Does DraftKings report to IRS?

Fantasy sports winnings of $600 or more are reported to the IRS. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC.

turbotax.intuit.com - Tax Considerations for Fantasy Sports Fans - TurboTax Tax Tips & Videos

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OVERVIEW

Fantasy sports leagues can yield hefty winnings if Lady Luck smiles on you. If you win big—or even not so big—you'll need to save a portion of that money for the Internal Revenue Service (IRS). What many don't realize, is that those net winnings constitute taxable income.

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Fantasy sports winnings of $600 or more are reported to the IRS

If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. If you receive your winnings through PayPal, the reporting form may be a 1099-K. The 1099 tax forms report your winnings to the taxing authorities and also gives you information for completing your taxes. Even if you don't receive a 1099 form, you are still required to report all of your income on your federal and state income tax returns. Beginning with tax year 2022, if someone receives payment for goods and/or services through a third-party payment network, their payments are required to be reported on Form 1099-K if more than $600 was processed during the year. Those payments can include income as a result of business (self-employed, independent contractor, freelance, gig-work), real estate rental, hobby sales, personal item rental or sale. Organizers typically calculate players' net profits using a formula Fantasy sports organizers must figure out players' net profits in order to determine who gets 1099 forms. They use a formula to determine when a player hits the $600 level: Prizes won minus entry fees plus bonuses = net profit. Another way to calculate this is: (Withdrawals + Year End Account Balance) - (Deposits – Beginning Year Account Balance) = net profits. Reporting income or loss from fantasy sports on Form 1040 You are required to report all income earned from fantasy sports either as "other income" on Schedule 1 for Form 1040, or as business income on Schedule C. If you use the first approach, your fantasy sports is considered a hobby and you can't deduct any of your expenses or losses.

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thisdaylive.com - 1XBET Unveils Davido as Brand Ambassador - THISDAYLIVE

With the ambassadorial deal, Davido would be the face of 1XBET in upcoming marketing campaigns and customer engagement platforms. At the unveiling in Lagos, Chairman 1XBET Nigeria Limited, Femi Babalola, explained that Davido’s persona aligned with the brand’s vision to maintain its status as a renowned betting company in the world, as well as providing the best online, shop and mobile betting experience in Nigeria. He said: “We are pleased to announce one of Nigeria’s top music superstars as our brand ambassador. Davido’s vibrant persona and a worldwide appeal is something we love and this represents another positive step in the right direction for the brand.” Davido, in his remark, said he was delighted to be part of the vision of one of the best international sports betting companies in the world. “I am super excited to be part of 1XBET vision. I’m a massive fan of soccer. So this partnership brings me closer to the things I have passion for. I am particularly excited to be a part of this new journey and I am looking forward to working with 1XBET,” he said. 1XBET is a unique betting platform that offers punters a huge welcome bonus, great bet odds and fast payment on winnings. The platform also provides sports lovers and bettors exciting gaming experience on pre-match, in-play and virtual games across sporting events such as basketball, football, volleyball, Tennis, Hockey and others.

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