Deer velvet might have an effect due to the hormones it may contain, including testosterone, androstenedione, and dehydroepiandrosterone. Research in rats, using elk velvet antler, suggested the substance may have an androgen-like effect. The antlers are ground into powder, which people take by mouth. Dosage varies by brand, but a recent study used 215 mg per day. Some distributers, though, recommend dosages ranging from 250 mg to as high as 3000 mg (3 g) per day. So talk with your doctor before you start using deer velvet.
Velvet antler in the form of deer antler spray has been at the center of multiple controversies with professional sports leagues and famous athletes allegedly using it for injury recovery and performance enhancement purposes. In mid-2011 a National Football League (NFL) player successfully sued a deer antler velvet spray manufacturer for testing positive for methyltestosterone in 2009 for a total amount of 5.4 million US dollars. In August 2011, Major League Baseball (MLB) added deer antler spray to their list of prohibited items because it contains "potentially contaminated nutritional supplements." 
(Adult) Shake well before use. As a dietary supplement, take 6 sprays under tongue once per day. Hold for 20 seconds before swallowing for best results. Caution: Do not use if outer seal is broken. Not intended for individuals under the age of 18. Consult your health care provider prior to use if you are pregnant or nursing, have a medical condition, or when taking any medication. * CONTAINS: SOY. * This statement has not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease. Contains 25,000 NG. of IGF-1, IGF-2 and other Growth Factors
Tanejeva also tested the effect of deer antler velvet in athletes running three kilometer races. In the experiment, 50 men ran the distance and their completion time was recorded. Deer antler velvet extract was administered to half of the runners and the participants repeated the race. The group receiving the Pantocrin completed the subsequent race in a faster average time.
IGF-1 is currently on the World Anti-Doping Agency’s prohibited list due to how it gives athletes an unfair advantage in terms of building strength and muscle mass. (7) However, it’s still legal to use supplements that may provide IGF-1 or similar effects. Most of the studies that show positive results from using deer antler supplements have used high doses. And some have tested the product on animals (mice or rats) rather than humans.
After about 55-60 days of growth the velvet antler is removed painlessly from the deer in less than 60 seconds so that it may be done as humanely as possible. These deer are not harmed and experience no pain in the removal of their velvet antlers for our consumption. The antler is then scraped of its fuzzy velvet and then cleaned before it is sanitized and pasteurized for safety, and then inspected for quality grading.
Deer antlers are the only mammalian bone structures to regenerate completely every year.1 Deer antler velvet is the epidermis covering the inner structure of the growing bone and cartilage, which develops into antlers.2 This tissue grows each spring on male Cervus sp. (North American elk and red deer) and should be removed by a veterinarian or certified farmer. The ethics, including use of local anesthetics, and procedures of harvesting antler velvet have been reported.3, 4, 5, 6 Velvet yield depends on several factors, including season, parasites, or injury.7 After removal of the deer velvet, it is collected and then frozen or dried prior to its manufacture into various "medicinal" forms including powders, extracts, teas, capsules, and tablets. Each part of elk velvet contains varying compounds, but the deer antler velvet contains the largest concentrations of those found to be beneficial. (Antler also has been sold by the slice). Heating during processing may reduce or destroy the purported beneficial effects of velvet antler. Various preparation methods, including freeze-drying and non-heat-producing methods have been reported.8, 9, 10, 11, 12, 13
The growing market has bred plenty of competition. A company called Now Foods is now making deer antler velvet lozenges. GNC just started selling deer antler velvet capsules called New Vigor from a company called Vitalast and Amazon.com has more than 30 products will deer antler velvet in it including the raw powder from New Zealand, where the most coveted deer velvet is harvested.
Russian bodybuilders have claimed to benefit from deer antler velvet by increasing muscle and nerve strength in the late 1960’s. Earlier studies found similar results in laboratory animals and athletes given pantocrin, an extract of deer antler velvet. Several studies show a positive correlation between consistent use of deer antler velvet and cardiovascular health. Human subjects who used deer antler velvet were able to endure larger work loads and experienced a shorter recovery time between exercises.
In another randomized, double blind, placebo controlled experiment (Broeder, 2004), 38 males, all of whom were experienced weightlifters, entered a 10 week strength training program. Those who took deer antler velvet experienced an increase in peak torque and average power relative to the placebo group. They also experienced unexpected improvements in aerobic performance.
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In an ovalbumin sensitized mouse model, 4 weeks of Velvet Antler at 2.5-10mg total (weight of mice not given, assuming 20g this equals 125-500mg/kg or 10-40mg/kg for humans) was able to reduce total Immunoglobulin E (IgE) and Ovalbumin-specific IgE at 14, 21, and 28 days. When challenged with methacholine and subsequently having their airway power measured, it appeared that Velvet Antler exert anti-asthmatic effects in regards to allergies.