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How do deposits / purchases and withdrawals / redemptions work (methods, limits, and processing times)?

Learn how to purchase Gold Coins, receive Sweepstakes Coins as rewards, and redeem Sweepstakes Coin winnings for prizes.

Updated over 3 weeks ago

Pickem uses two key flows: purchases (for Gold Coins, with Sweepstakes Coins awarded as a promotional bonus) and redemptions (exchanging Sweepstakes Coin winnings for prizes).


Purchases

  • What you purchase:

    • Gold Coins (GC): Play-for-fun currency. Not redeemable for prizes.

    • Sweepstakes Coins (SC): Provided as a promotional bonus with every Gold Coin purchase. SC can be used in the Social Casino and redeemed for prizes once playthrough requirements are met.

  • Payment methods:

    • Debit and credit cards (Visa and Mastercard)

    • Online banking

  • Limits (current shop offers, may vary):

    • Minimum purchase: $4.99

    • Maximum purchase: $499.99

  • Processing time: Purchases are typically instant, with balances updated immediately after confirmation.


Redemptions (Sweepstakes Coins)

  • What you can redeem: Sweepstakes Coins (SC) winnings, once playthrough requirements are completed. Gold Coins cannot be redeemed.

  • Redemption methods:

    • Debit and credit cards (Visa and Mastercard)

    • Online banking

  • Limits:

    • Minimum redemption request: $100

    • Maximum per redemption: $2,500

    • One pending redemption allowed at a time

    • Florida residents: Maximum $5,000 redemption volume per month

    • All other states: Maximum $15,000 redemption volume per month

  • Processing time: Redemption requests are typically reviewed and processed within 3–5 business days.


Important notes

  • Verification required: Before your first redemption, you’ll need to complete identity verification (KYC).

  • Taxes: Prizes may be considered taxable income, and a 1099 form may be issued if your annual redemptions meet IRS thresholds.

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