DraftKings Promo Code - Bet $5 To Win $150 In Free Bets

Last Updated Nov 23, 2022
Fact Checked By: Josh Collacchi

DraftKings Sportsbook users who register today using the DraftKings promo code in the link below will get a chance to win $150 on the first $5 moneyline bet place. This is essentially a 40/1 odds boost, and is one of the best sports betting promos available.

DraftKings is one of the most popular brands in iGaming today, and the DraftKings promo code gets users an awesome welcome bonus. DraftKings Sportsbook has gained a reputation for offering the most generous and creative sign-up bonuses in the country. They generally require you to bet just $5 on a major sporting event to unlock hundreds of dollars in bonus credits. The DraftKings Sportsbook promo codes change on a regular basis, but we have broken down the current welcome bonus and highlighted some of the best deals from the past few months.

This DraftKings promo code guide will explain how to redeem a welcome bonus offer. We will delve into the wagering requirements attached to these promotions, and offer advice on how to maximize the opportunity they provide. You will also learn about additional DraftKings Sportsbook promo codes, such as the refer-a-friend bonus, the free-to-play daily pools and the loyalty program. Read on for a thorough analysis of the best DraftKings bonus codes.

DraftKings Promo Code - Bet $5, Win $150 in Free Bets If Your Bet Wins

The DraftKings sign-up bonus changes on a regular basis. There is a standard DraftKings Sportsbook bonus that runs on an intermittent basis. It is a 20% deposit match bonus worth up to $1,000. This offer comes with a 25x release requirement, so you need to place $25,000 worth of bets to unlock $1,000. That is not as appealing as some of the short-term DraftKings bonus code offers mentioned above, such as the current offer of $150 in free bets if your bet wins.

🎁 DraftKings Promo CodeBet $5+, Win $150 in Free Bets
📍 States AvailableAZ, CO, CT, IL, IN, IA, KS, LA, MD, MI, NJ, NY, PA, TN, VA, WV, WY
💰 Betting TypesSpreads, totals, player props, futures, parlays, and more
🖊️ Welcome Bonus OfferBet $5, Win $150 in Free Bets If Your Bet Wins
📲 DraftKings Mobile App AvailabilityiOS and Android devices
🥇 Why Choose DraftKings?Aesthetic betting app, fun bonuses, and reputable brand
📆 Last Validated November 23, 2022

For DraftKings' main offer of the 20% deposit match up to $1,000, the company does sometimes throw in extra bonus credit along with that bonus to sweeten the deal. For example, at one point, it was offering a $50 free bet token plus the 20% deposit match bonus, which made it a very appealing offer, particularly if you only deposited $5 to qualify.

For example during the NBA Playoffs, DraftKings runs a "Bet $5, Win $150" bonus. Users sign up for a DraftKings Sportsbook account, make a $5 deposit and wager it on any NBA game to qualify. DraftKings immediately gives you six free bet tokens worth $25 apiece, which amounts to a total of $150 in bonus funds. You will be awarded the bonus funds regardless of whether your qualifying bet wins, loses or pushes. Any cash winnings from the qualifying wager will also be paid into your account. Alternatively, you can bet $5 on an MLB game and get $200 in free bet tokens (8 x $25 free bets).

Each of the free bet tokens has just a 1x rollover requirement. That means you only need to play it through once, and any winnings you earn will be paid into your cash balance. For example, if you place a successful $25 bet at odds of +150, you will be paid $37.50 in cash. This is an extremely generous offer, as you only need to risk $5 of your own money, and you could potentially earn hundreds of dollars if you make astute wagering decisions with the DraftKings free bet tokens. There are no minimum odds requirements. You just need to use the free bet tokens within seven days.

Take Advantage Of Various DraftKings Promotions

DraftKings runs lots of similar promotions over the course of the year. For example, it offered a "Bet $5, Win $200" bonus at March Madness, and the DraftKings sign-up promo code in the build-up to Super Bowl 56 was a "Bet $5, Win $280" bonus. It has also run "Bet $1, Win $100" DraftKings signup promo code offers in the past. These bonuses are a bit different compared to the BetMGM bonus code, which offers a risk-free bet. The Caesars Sportsbook promo code also offers a first bet on Caesars, while other sportsbooks have different types of bonuses.

