So I just recently sent a redemption request. I got the email saying that it's on the way to being processed. Great!

My question is: If your banks asks you where these funds are coming from. 1) do I have to tell them? 2) what do I tell then? It's a mobile gaming company that I do work for? Just curious how you guys have handled this and if it's even something I should be concerning myself with.

Lastly, come tax time do I need to claim this, and how would I go about doing that legally?

I'm new to the whole cashout process. Someone please enlighten me. Thanks!

Banks don't care as long as it comes from a valid payment processor, which Worldpay is. If for some odd reason they do care, you don't have to tell them anything. A bank isn't a cop. If you do want to tell them something, you can simply say that you won a sweepstakes in an online game. It's technically the truth. But it's not something you should concern yourself with because the bank doesn't care.

As far as taxes go, playing poker isn't illegal. Lying on your taxes is.

The sweepstakes model of GP is what allows them to not run afoul of the UIGEA. At least for now. Buyer beware!

I just wanted to say this sentence is not necessarily great advice. You use the banks services and not the other way around. If they ask what it is from, which they wont, you tell them the truth; it is from sweepstakes winnings.

In this type of case it would be best to leave out the word 'poker' as banks likely don't understand the legalities of the online poker sweepstakes models in the US which may lead them to think 'illegal' if you mention the word 'poker'. Just say sweepstakes if anything.

Fwiw I have well over 100 cashouts on GP def in 6 figures and the only time I ever got questioned about anything was when I was sending cryptocurrency wires back and forth in 2017/18 and I have been on GP since it opened in dec 2016ish when the only games were a couple tables of .10/.20.

Anyways, all I wanted to say is that the bank is your friend. They are helping you out so don't be a dick to them. If the situation ever occurred that they want more info just say its a sweepstakes redemption. In the case they dig deeper you should explain that yes it is online poker but under the law it is a sweepstakes game.