How Much Does Draftkings Take From Winnings

[toc]$327,326,945.

1. Draftkings Payout
2. Does Draftkings Tax Winnings
3. How Much Does Draftkings Take From Winnings 2019

That's how much revenue the daily fantasy sports industry in made in the past year, starting in September of 2016 and ending in August of this year, the vast majority of it by DraftKings and FanDuel.

The figure is according to data obtained by Legal Sports Report from a freedom of information request in New York state, which included data across all jurisdictions and also for NY specifically.

We are regulated by the New Jersey Division of Gaming Enforcement as an Internet gaming operator in accordance with the Casino Control Act N.J.S.A. 5:12-1 and its implementing regulations. Learn The Scoring System. You probably have a general idea of how fantasy scoring works, but. There are specific limits to each withdrawal method. Here are the limits: PayPal max withdrawal amount is $14,999.99, checks over $2,000 are sent via FedEx Priority Mail (but not if there is a PO box present). All other checks are standard mail. If you are making a withdrawal over $50k you should contact us at support@draftkings.com. DraftKings is poised to pay out over $1 Billion in 2020. That dollar amount is mind-blowing and gives players ample opportunity to win a ton of cash prizes. In the first week of last NFL season, DraftKings made four people millionaires. In the following 10 weeks, DK. Fantasy sports winnings of at least $600 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 data accounts for revenue in all jurisdictions that operators registered in New York serve.

A closer look at DFS revenue, handle

Here's what the revenue figure from the New York State Gaming Commission of more than $327 million accounts for.

DFS sites that are registered must report their total handle (entry fees) and revenue — for all locations — to the state of New York on a monthly basis. Pretty much every site in existence is registered in New York.

Therefore, the figure should be pretty accurate in capturing the full amount of money flowing through licensed DFS sites, everywhere. New York enacted its DFS law in August of last year, and DraftKings and FanDuel started serving the state almost immediately.

The only caveats? Some sites were not immediately licensed by the state, and their handle and revenue would only be counted from the time they were licensed. NYSGC also cautions that the figures are 'unaudited and subject to change.' It also doesn't capture revenue in the rest of the world — i.e. European operators not licenses in New York — but this is a relatively small piece of the pie.

The numbers are not broken down by operator, so this data doesn't tell us how much marketshare DraftKings and FanDuel enjoyed.

Draftkings Payout

$3.2 billion in handle

The total amount of handle for all locations was just over $3.2 billion over the same time period.

That roughly falls in line with past estimates for the amount of entry fees the sites handled.

The biggest months for DFS

The data obtained by LSR is broken down by month.

Does Draftkings Tax Winnings

The biggest month in terms of handle was November, when the sites saw $419 million in entry fees. The smallest was July, with $164 million.

Here is the handle by month for all operators in all jurisdictions:

We are regulated by the New Jersey Division of Gaming Enforcement as an Internet gaming operator in accordance with the Casino Control Act N.J.S.A. 5:12-1 and its implementing regulations. Learn The Scoring System. You probably have a general idea of how fantasy scoring works, but. There are specific limits to each withdrawal method. Here are the limits: PayPal max withdrawal amount is $14,999.99, checks over $2,000 are sent via FedEx Priority Mail (but not if there is a PO box present). All other checks are standard mail. If you are making a withdrawal over $50k you should contact us at support@draftkings.com. DraftKings is poised to pay out over $1 Billion in 2020. That dollar amount is mind-blowing and gives players ample opportunity to win a ton of cash prizes. In the first week of last NFL season, DraftKings made four people millionaires. In the following 10 weeks, DK. Fantasy sports winnings of at least $600 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 data accounts for revenue in all jurisdictions that operators registered in New York serve.

A closer look at DFS revenue, handle

Here's what the revenue figure from the New York State Gaming Commission of more than $327 million accounts for.

DFS sites that are registered must report their total handle (entry fees) and revenue — for all locations — to the state of New York on a monthly basis. Pretty much every site in existence is registered in New York.

Therefore, the figure should be pretty accurate in capturing the full amount of money flowing through licensed DFS sites, everywhere. New York enacted its DFS law in August of last year, and DraftKings and FanDuel started serving the state almost immediately.

The only caveats? Some sites were not immediately licensed by the state, and their handle and revenue would only be counted from the time they were licensed. NYSGC also cautions that the figures are 'unaudited and subject to change.' It also doesn't capture revenue in the rest of the world — i.e. European operators not licenses in New York — but this is a relatively small piece of the pie.

The numbers are not broken down by operator, so this data doesn't tell us how much marketshare DraftKings and FanDuel enjoyed.

Draftkings Payout

$3.2 billion in handle

The total amount of handle for all locations was just over $3.2 billion over the same time period.

That roughly falls in line with past estimates for the amount of entry fees the sites handled.

The biggest months for DFS

The data obtained by LSR is broken down by month.

Does Draftkings Tax Winnings

The biggest month in terms of handle was November, when the sites saw $419 million in entry fees. The smallest was July, with $164 million.

Here is the handle by month for all operators in all jurisdictions:

The New York part of the equation

The data allows the state of New York to calculate and track how much tax the DFS operators are paying. Handle for just New York state was about $315 million; revenue for NY only was about $32 million.

For the 12-month period, the sites paid more than $4.8 million to the state. The state taxes DFS gross revenue for users in New York at a rate of 15.5 percent.

The percentage of total handle and revenue from New York players was around nine or ten percent in every month.

That underscores again exactly how important it was for the DFS industry to gain legal clarity in the state, after state attorney general Eric Schneiderman issued cease and desist letters to DraftKings and FanDuel in late 2015.

Where does that mean the DFS industry stands?

The data does not paint a picture of an industry experiencing overall growth, at least for this snapshot in time.

A report from Eilers & Krejcik Gaming estimated handle for all operators, everywhere, for the calendar year in 2016 at about $3.2 billion as well. Revenue for last year was roughly $350 million, according to that same estimate. If those estimates are accurate, that means the DFS industry has plateaued or perhaps even contracted slightly, at least in the first eight months of 2016.

DraftKings appears to have taken some marketshare away from FanDuel, according to other channel checks. But the new data shows the market has not grown in a significant way. Of note: DraftKings added Germany to the list of countries it serves starting in March.

The sites have made marketing pushes to start the NFL season. That includes Draft, which has made a substantial effort in the latter half of 2017. And the sites generate a lot of revenue via daily fantasy football. It's also the start of the NBA season and daily fantasy basketball, which accounts for an increasing share of handle and revenue.

How Much Does Draftkings Take From Winnings 2019

So the status of the industry might become more clear after the next few months.