These DraftKings Sportsbook promo code offers are for new customers only. It offers a few ongoing DraftKings promotions for existing customers, but you can only claim a sign-up bonus once. You must be at least 21 years of age in most states to claim a DraftKings Sportsbook promo code, but the minimum age is 18 in several jurisdictions. You still are eligible for a DraftKings Sportsbook sign-up bonus even if you have previously signed up for the DraftKings Casino or Daily Fantasy Sports. Take advantage of the DraftKings promo code and get started at one of the best sports betting sites available.

Top DraftKings Promotions

DraftKings Sign-Up Promo

The DraftKings Sportsbook promo code for new customers changes every few weeks. The general idea is that you can sign up and place a $5 qualifying bet to unlock lots of free bet tokens. For example, one DraftKings promo code offer ahead of the NFL season in 2022 offered a bet $5, get $200 in free bets when wagering on the NFL or college football.

Alternatively, there are other "Bet $5, Win $200" deals if you place a qualifying bet on an MLB game. The rollover requirement on each token is just 1x, so this is a very appealing DraftKings promo. It regularly launches short-term bonuses of this nature on major sports events, including a "Bet $5, Win $200" offer during March Madness and a "Bet $5, Win $280" bonus on the last Super Bowl.

DraftKings Deposit Bonus

DraftKings Sportsbook regularly offers a 20% deposit match bonus worth up to $1,000. This is an interesting offer, but it comes with a 25x release requirement. That means you need to wager $25 of your own money to unlock $1 in bonus funds. To claim the full $1,000 from this DraftKings deposit bonus, you would therefore need to wager $25,000. You will be given 90 days in which to unlock as much bonus credit as possible, and a "Bonus Status" graphic will keep you updated with your progress.

This is a large welcome bonus. Some rival sportsbooks offer a $1,000 risk-free bet as their sign-up offer, but you need to use any bonus funds in one go, whereas the $1,000 from this DraftKings Sportsbook promo code can be divided up and used however you like. It is an attractive bonus for high rollers that plan to wager $25,000 in their first 90 days, but casual players might prefer to go for a "Bet $5, Win $150" or "Bet $5, Win $200" DraftKings bonus code offer instead.

In the past, DraftKings has offered a $50 free bet token along with the 20% deposit match up to $1,000 bonus. That is an attractive offer for casual bettors, because you could sign up, make a $5 deposit and instantly receive $50 in bonus funds – essentially making it a 1,000% deposit match offer.

Free Bets

There are lots of ways to unlock free bets at DraftKings Sportsbook. You will receive several free bets worth $25 apiece if you claim a "Bet $5, Win $150" or a "Bet $5, Win $200" welcome bonus. DraftKings sometimes offers a $50 no deposit bonus alongside its 20% deposit match bonus, which essentially amounts to a $50 free bet. You can earn free bets via the refer a friend bonus too. Another way to receive a free bet is to rack up loyalty points and then trade them in for site credit. You may find short-term free bet DraftKings offers for existing customers too at certain times too if you visit the promotions page.

Special Event Offers

DraftKings Sportsbook offers very appealing bonuses to tie in with major sporting events. It launched a "Bet $5, Win $200" bonus during the NFL playoffs in January 2022. You could sign up for an account and place a $5 bet to earn eight free bets worth $25 each. It then rolled out an even better DraftKings Sportsbook promo code for the Super Bowl – a "Bet $5, Win $280" deal, whereby you would get seven free bets worth $40 apiece for wagering $5 on either team.

That is the best DraftKings promo code offer we have seen, but it continues to launch generous deals. The "Bet $5, Win $200" DraftKings promo code returned during March Madness, allowing hoops fans to bet $5 on a game and enjoy eight $25 free bets. It then launched a "Bet $5, Win $150" bonus to mark the start of the NBA playoffs. These DraftKings Sportsbook offers are great, because they only require you to risk $5 to receive more than $100 in free bet credits.

In the past, DraftKings online sportsbook has also offered welcome bonuses that focused on huge odds boosts. For example, in the build-up to a big UFC fight night, it allowed new customers to bet $1 at boosted odds of 100/1 (+10000) on a single punch to be landed in a fight. Winnings were paid out as free bet credits. Success was guaranteed, as a punch is always landed in a UFC bout. A similar offer allowed new customers to bet $1 at 100/1 on a single 3-point field goal being scored in an NBA game. Once again, success was assured, because a 3-pointer is pretty much always made in a basketball game. There have been special event offers like that on football games too. You simply needed to make a $5 deposit to qualify.

