Draftking

[captrobey]

So i am wondering if this is like this at all the books because when i Win at Caesars at times this never happens. So as most of you know i have been in a horrible rut . I have not withdrew a $5000 withdraw in about 3 months getting killed in every game .

I go and was fooling around on Draftking. I was losing in BJ not big deposits but a lot of smaller and ended up losing about $1000 . I was getting destroyed on this game called "Rocket" . It is a little rocket that climbs and you bet money on it and the higher it goes the more you win. If you bail out though you get the money. The longer it goes the more you win. If you catch it at the right time you can win up to 1000 xs your cash. Most times it crashes early. It was really just taking my money over and over.

Then i think it was on a $50 deposit An some cash back i started to go all in and build it up. I got it to like $300 and got lucky. I got to about $3000 . Then i started losing again and was down to my last $1000 .

I was pissed did not care was shaking too from the stress. I had my last $1000 and went all in. I figured i am going to get killed here. The ship went up i was shaking and missed the button and somehow i did something to the screen . When i came back the rocket was still going and i managed to hit the button about 5 seconds before the rocket exploded. I ended with $2800 + there .

But here is where i got confused. My balance was at $2200 or so. It turns out they took $600+ out of the account on the spot for taxes. I was so confused because i have not cashed out anything yet. Then i got lucky and got a bunch more hits with the rocket another couple big ones at the right time. I got extremely lucky.

But every time i did a big hit they took more out for taxes. I added it up they took a total of $2266 for taxes. I ended up though hitting a game for $400 in all this. I also have a game pending if it hits i can still play on. I ended up though cashing out $5100 for the first time there today. And finally ended my horrible run of no cash outs .

But i thought it was weird they kept taking the money . If this was an offshore book i would have close to $8000 . But in the end i needed a cashout and i got it thank God. But do all books do this in US ? Or just Draftking

[PharaohUB]

Never heard of that but you must have won 300x your stake. You can deduct your losses, but you won’t be able to take standard deduction. Gambling tax laws needs to change in US.

[PharaohUB]

Technically every win no matter how small should be declared as income and then you report your losses to offset the tax hit. HOWEVER, that means you need to itemize if you want to reduce losses and something like 90% of households take standard deduction since trump doubled it. With everything digital if IRS wanted to fck gambkrrs they really could. Imagine getting audited and having to go back years and give back the standard deduction even if you could offset your losses. So basically you could have a net zero but still owe an extra 6-7 k per year. Kinda scary tbh. Hopefully trump sorts this out when he becomes president.

[captrobey]

Technically every win no matter how small should be declared as income and then you report your losses to offset the tax hit. HOWEVER, that means you need to itemize if you want to reduce losses and something like 90% of households take standard deduction since trump doubled it. With everything digital if IRS wanted to fck gambkrrs they really could. Imagine getting audited and having to go back years and give back the standard deduction even if you could offset your losses. So basically you could have a net zero but still owe an extra 6-7 k per year. Kinda scary tbh. Hopefully trump sorts this out when he becomes president.

I mean i would be Ok with it if they took it out at time of withdrawing the money. But every time i had a big Win i would get less back. I wonder what happens if i it a big parlay. I could use that money to keep betting and keep a run going easier. I wonder if it is just on singlr bigger Wins. But they hit me like 5 times with taking money.

[captrobey]

Wow i have to give credit where it is due. I hate they take the money out like they do but the withdraw i did today was lightning fast it already hit my account.

[Wilfred]

Technically every win no matter how small should be declared as income and then you report your losses to offset the tax hit. HOWEVER, that means you need to itemize if you want to reduce losses and something like 90% of households take standard deduction since trump doubled it. With everything digital if IRS wanted to fck gambkrrs they really could. Imagine getting audited and having to go back years and give back the standard deduction even if you could offset your losses. So basically you could have a net zero but still owe an extra 6-7 k per year. Kinda scary tbh. Hopefully trump sorts this out when he becomes president.

It is ridiculous but I’ve never heard of the irs enforcing it for a losing gambler/break even one. But it would be more like 2K in taxes if you lost the standard deduction not 6-7 K especially factoring in you could write off mortgage interest and stuff like that that you can’t right now if you don’t itemize.


Interesting thing that they took taxes right out of your winnings, when I won a few jackpots on slots last year with them they didn’t take out anything or even give me the option.

[PharaohUB]

It is ridiculous but I’ve never heard of the irs enforcing it for a losing gambler/break even one. But it would be more like 2K in taxes if you lost the standard deduction not 6-7 K especially factoring in you could write off mortgage interest and stuff like that that you can’t right now if you don’t itemize.


Interesting thing that they took taxes right out of your winnings, when I won a few jackpots on slots last year with them they didn’t take out anything or even give me the option.

Yup you are right - I just did the math. For me it would be 3 k.
I don't have state taxes to deduct, and I live in an apartment so dont' have interest to deduct. So my entire itemization would just be gambling basically.

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