PrizePicks introduces $50 deposit bonus for new daily fantasy sports users
A $50 bonus is available for a minimum $5 wager, though the platform enforces a playthrough requirement on all deposited funds before withdrawals are permitted.
Daily fantasy sports operator PrizePicks has launched a promotional campaign targeting new users with a $50 bonus contingent upon a minimum wager of $5. The offer is designed to lower the entry barrier for aspiring participants across the platform's current legal footprint, which includes 45 US states and Washington D.C.
The promotion applies to contest types including 'Pick 'Em', 'Arena', and 'Streak', allowing users to engage with various prediction formats immediately upon registration. While the platform distinguishes itself in the sector by providing 24/7 live chat support, the terms of the promotion include a specific restriction on cashing out winnings.
According to the platform's policy, all deposited funds are subject to a one-time playthrough requirement before any withdrawal can be processed. This means users must wager the amount of their initial deposit at least once to convert it into withdrawable cash, a condition that applies regardless of the source of the funds.
Payment options for the platform include PayPal, Venmo, and Apple Pay, although availability is subject to state-level regulations. For instance, PayPal and Venmo are not accessible in New Hampshire, Maine, Missouri, Colorado, and Delaware, while Apple Pay and Visa credit cards face similar limitations in specific jurisdictions.
For tax purposes, the platform reports winnings exceeding $600 to the IRS via a 1099-MISC form. Users are advised to be aware of this reporting threshold, as the income must be declared on tax filings even if the funds have not been withdrawn from the account.