DraftKings Promo Codes for Existing Customers

DraftKings does not offer as many ongoing promotions for existing customers as some of its rivals. However, you can still benefit from a few interesting DraftKings promotions long after signing up for an account. One great offer is the refer a friend bonus that we mentioned previously in this DraftKings Sportsbook promo code page. You simply need to send a unique player referral link to your friends and convince them to sign up and make a deposit of $100 or more, and you will then each receive a $100 free bet token.

You should also check out the free-to-play daily betting pools, which offer attractive cash prizes. Simply pick a contest, make your predictions and follow the games live to see if you surge to the top of the leaderboard. For example, you might find a $5,000 pool on NBA games taking place on a particular day. You can enter the contest and make predictions on how the games will unfold, specifying which teams will win, which players will score the most points, rebounds and assists, which game will see the most points, the number of players that will record a triple-double, whether any game will go into overtime and so on.

The bettor that gets the most correct answers will win $100, the next two on the leaderboard will each receive $50, and the prizes will grow continually smaller, with $1 each for the players that finish 501st to 2225th. These are excellent DraftKings promo codes for existing customers, and there are lots running every day. You can also create private pools to play with friends and family.

There are also online casino bonuses at DraftKings if you are in Colorado, Michigan, New Jersey, Pennsylvania or West Virginia. The current DraftKings promo code for new customers at DraftKings Casino is a 100% deposit match up to $2,000. It sometimes offers an additional $85 in free bet credit alongside the 100% deposit match. You can sign up and instantly receive $60 as a DraftKings no deposit promo code. You will then receive an additional $25 in free bet credit when you make your first deposit, alongside the deposit match of up to $2,000. There are leaderboard contests with $1 million prize pools for casino customers too.

DraftKings Perks for Loyal Customers

The DraftKings loyalty program is called Dynasty Rewards. It covers the DraftKings Sportsbook app, the online casino and the DFS section, so you can earn points for placing sports bets, playing slots, table games and live dealer games, and for entering fantasy contests. Alongside its legal sports betting operation, DraftKings also has a marketplace selling NFTs and collectibles, and you also earn rewards points for making purchases there. You can also claim DraftKings daily rewards when you log into your account.

There are five tiers to the Dynasty Rewards program. You will start as a Bronze member when you begin your legal sports betting journey with DraftKings. If you earn 25,000 loyalty points – known as Crowns – you will progress to the Silver tier. You then receive a 10% monthly accrual bonus and access to better contests and promotions. If you rack up 125,000 Crowns, you will become a Gold member. If you earn 500,000 points, you will become a Diamond member, earning access to exclusive live experiences and a team of VIP associates. The top DraftKings VIP tier is Onyx, which you will ascend to if you earn 1,000,000 Crowns. Onyx DraftKings VIP members receive a dedicated host.

You will earn a Crown for every $2 wagered on straight bets and futures. DraftKings offers a Crown for every $1 wagered on parlays too. You also get a Crown for every $1 in DFS contest entry fees you spend and for every $2 spent in the marketplace, while the rates within the DraftKings Casino vary depending upon which games you play. You can redeem Crowns for free bet credits, DFS contest entries, merchandise, experiences, gift cards and even vacations. You can redeem 550 Crowns for $1 in free bet credit, so each Crown is essentially worth $0.0018.

DraftKings Promo Code Guide to Maximize Benefits

This in-depth guide is designed to help you maximize the benefits from DraftKings promo code offers. Mobile sports betting operators in the United States currently set a budget of around $200 to recruit each new customer, and that is largely down to the generosity of the welcome bonuses they provide. That means you should be able to earn a strong cash profit if you play your cards right.

It is generally worth waiting for a short-term "Bet $5, Win $200" or "Bet $5, Win $150" bonus from DraftKings as opposed to claiming the 20% match deposit offer. You enjoy far better rollover requirements when you claim the short-term DraftKings Sportsbook promo codes, and you only need to risk $5 of your own money. Some online sportsbooks require you to use bonus credit in one go, whereas DraftKings divides it up into lots of free bet tokens, giving you a great chance of landing a winner.

