Licensed in Colorado
Fantasy sports have been around in some form since the 1970s, starting with the original Rotisserie Baseball. DraftKings helped completely turn that friendly game into a billion-dollar juggernaut of a sports gambling industry.
Hard to look ahead and see exactly how DraftKings is going to change the sports betting industry, now that it’s operating sportsbooks across the United States. Expectations, however, are high. This is, after all, the company that began as a home office business run by three former employees of Vistaprint.
It was the first fantasy sports company to receive an investment by a major American sports league. And it was a part of a public merger that saw the company evaluation top $3 billion. And all in less than 10 years.
It’s the variety, of which DraftKings has in spades. It’s the convenience of having both DFS and sports betting accounts under a single umbrella. And its aggressive entry into the marketplace. As it was in many other states, when sports betting went live in Colorado on May 1, 2020, DraftKings was there, opening up operations on the very first day it could.
Sign Up and Deposit Bonus
When you place your first bet with DraftKings, win or lose, the amount of that bet will be credited to your account in the form of a free bet of up to $500. Even though it’s not free money, in that you have to wager the bonus, it is a great way to welcome new customers.
DraftKings is also offering a deposit match of up to $500, which is good for both new customers and existing customers. If you are new, your first deposit will be matched up to $500. If you are already a customer, your very next deposit will be matched, up to $500
Bonus Offer Terms and Conditions
The risk-free bet needs to be used within 30 days of your initial bet. If you fail to place the bet in that time frame, it will be forfeited.
The deposit bonus comes with a far more extensive playthrough requirement. For both new and existing customers, the playthrough is $1 released into your account for every $25 wagered. To get the full $500 bonus, you would need to place a total of $12,500 in wagers. For new customers, any bonus amount that hasn’t been played through in 45 days will be forfeited. Existing customers will have 90 days to complete the playthrough requirements.
Other Bonus Offers
At DraftKings in Colorado, you will also find a refer-a-friend bonus, which gives you a free bet of up to $100 for every friend that signs up. The friend must be new to DraftKings and make a deposit into their new account.
For deposits up to $49, both you and the friend get a $25 free bet. Up to $99, the bet is $50. And any initial deposit that’s over $100 will give both you and your friend $100 in a free bet. Bonus bets are valid for 90 days.
Featured NFL Pick ‘Em Competition
DraftKings has millions of customers in multiple states, and they have used that reach to create the biggest multi-state pick ‘em competition ever. Enter for $1,500. Make five picks per week against the spread. First prize wins a cool $1 million, with another $1 million split among the rest of the top finishers.
It’s ambitious, but something DraftKings is uniquely equipped to pull off.
$250 BONUS MATCH
ON FIRST DEPOSIT – T&C’S APPLY
The daily fantasy sports world is full of bonus games and player pools, and DraftKings has taken that same philosophy and applied it to their sportsbook.
There are free to play daily pools that feature escalating cash prizes as you climb higher up the leaderboard. For whatever sport is in season, you’ll find a daily pool to play.
DraftKings has free NFL divisional pools that feature predictions before the season begins. Get the most predictions right, and win the $2,000 prize. One entry per person per season.
DraftKings also rolls out seasonal and rotating promotions that will, at times, include pregame insurance. These are bets that are lost in specific ways – like only giving up one goal in a soccer match – that then return the bet to you in the form of a future free bet. You’ll find insurance on basketball, football, soccer, UFC, and several other sports.
BANKING WITH DRAFTKINGS
Making Account Deposits
When you click on the deposit button on the top right corner of the DraftKings screen (both web and mobile app), you are taken to a menu of possible deposit options.
First, you will select a deposit amount:
With “Other” you can input any amount you choose between $5 and $2,500. That $2,500 is the max amount by default when you first sign up. You are able to increase it you’d like.
Next up is choosing a deposit method. Your choices are:
- Online bill pay/transfer
- Credit or debit card
- Prepaid card
- PayPal, Neteller, or other ewallet provider
Online bill pay is preferred by DraftKings for its ease of use, speed of transaction, and low risk of fraud. DraftKings also warns customers that when funding their account with a credit card, it’s possible they will incur an extra fee.
Some card issuers treat credit card payments to gambling companies the same as a cash advance. Always check with your issuing bank before making any deposits.
Making Account Withdrawals
One big advantage of using online bill pay or PayPal as your means of deposit is that both can be reversed easily for account withdrawals. If you make deposits with a credit card, that reversal is not so automatic.
Choices for withdrawal include:
- Personal check
There are obvious built-in delays that come with withdrawing funds by personal check, including processing time and possible postal service delays.
One important account note: DraftKings does allow the linking of sportsbook accounts and daily fantasy sports accounts, but not all funds are linked. You can only place sports bets with DFS winnings. DFS deposits and DFS bonuses cannot be used in the sportsbook.
Types of Bets at DraftKings
Looking through the list of available sports and wager types offered by DraftKings, it doesn’t appear that there is anything in which you can’t place a bet.
The list of available sports includes:
- Athletics (track and field)
- Aussie Rules
- Beach Volleyball
- Fighting (Boxing and MMA)
- Horse Racing
- Olympic Sports
- Pesäpallo (Finnish Baseball)
- Rugby (League and Union)
- Table Tennis
- Winter Sports
And they are adding new sports all the time.
Available Wager Types
If you are new to sports betting, or a seasoned gambler, the wager type that best suits your skill and comfort level is easy to find.
Point Spread: Highly paid handicappers set the point spread between the favorite and the underdog. It’s up to you to decide if you want to take the points or give them.
Moneyline: This is a straight win/loss bet with no point spread. Instead, bookmakers give the favorite and underdog different odds of success. Win on the underdog and get a higher payout. Win on the favorite and make a little less.
Totals: If you don’t want to be burdened with picking the winner of the game, choose neither, and instead make a totals bet – also known as an over/under. The only thing that matters here is the total combined points scored in a game, and whether you picked over or under the posted line.
Proposition Bets: These are also bets that don’t care about the winner of the game (usually). Instead, these are bets on smaller events that take place inside the game, like which team will score first, which quarterback throws for the most yards, and how many strikeouts a starting pitching will record.
Futures Bets: These are bets on events that have yet to take place. Common futures wagers include the winner of the Super Bowl, the World Series, and which player will win The Masters.
DraftKings also offers a high-performance tech platform that ensures its customers get the most out of in-play wagering. In-play, in-game, or live wagering are wagers on events that are already in progress. You can bet on the winner of a half, quarter, inning, or even down to a single pitch.
The odds keep changing as the game progresses, and with each passing minute, you are presented with an entirely new menu of possible wagers.
Anyone eligible to place sports wagers in Colorado can open an account and place bets through DraftKings. Just be at least 21 years old and inside the state lines of Colorado when placing that bet. You can access your account outside the state, but you will not be able to make transactions or place bets until you are in Colorado.
DraftKings is available on all desktop browsers, and there are mobile apps that can run on both Android and IOS. One note about the Android app – since Google Play does not allow gambling apps in its store, you will have to access a download link for the app on the DraftKings website.
Yes. The DraftKings help section offers a wide variety of videos and tutorials to help new bettors understand odds and point spreads, the wagering process, and the differences between betting on different sports. No matter the question the novice sports bettor might have about betting, an answer can be found on the website.
Because the sports gambling laws are different in each state, every legal sportsbook must confirm a customer’s location before allowing them to bet. DraftKings does this through a Geocomply plug-in that must be installed on your desktop. When on DraftKings.com, a customer will not be able to use a VPN service.