Withdrawals

When can I request a withdrawal?

PrizePicks has a 1X playthrough requirement, which means you need to play through all deposited funds once before withdrawing them. For example, if you deposited $25, you must play $25 worth of entries before withdrawing. 

You also can not request another withdrawal if you have already withdrawn money less than 24 hours prior.

How do I request a withdrawal?

‍You can request a withdrawal by navigating to your account icon and selecting “request withdrawal”. Follow the instructions to request the amount of money you wish to withdraw. 

For security reasons, the approval process can take 24-48 hours for your first few withdrawals, but you can eventually qualify for automatic approvals. 

How do I finalize my withdrawal?

‍Once your withdrawal is approved, you will be emailed an OTP (one-time password) code. If you can not find the OTP code, please check your spam folder. Once you have your OTP code, navigate back to the withdrawal page and click the purple “Withdraw” button. 

You will then be prompted to input your OTP code and select your withdrawal method. It can take as few as 5 minutes or as long as 24 hours for the money to hit your bank account depending on your withdrawal method and bank. 

Why does my withdrawal say “In_Progress”?

‍If your withdrawal was marked as In-Progress, there may have been an error with the processing of your withdrawal. Please message Live Support so they can cancel this withdrawal attempt.  You can then attempt to create another one. 

Why did my withdrawal fail?

‍Your withdrawal may have failed due to you entering inaccurate bank account information. If this happens, your withdrawal will be returned as PrizePicks credit, and you will be able to create a new withdrawal. 

Do I have to pay taxes on my withdrawals?

‍Members will be asked to provide their SSN and confirm their address for tax reporting at the end of the year. In the event your annual net winnings (total winnings - entry fees) exceed $600, we are required to file a 1099 tax form. 

Please ensure you have the correct mailing address on file to ensure you receive your 1099.