I get these DraftKings Notifications which are wrong imo

[REDEYE]

I get these all the time. I usually respond by telling them that a $330 wager to win $300 is not a sportsbetting win of $630. Why do they insist to count the amount wagered as part of a win ?

Anyone else notice this BS. Are they trying to get away with something here ?

Congratulations on your big Sports Betting win of $630!

In order to keep your account in good standing, you must complete an IRS Form W-9. To submit a W-9, please follow the link here.
The IRS requires DraftKings to withhold $0 or 24% of your big win and remit to the IRS. This withholding will appear on your W-2G at the end of the year.

For more information regarding our Tax policy please refer to this page here.

If you have any questions, please reach out to sportsbook@draftkings.com.


Thank you,
The DraftKings Team

 

[skoda]

I know there is a fine line when you cross over into gambling. Maybe "Willie" will step in...

You must report all gambling winnings to the IRS regardless of amount. It is often misreported that you don't owe taxes on winnings less than $600. This is incorrect. The winner must report all winnings to the IRS on their income taxes.l

 

[REDEYE]

My issue is them congratulating me on a $630 win. You can't count what I wagered as part of the win. The wager in question was $330 to win $300. This same issue has happened several times at DK .

 

[slapshot]

Yeah I gotcha I haven’t got the tax forms yet but my FD report says my biggest payout doesn’t include the deposit money

I withdrew everything and PayPal thinks I got paid for something and it included my deposit so I’m thinking they report that as income

no idea

 

[IMISREMEMBER]

That’s bullshit

 

[Acebb]

I know there is a fine line when you cross over into gambling. Maybe "Willie" will step in...

You must report all gambling winnings to the IRS regardless of amount. It is often misreported that you don't owe taxes on winnings less than $600. This is incorrect. The winner must report all winnings to the IRS on their income taxes.l

None this is at all true.

You only report individual winnings over $1,000 in the casino and $600 in sports.

 

[Acebb]

The payer must provide you with a Form W-2G if you win:

• $600 or more if the amount is at least 300 times the wager
• $1,200 or more (not reduced by wager) in winnings from bingo or slot machines
• $1,500 or more in winnings (reduced by wager) from keno
• More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament

 

[Bruins4Life]

BET 365 records in a similar fashion.
Difference is as a Canadian, I'm not required to pay taxes on gambling wins, unless it's my sole source of income.