishing to enter a paid-entry fantasy contest on DraftKings must be physically located within a state that the operator serves at the time of contest entry. Furthermore, legal residents of Alabama or Idaho who are physically located outside of those states are eligible to deposit funds, enter contests and earn prizes offered by DraftKings.
Moreover, the following are some other basic requirements for playing on DraftKings:
- Must be 18 years of age or older (19 years of age or older in Alabama and Nebraska and 21 years of age or older in Massachusetts)
- Must be a citizen or resident of the United States of America or Canada with an address in the United States of America or Canada;
- Must be physically located in the United States of America or Canada in a jurisdiction in which participation in the contest is not prohibited by applicable law at the time of deposit or contest entry;
- Must not be a DraftKings employee or immediate family member to play in any public contests for cash.
- Professional or amateur athletes, sports agents, coaches, team owners, team employees, referees or league officials, and their immediate family members, are not eligible to participate in and are strictly prohibited from entering, any DraftKings contests in the sport in which they are associated.