DraftKings’ $2M sports betting national championship starts Friday

DraftKings has guaranteed $2 million in prize money for the $10,000-entry sports betting national championship.

The tournament, which will pay $1 million to the winner and pay out the top 25 finishers overall, will take place Friday through Sunday.

Half of each $10,000 entry fee goes to the leaderboard prizes and the other $5,000 is the contestant’s bankroll to bet with for the weekend. Players climb the leaderboard by winning wagers on the DraftKings Sportsbook mobile app.

DraftKings is not available in Nevada.

Only bets on the NFL, college football and the NBA are allowed for the contest and there will be no live, in-game betting or cash-out allowed during the tournament.

Players must bet at least $1,000 to be eligible for leaderboard prizes. The player with the largest amount of cash, in the end, wins the $1 million top prize. Only one entry is permitted per player and all players will be able to keep their final bankroll.

All contestants must be physically present in a participating state in order to place a wager during the tournament. The participating states are Arizona, Colorado, Iowa, Michigan, New Hampshire, New Jersey, Pennsylvania, Tennessee, Virginia, West Virginia and Wyoming.

Contestants may only place wagers in their tournament account between 6 p.m. ET on Friday and 1 p.m. ET on Sunday.

The live event will be held at the EnVue Hotel in Weehawken, New Jersey. All competitors will be allowed to bring one guest to the event.

“We have gone to a few additional states lately. I’m hopeful that Nevada will be coming up,” said DraftKings Sportsbook director Johnny Avello, who is based in Las Vegas. “People in California and Nevada who want to play but don’t want to make the trip to New Jersey, just get within the borders of Arizona and you’re good to go.”

Those interested can sign up for the tournament on the app. For more details, visit draftkings.com or email champseries@draftkings.com.

Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on Twitter.