For example, if you receive six free $25 bets and wager them all at odds of around -110, only one needs to win for you to profit. Some players might see it as free money and place hopeful bets on long shots, but we would advise sticking to sensible bets on a sport you are familiar with. Conduct thorough research and bet from a position of strength when using your bonus credits. You cannot use two free bet tokens on different sides of the same bet. However, there is nothing to stop you using a $25 free bet token on one team to cover the spread, and placing a bet of $11.90 on the opposing team to cover the spread at a different online sportsbook, thus locking in a $10.82 profit regardless of which team covers.

Top 5 Pros About DraftKings Promo Codes & Offers

These are the top five benefits you will enjoy when you redeem a DraftKings Sportsbook promo code:

Low Rollover Requirements

You will only need to complete a 1x rollover requirement if you claim a "Bet $5, Win $150" or a "Bet $5, Win $200" DraftKings Sportsbook promo code. Some online sportsbooks require you to play bonus funds through several times before making a withdrawal. That seriously diminishes your chances of earning a cash profit. A 1x rollover requirement is therefore highly appealing. There is a 25x release requirement on the 20% DraftKings deposit bonus up to $1,000, which is not as appealing. However, it sometimes comes with a $50 DraftKings no deposit bonus, which has just a 1x rollover requirement, and that is an attractive offer. It depends on the offer, but the requirements are always among the industry's best.

Small Qualifying Deposit Required

DraftKings has a lower minimum deposit than FanDuel, BetMGM, Caesars, WynnBET, BetRivers and any of its other rivals. Most of them have a $10 minimum deposit, while the smallest deposit Caesars will accept is $20. That means you only need to risk $5 of your own money when claiming a DraftKings Sportsbook promo code, whereas most sites require you to risk at least $10 or $20 to qualify for a welcome bonus.

Credited Instantly into Your Account

The DraftKings bonus funds will be paid into your account immediately, regardless of how your qualifying wager performs. By contrast, WynnBET offers a "Bet $10, Win $200" bonus, which is divided into four free $50 bet tokens. The first is paid 72 hours after your qualifying bet settles, while the other three are issued over the following three weeks. You do not have to wait for your funds at DraftKings. It requires you to use the bonus credits within seven days, so there is no messing around.

No Promo Code Required

You do not have to go through the rigmarole of typing in a specific DraftKings Sportsbook promo code to claim the funds. You are not even required to copy and paste anything. Simply click on the link we have provided to claim the best DraftKings promo code today. You can then fill in the registration form, deposit $5 and make your qualifying bet. That means you do not need to worry about different codes on a state-by-state basis – such as a different DraftKings Arizona promo code to the DraftKings Michigan promo code – and you will not be in any danger of entering an incorrect code and ending up with an inferior bonus.

Bonus Funds are Divided Up

Most online sportsbooks make you use bonus funds in one go. For example, the sign-up bonus at FanDuel is a risk-free bet worth up to $1,000. If your first bet loses, you will be refunded with a free bet token. You can use it on any sporting event, but you cannot divide it up into smaller increments. At DraftKings, you often receive six or eight free bet tokens, which gives you a strong chance of placing at least one successful bet and earning a cash profit. Another advantage is that you receive your free bet tokens even if your qualifying bet loses, which is not always the case at online sportsbooks.

DraftKings Sportsbook Review

DraftKings is known for being one of the best sports betting apps on the market. Let's take a look into some of the features, offerings, states, and more.

RotoWire's DraftKings Sportsbook and Mobile App Rating⭐⭐⭐⭐
DraftKings Sportsbook Mobile App⭐⭐⭐⭐⭐
Welcome Offer at DraftKings Sportsbook⭐⭐⭐
DraftKings Betting Offering⭐⭐⭐⭐⭐
Customer Experience at DraftKings⭐⭐⭐⭐

DraftKings Betting Options And Sports Available

DraftKings currently accepts bets on nearly two dozen different sports, including football, basketball, baseball, hockey, MMA, boxing, golf, tennis and soccer. You can bet on a huge variety of leagues, cups and tournaments from around the world, including pre-game, in-play and futures wagering. It generally has more than 100 different betting options on big games, including moneylines, spreads, totals, team props, game props and player props. Parlays, teasers and round robins are also available. You can use DraftKings bonus funds on most betting options, but live bets are generally precluded, and you cannot use the early cash out option.

