Here are some answers to the most commonly asked questions we have recieved. If you don’t see an answer to your question below, we invite you to contact us through the website or to ask us on Twitter, Facebook or YouTube. Thanks.
Is Playing Online Daily Fantasy Sports Legal?
Yes – As of 07/21/2016 playing and winning money on daily fantasy sports online is legal under federal law and under most state laws. Fantasy sports is considered a game of skill as you have to pick certain players and use strategies to win. Daily fantasy sports has also received a specific exemption from the 2006 Unlawful Internet Gambling Enforcement Act (UIEGA).
Why Am I restricted From Playing Daily Fantasy Sports In Certain States?
There are a few states that have laws prohibiting daily fantasy sports, these states do not allow for paid fantasy contests with pay outs. You may not play daily fantasy sports while you a physically in the state prohibiting, meaning you can live in Minnesota but if you are physically in Iowa you may not play. The following states do not allow daily fantasy sports:
Who Can Play Daily Fantasy Sports?
To play daily fantasy sports you legally must be 18 years of age and a permanent resident of either the United States of America or Canada. The exception to this rule is Massachusetts in which you must be 21 years of age to play. Again if you are physically located in one of the cities listed above you are prohibited from playing.
Do I Have To Pay Taxes On My Daily Fantasy Sport Winnings?
Yes – But only in the event that you earn more than $600.00 in one year. If you do win more than $600.00 you should expect to receive a 1099 tax form in the mail from the online site you won the money from. If you win more than $600.00 it is your legal obligation to fill out that 1099 form and claim that money on your taxes.
What If I Want To Cash Out My Online Daily Fantasy Account?
If you are using the two major daily fantasy sport sites (DraftKings or Fanduel) it is pretty easy. If you have a paypal account you can withdraw your money at any time using this account or they can physically send you a check in the mail. The online site you use will generally do an identity verification for your safety consisting of a valid mailing address, your social security number and your birthday. Once this information has been verified you can expect to see your withdraw in your paypal account within 48 hours and/or a check in the mail within 7-10 business days.
What Are The Rules and Scoring?
Every daily fantasy sport site has different rules and scoring.
Click this link for DraftKings scoring/rules/regulations.
Click this link for Fanduel scoring/rules/regulations.
Fantasy Sport Drs
The Fantasy Sport Dr.’s are a trifecta of doctors focusing their knowledge and research on daily fantasy sports, informing people with weekly podcasts.