So, you did it.
You hit a bet on FanDuel. Maybe it was a small $10 win. Maybe it was a jaw-dropping $500 jackpot. Either way, congratulations! That rush? Unbeatable.
But now, the buzz fades, and the questions creep in:
“How do I get my money out without a headache?”
“Do I have to pay taxes on this? How much?”
“What if the withdrawal takes forever or gets stuck?”
“Am I supposed to report this to the IRS?”
“Will this mess up my taxes or get me audited?”
Relax. You’re not the first first-time winner to freak out over what comes next. The truth is: winning on FanDuel isn’t just about celebrating—it’s about knowing what to expect so you don’t get blindsided.
Here’s the no-fluff, no-legalese breakdown of what really happens after you win on FanDuel—and what you should do about it.
💸 How to Withdraw Your FanDuel Winnings (Without Losing Your Mind)
First things first: Your money isn’t automatically in your bank account.
FanDuel keeps your winnings in your account balance until you request a withdrawal.
How to Withdraw:
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Open the FanDuel app or website.
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Go to your account wallet or cashier.
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Select withdraw (not deposit).
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Pick your withdrawal method. Common options include:
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ACH bank transfer (most common, 3-5 business days)
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PayPal (usually faster, sometimes instant)
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Paper check (slow, avoid if possible)
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Debit card refund (if your deposit was with a card)
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Enter how much you want to withdraw and confirm.
Pro tip:
Withdraw only what you’re comfortable with. You don’t have to cash out your entire balance at once.
⏳ How Long Does Withdrawal Take?
Patience is your friend here.
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PayPal withdrawals: Can be instant or within 24 hours.
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Bank transfers: Typically 3-5 business days, sometimes faster.
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Checks: Can take 7-10 business days or more.
FanDuel may require you to complete identity verification before your first withdrawal—so have your ID handy. This is standard and protects both you and them.
🧾 Taxes—Do You Have to Pay?
Short answer: Yes, maybe, and here’s why it’s not scary.
The U.S. government treats gambling winnings as taxable income. That means:
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If you win over $600, FanDuel is legally required to send you a Form W-2G, which reports your winnings to the IRS.
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If you win less, you might still owe taxes but won’t get a W-2G from FanDuel.
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You are responsible for reporting all gambling winnings on your tax return, even if you don’t get a form.
How much tax?
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Gambling winnings are taxed as ordinary income.
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Depending on your tax bracket, you’ll pay your usual income tax rate on your net gambling profits.
🤯 What About Reporting Losses?
Good news: You can report your losses to offset your winnings—but only if you itemize deductions.
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Keep good records of all your bets, wins, and losses.
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Keep screenshots, transaction histories, or notes.
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Losses can reduce your taxable income but cannot exceed your winnings.
🚨 Beware: Don’t Ignore This
Ignoring gambling taxes can lead to penalties or audits. The IRS has gotten more aggressive about this in recent years.
If you’re worried, talk to a tax professional who understands gambling income.
🙌 What to Do Next—Tips for First-Time Winners
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Don’t rush to withdraw it all. Sometimes keeping a balance for future bets is smart.
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Verify your identity early to avoid delays later.
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Set aside a chunk for taxes so you’re not surprised. Around 25-30% is a safe estimate.
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Keep detailed records of all your bets, wins, and losses.
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Consider using tax software or a professional if you’re serious.
🧘♀️ Bottom Line: Winning on FanDuel Feels Amazing, But Stay Calm
You won’t get your money instantly, and yes—you’ll probably owe some taxes.
But if you know the process, you won’t get caught off guard.
Treat it like a grown-up win—celebrate, withdraw smartly, save for taxes, and enjoy the fact that you beat the odds.
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