How Does Betting Work on DraftKings?

If you’ve never heard of DraftKings, you’re likely to be among the 46% of Americans who avoid clicking on links in email and instead rely on the good ol’ fashioned way of finding information: by googling it. But, if you’re reading this, you’re probably already aware that DraftKings is the largest online betting company in the world and it’s recently entered the American market with an online sportsbook called DK America. While the concept behind online betting is fairly straightforward – create an account, deposit some money, place a bet and wait for the results – the methodologies can be a little more complicated. Let’s dive into this concept a little deeper. 

What Types of Sports Can I Bet On?

If you’re a fan of the NBA (National Basketball Association), you’ll be pleased to learn that you can wager on just about every game. In fact, you can take advantage of the many game props offered on the site, such as over/under bets, quarter bets, etc. If you’re looking for a bookmaker that offers more traditional bets like win, place and sinker, you may have come across one of the smaller online sportsbooks, but you’d be missing out on some terrific value if you did. You may also want to look into depositing money with one of the many banks that offer sports wagering, such as TD Bank or Chase. 

On the other hand, if you’re a fan of the NFL (National Football League), you may want to consider a different online bookmaker. For example, instead of heading to DraftKings, you could try out One big difference between the two sites is that while you can place wagers on the NFL, you have to do so on specific teams. Also, while you can’t go back and change your NFL wagers once they’ve been made, with DraftKings, you can alter your bets at any time. 

What Are My Chances of Winning?

Similar to when you visit a casino and bet on the slots or the table games, you’ll have to take into account the house edge when betting on sports. For instance, if you wager on the over/under on a basketball game and the total is 45, you’ll win 10:1 on a $1 wager. While this may not seem like a bad deal, consider that the bookmaker will still take a small percentage (about 5%) of your wager. On the other hand, if you bet on the money line, you’ll only need to worry about the game’s outcome to affect your winnings (or losses). Essentially, the more you know, the better your odds of winning. 

Of course, in most cases you’ll need to make a small investment to get started on DraftKings. For instance, if you’d like to bet on the over/under on a game, you’ll need to invest in a budget that allows you to make this wager at least once. But, once you’ve made that initial purchase, you’ll have access to all of the games and props that the site has to offer. Essentially, it’s a win-win situation. 

Taking Risks On Game Day

Risk management is an essential part of any successful gambling trip. Before you leave for the casino you should have a clear idea of what you’re betting on and how likely you are to win. If not, go back and review game props and statistics before you make the journey. In most cases, you’ll be able to get a general idea of how the game is going to play out from the previews shown before the game. Sometimes, though, there are surprises – like the Packers upsetting the Bears or the Patriots coming from behind to edge out the Jaguars – and you wouldn’t want to be in the position of not knowing how likely you are to win. 

On the other hand, sometimes we can have complete confidence in the team we’re backing. For example, if you’re a big Steelers fan, you may feel comfortable going all the way to the bank and laying down some serious money on the outcome of their game against the Colts. Naturally, this is a big risk and you may not want to do this unless you’re feeling particularly lucky. 

More Than Meets The Eye

Many people think that online betting is just gambling online. While this may be true in some cases, it’s also possiblr for an online sportsbook to provide more than just the basics. For example, if you visit the Betting page on DraftKings, you’ll notice that there are all kinds of extra options available. 

On the left side of the screen, you’ll see the usual game props and statistics, but if you click on the green Get Bonus Betting Tools button at the bottom of the page, you’ll be landed on a separate menu. Here you can manage your accounts, review previous games, check the history of upcoming games or access a variety of useful tools, like handicapping calculators, etc. 

Also, if you’re viewing this on a mobile device, you may want to consider going the extra mile and downloading the app. It would be great if all of the stats and information were available on the go, so you never had to stop what you were doing to search for games or watch the occasional YouTube video about sports. 

Depositing And Withdrawing Funds

One of the most important things to consider when betting on sports is how easy it is to deposit and withdraw funds on the site. Essentially, you can use any major credit card to make a deposit and the minimum amount is quite low, starting at just $10. In addition, many credit cards offer special bonuses if you’re using them for online gambling, so it’s a good idea to take advantage of these perks. 

On the other hand, withdrawing funds is much more complicated. At least, it used to be. With DraftKings, it’s now as easy as saying goodbye to cash. Instead, you’ll need to use an electronic wallet, like a Stripe or a Click2Pay account. So, while you’re uploading a receipt to show you’ve been there, the money is already being withdrawn. 

Additionally, in most cases you’ll need to wait at least seven days for your funds to clear. This is one of the things that made sports betting so appealing back in the day – you’d get your cash quickly and you didn’t need to worry about it sitting around for a couple days. 

Final Takeaway

Overall, considering all of the factors above, whether you’re a newcomer to the world of online betting or you’ve been at this for a while, it’s still a good idea to keep in mind the following three points: 

  • The house edge applies to most types of bets, including those on football and basketball
  • Risk management is critical – knowing how likely you are to win and being able to handle your losses without getting too excited about wins
  • Withdrawing funds can still be a hassle, so make sure you’re aware of any restrictions and have a plan B if things go wrong

On the other hand, if you’re looking for an easy way to make some extra cash or just want to try out a new type of wager, sign up at DraftKings now!