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  • TheFFOracle

    Just wanted to warn people about FanDuel’s accounting after getting stuck with a 1099 that’s $1500 more than I profited.

    In 2020 I turned $102 into $1500 worth of contest tickets. I then won $2,100 in contests using these tickets. So I turned $102 into $2,100 for a profit of $1,998 right? After all, my account balance went from $102 to $2,100.

    Well not according to FanDuel. They claim that my winnings were $1500 + $2100 for a profit of $3,498.

    I’ve explained to numerous support people that their accounting is incorrect, but they refuse to listen.

  • jv21

    • Ranked #86

      RG Tiered Ranking

    So you are arguing that tickets your won are worth nothing?

    I am not a accountant but that does not seem right. All the tickets have monetary value. On DK, the value of the tickets I win are added to my win currently winning total.

  • TheFFOracle

    @jv21 said...

    So you are arguing that tickets your won are worth nothing?

    I am not a accountant but that does not seem right. All the tickets have monetary value. On DK, the value of the tickets I win are added to my win currently winning total.

    I’m arguing that if they’re going to include it as winnings, they need to include it as an entry fee when the ticket is redeemed. Accounting this way makes the ticket value offset and you get the correct profit amount.

  • jv21

    • Ranked #86

      RG Tiered Ranking

    @TheFFOracle said...

    I’m arguing that if they’re going to include it as winnings, they need to include it as an entry fee when the ticket is redeemed. Accounting this way makes the ticket value offset and you get the correct profit amount.

    ok, I kind of get what you mean. FD needs to do better in how they track tickets you win?

    I went through my history, and the 50 tickets I won in December are listed as Zero in the winnings column, and so that $200 would not be accounted for if I only just added up my winnings column. Is this what you mean? *My history does list it as me spending $200 when I played the contest the tickets were for.

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