These are the most common leagues for anyone using a DraftKings Sportsbook promo code:

DraftKings NFL Promo

You will find lots of exciting, short-term DraftKings Sportsbook promo code offers throughout the NFL season. The best DraftKings offer last season was the "Bet $5, Win $280" bonus it gave new customers as the Super Bowl approached. You could bet $5 on any team and earn $280 in bonus funds – divided into seven free bet tokens worth $40 – regardless of whether your qualifying wager was successful. There were also "Bet $5, Win $150," "Bet $1, win $150" and "Bet $5, Win $200" NFL DraftKings promo offers throughout the season. You can also take part in daily free-to-play pools aimed at NFL fans at one of the best NFL betting sites.

DraftKings Super Bowl Promo

DraftKings launched a very generous "Bet $5, Win $280" sign-up bonus ahead of Super Bowl 56. Bettors just needed to sign up and place a $5 bet on either the Rams or the Bengals to qualify for this DraftKings Sportsbook promo code. If they bet $5 on the Rams, they were paid out in cash and given seven free bets worth $40 each. If they bet on the Bengals, they still received the seven $40 free bets. Each free bet token came with a 1x playthrough requirement, giving players lots of chances to earn a cash profit.

DraftKings NBA Promo

DraftKings ran a "Bet $5, Win $150" sign-up bonus on NBA playoff games in 2022. You could have placed a qualifying bet on any team after redeeming this DraftKings promo code – Arizona bettors may decide to bet on the Phoenix Suns, for example, while new customers in Philadelphia may decide to bet on the 76ers. When you placed your $5 qualifying bet, you received six free bets, each worth $25. You can use your free bets on any sports, and they have a 1x playthrough requirement.

DraftKings MLB Promo

One MLB DraftKings promo code unlocks $200 in free bet credits if you place a $5 moneyline bet on an MLB game. You can place the $5 qualifying bet on any team you like, and the free bets will be awarded if it wins or loses. As always, they have just a 1x rollover requirement, making this a very exciting offer.

DraftKings NHL Promo

DraftKings was recently offering a "Bet $1, Win $150" bonus for NHL fans. Bettors could sign up for an account, make a $5 minimum deposit and place a $1 bet on any NHL team. They would then receive $150 in free bet credits, divided into six $25 free bet tokens, with a 1x playthrough requirement. There are some free-to-play pools for hockey fans too.

DraftKings UFC Promo

There have been some great DraftKings UFC promo code offers. One of the best was the opportunity to bet $1 at boosted odds of 100/1 (+10000) on a single punch landing in a bout, which was a guaranteed win. Another recent DraftKings UFC promo code allowed new customers to bet $5 on any fighter to win on a UFC main card, and they were immediately given four free bet tokens worth $25 each. The tokens had a 1x playthrough requirement.

Which States Can I Play DraftKings Sportsbook In?

DraftKings Sportsbook is available in a variety of states, and will continue to look to enter new legal sports betting jurisdictions. Currently, DraftKings operates in the following states:

DraftKings Kansas is currently offering a bet $5, get $200 on CFB or NFL as well. It is one of the best Kansas sportsbook promos available.

Upcoming DraftKings States

The next states that DraftKings is expected to operate in are Ohio, Massachusetts, and possibly Maryland. Ohio us expected to launch during the 2022 NFL season with Massachusetts soon after. Maryland is likely coming in 2023, potentially near the Super Bowl or later.

