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Fanduel/draft kings are they safe?

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09-15-2014 , 01:14 AM

LimpDitka

Pooh-Bah

Join Date: Jun 2010 Posts: 4,024

I am tempted to play in these weekly fantasy football leagues, however, they remind me a lot of online poker.

Is it only a matter of time before the doj cracks down on these fantasy football leagues too or am I just being paranoid?

I mean I see tournaments with 50k players and another with a guaranteed prize pool of 10 mil with a $100k buy in.

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09-15-2014 , 01:17 AM

DrOlson

grinder

Join Date: Oct 2005 Posts: 670

They are 100% legal.

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09-15-2014 , 01:24 AM

Buffalo66

adept

Join Date: Dec 2006 Posts: 978

Quote:

Originally Posted by DrOlson

They are 100% legal.

I have played on FD since 2010, completely safe to play real money games. Deposit with CC or paypal, withdraw via paypal or check.

If you earn $600+ in net profit for the year you will get a 1099-Misc from them.

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09-15-2014 , 11:06 AM

PhNemitz

stranger

Join Date: Sep 2014 Posts: 8

With the amount of money pouring into Daily Fantasy Sports advertising, I believe it is safe to say that major companies believe that they are safe

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09-15-2014 , 02:28 PM

beauvanlaanen

Carpal \'Tunnel

Join Date: Dec 2013 Posts: 12,487

Both are great sites, 100% safe.

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09-15-2014 , 11:54 PM

WaKtickets

grinder

Join Date: Mar 2012 Posts: 679

Is there money to be made?

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09-17-2014 , 03:50 PM

BluffMyNuts

Carpal \'Tunnel

Join Date: Jun 2012 Posts: 13,211

Quote:

Originally Posted by WaKtickets

Is there money to be made?

No money in DFS everyone's Condia

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10-28-2014 , 10:18 AM

Tropics

grinder

Join Date: Feb 2009 Posts: 526

Quote:

Originally Posted by Buffalo66

How does that 1099 work exactly? That is, FanDuel will send me a 1099 but will they also inform the IRS that I've won over $600 or that I was even sent a 1099 form? Is it completely on my end to inform the IRS of my winnings?

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10-28-2014 , 10:49 AM

CohibaBehike

Pooh-Bah

Join Date: Jul 2012 Posts: 3,651

A person/entity that issues a 1099 is required to file same with the IRS. Now, if FD does not file the form with the IRS, it's only a $50 fine to them. If you fail to report income after receiving a 1099, it's much worse.

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10-28-2014 , 01:10 PM

#10

Shoe

Carpal \'Tunnel

Join Date: Jul 2004 Posts: 11,869

As others have stated they are 100% legal so there is no reason to fear a DOJ crackdown or anything like that.

However, I have yet to see any of the sites say they keep player funds in segregated accounts separate from operating expenses and have that audited. Many of the smaller sites are not yet profitable so you may want to be cautious leaving too much of your bankroll on any single site, although I think the risk of losing money this way is extremely low especially at DK/FD but without segregating player funds you can never be 100% sure.

Last edited by Shoe; 10-28-2014 at 01:20 PM.

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10-28-2014 , 02:42 PM

#11

LFC_USA

Carpal \'Tunnel

Join Date: Aug 2012 Posts: 21,006

Yea with the taxes, is that to say that if I won a bunch of $50 pots but lost a bunch too I'd still be taxed on what I won, not taking what I lost into consideration? I really don't feel like getting taxed on this **** and dealing with a 1099 form

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10-28-2014 , 03:23 PM

#12

CohibaBehike

Pooh-Bah

Join Date: Jul 2012 Posts: 3,651

Nope its net winnings.

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10-28-2014 , 03:35 PM

#13

Buffalo66

adept

Join Date: Dec 2006 Posts: 978

Quote:

Originally Posted by LFC_USA

Prize money won - entry fees paid = net winnings.

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