Sportsline (1 Viewer)

[Tennessee_ATO]

Has anyone dabbled with Sportsline (CBS's foray into DFS)? They really tout their lack of a rake, which is certainly appealing. I'm just curious what folks' experiences have been like.

 

[Devin Knotts]

Be careful with them if you're going to play any amount of volume over there. The way they handle taxes is very unfavorable to players.

Every site except for Sportsline handles their taxes on a net winnings basis (Payouts-Entry fees), essentially if you were paid out $2,000 but had $2,200 in entry fees over the course of the year your net winnings would be -200.

On Sportsline they do it based on total winnings, so in the same situation, you would receive a 1099 for $2,000 even though you were net negative.

Also, be careful with your initial deposit, as there have been some issues with them requiring that you play through your entire deposit prior to withdrawing from their site.

 

[Tennessee_ATO]

Well that's not good to hear on either count.

 

[Peyton Marino]

Be careful with them if you're going to play any amount of volume over there. The way they handle taxes is very unfavorable to players.

Every site except for Sportsline handles their taxes on a net winnings basis (Payouts-Entry fees), essentially if you were paid out $2,000 but had $2,200 in entry fees over the course of the year your net winnings would be -200.

On Sportsline they do it based on total winnings, so in the same situation, you would receive a 1099 for $2,000 even though you were net negative.

Also, be careful with your initial deposit, as there have been some issues with them requiring that you play through your entire deposit prior to withdrawing from their site.

lmao, that sounds horrible. why would anyone play there, especially given the tax stuff?

 

[Devin Knotts]

Be careful with them if you're going to play any amount of volume over there. The way they handle taxes is very unfavorable to players.

Every site except for Sportsline handles their taxes on a net winnings basis (Payouts-Entry fees), essentially if you were paid out $2,000 but had $2,200 in entry fees over the course of the year your net winnings would be -200.

On Sportsline they do it based on total winnings, so in the same situation, you would receive a 1099 for $2,000 even though you were net negative.

Also, be careful with your initial deposit, as there have been some issues with them requiring that you play through your entire deposit prior to withdrawing from their site.

lmao, that sounds horrible. why would anyone play there, especially given the tax stuff?

Well, casinos do the same thing if you're a big winner on a slot machine... it's up to the gambler to account for their losses when doing taxes. They're only responsible to the IRS for reporting winnings, not losses.

IRS also makes it a double pain in the a## by not even accepting the casino's won-loss statement (the log you can request if you're a players-card member of your activity during the year).

It is a little bit different, it would be the equivalent of a slot machine recording every time you won anything on a spin and counting that to your winnings.

If they wanted to say if you hit on a GPP over $x I would be more ok with it. There is overlay, no rake, and no real sharks due to the tax issue and game format, so it has an appeal if you want to deal with the tax headache.

If you were not planning on itemizing deductions you should not play on this site, otherwise it is just more of an unnecessary pain point.