DraftKings Payment Methods and Withdrawal Times

DraftKings offers customers nine different payment methods:

  • Online Banking: You can transfer funds from most major banking institutions to your DraftKings account. Withdrawals are processed within 5 business days.
  • Credit and Debit Cards: Visa, MasterCard and Discover are accepted at DraftKings Sportsbook & Casino. American Express can only be used for DFS contests and the marketplace.
  • Electronic Gift Cards: Visa, MasterCard or Discover gift cards are accepted as payment methods.
  • DraftKings Gift Card: You can purchase a DraftKings gift card and give it to a friend or family member.
  • PayPal: Deposits are available with PayPal and it is one of the quickest withdrawal methods after the payout request has been approved.
  • Play+: You can sign up for a DraftKings branded prepaid card from Play+ by visiting the site. This is the quickest withdrawal method.
  • Cash: Visit a DraftKings retail venue or use a barcode at participating retail locations to pay in cash. You can also receive a cash payout at a retail sportsbook, but you have to give the team advance notice.
  • VIP Preferred E-Check: If you sign up for a VIP Preferred account, you can use it for quick, convenient deposits and withdrawals at DraftKings.
  • Wire Transfer: Wire transfers are available via MVB Bank. This is one of the slowest methods, but the limits are high.

Payment methods vary by state, so be sure to check your DraftKings Sportsbook app for the latest banking options.

DraftKings Customer Service

DraftKings does not offer live chat or phone support, so you need to fill in a web form to request customer support. The team will then get back to you in due course to solve your issue. You can also check out the FAQ section of the site and the DraftKings sports betting app, as this deals with a lot of common requests.

Conclusion of DraftKings Promo Code

DraftKings Sportsbook offers some of the best welcome bonuses in the industry. You only need to risk a minimal amount of your own money to claim $150 or $200 in free bet credits. They are issued regardless of whether your qualifying bet wins or loses, and they come with a very lenient 1x rollover requirement. We highly recommend signing up with DraftKings Sportsbook to claim your welcome bonus today. You will then be able to take part in daily free-to-play pools and start earning loyalty points too.

DraftKings Promo Code FAQs

Is DraftKings Sportsbook legal?


The DraftKings sports betting app is legal in Arizona, Colorado, Colorado, Illinois, Indiana, Iowa, Louisiana, Michigan, New Hampshire, New Jersey, New York, Oregon, Tennessee, Virginia, West Virginia and Wyoming. If you sign up for a DraftKings mobile betting app account today, you will qualify for a DraftKings Sportsbook promo code. Check out our DraftKings bonus code guide for more information.

What is the best DraftKings Promo Code?


The DraftKings Sportsbook promo codes change on a regular basis. The current offer is a 20% deposit bonus worth up to $1,000. We have also seen a variety of "Bet $5, Win $200" bonuses over the past year.

How to redeem the DraftKings Promo Code?


You can simply click on the link that we have provided to redeem the current DraftKings promo code. That will take you through to the website, where you can see the best DraftKings sign-up promo code details. You can then simply fill in the registration form and make a qualifying deposit to unlock your DraftKings free money today.

What is the rollover on DraftKings Promo Code?


There is just a 1x rollover requirement on the short-term sign-up bonuses that DraftKings offers, such as the "Bet $5, Win $150" and "Bet $5, Win $200" deals. However, if you go for the 20% match deposit DraftKings signup promo code, you will need to complete a 25x release requirement on the funds. You might therefore prefer to use a short-term DraftKings offer to benefit from low rollover requirements.

Is there an NFL DraftKings Promo Code?


You can use any funds earned via a DraftKings sign-up bonus or additional DraftKings Sportsbook promotions on an NFL game. You will also find short-term DraftKings Sportsbook offers on NFL games during the season. For example, it ran a "Bet $5, Win $200" DraftKings welcome bonus during the last NFL playoffs and a "Bet $5, Win $280" bonus on Super Bowl 56.

What is the March Madness DraftKings Promo Code?


DraftKings was offering a "Bet $5, Win $200" bonus for new customers throughout March Madness in 2022. It regularly launches a DraftKings Sportsbook bonus tied to major sporting events, such as March Madness and the Super Bowl. The offers are the same across the country, so DraftKings Louisiana and DraftKings Tennessee have the same bonuses as the DraftKings promo code NY and the DraftKings promo code Michigan.

How to enter the DraftKings Promo Code?


You can simply click the link we have provided to claim your DraftKings Sportsbook promo code offer today. That means you will not need to type in a specific DraftKings promo code. You just click through to the relevant page, fill in the sign up form, make a deposit and place a bet to earn your DraftKings free bet credit.

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Martin Green
Contributor since April 2022
Martin Green spent five years working at William Hill before becoming a journalist in 2009. He began working as a sports writer and professional sports handicapper and sportsbook reviewer in 2014.
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