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Post by Rodney Farber on Jan 22, 2024 11:31:43 GMT
How does it work, financially? Do venues such as FanDuel and DraftKings have direct access to your bank account? Can you bet with a credit card? How long after the game ends do you have access to your winnings? Do they automatically sent money to PayPal (or your checking account) if you win, or must you log on and tell them to send the money? If you have net winnings for a year, I assume they send you a W-2G.
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Post by klawrencio79 on Jan 23, 2024 17:57:44 GMT
Having never once participated in one of these, here goes: I would imagine that these sites wouldn't let you use your credit card, because if you lose, they'd have to deal with schmucks disputing the transaction as being fraudulent to get out of it. Even if they end up winning those kinds of fights, they don't want to spend time and resources doing so. In terms of winnings and bank account access, you have an account that you simply fund and then make bets out of that fund, so yeah, you would link your bank account. If you win, the money ends up in your account, and you can withdraw or use on another bet in your discretion. If you have winnings, they'll send you that form if it's over a certain amount ($500?) and if you have more than $5,000, I think they're actually obligated to withhold the taxes from it directly before remitting the balance to your account. I may ask one of my tax partners about this, just out of curiosity as to how it works. EDIT: It's $600, not $500. Here are FanDuel's Terms of Use. Here are DraftKings
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Post by staggerstag on Jan 23, 2024 18:37:39 GMT
Over here (England) you cannot use a credit card anymore - since about 2 or 3 years ago, so it's debit cards only. Withdrawals of winnings/funds are very quick, paid into your bank account with the click of an icon on the site. There is no such thing as taxable winnings here - it was abolished 23 years ago. All your winnings, from 10 bucks to 10 million, are yours in full.
After games end and you win, you are credited instantly on your account or you have the option for an instant cash-out during the game (less than your final pay-out would be) if the bet is going in your favour. For example if your team is winning by a few goals, touchdowns, points whatever, with, say a quarter of the game remaining you maybe offered a percentage of your full return and be paid instantly.
Over here all you need is a debit/bank card to open an account. Previously, when credit cards were accepted, you needed to provide a lot of ID, passport photographs, birth certificates etc. That's all gone now. There's nothing simpler than opening a betting account, much to the chagrin of GambleAware and other gambling-help organizations who thought the credit card to debit card change would curb spiraling debts among addicts. It is now a case of addicts abusing their own money instead of their bank's money.
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