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  • Paymelate

    Hey guys I hope all is well last night I took down $25K in 2nd place this is my first big double figure winnings. What should I consider doing with this? I am 22 yrs old I don’t really have much bills etc. Maybe Invest? Withdraw some and gear up for NFL season?? I am a business orientated person. I love flipping money. A little bit about myself Ive been playing DFS for 2 yrs since 2015 I was a major losing streak till now.

  • bucherpsu08

    Congrats! Make sure you set some aside for taxes. Your taxable income just increased quite a bit for the year.

  • Ndepompei

    enter 4 thunderdomes

  • kcano

    withdraw to your breakeven point after taxes, plus enough to buy something nice. Then have fun and freeroll on the rest and see what happens!

  • flip4flop

    Save for taxes…..save for taxes and again save for taxes. Its not often talked about but can bite you in the ass if you dont prepare for it if you end up losing or spending it all. Other than that, maybe take a shot or two but overall keep on going and doing what you are doing, dont go all in on big tournaments every day. Find the ones you think you have an edge on on certain slates and go heavier on those. Otherwise I would say keep playing the same stakes or a tad higher until you grow it more.

  • tonedefrob

    @Ndepompei said...

    enter 4 thunderdomes

    Don’t have to save for taxes if you do this…unless you win doing it.

  • moped_jones

    @Paymelate said...

    Hey guys I hope all is well last night I took down $25K in 2nd place this is my first big double figure winnings. What should I consider doing with this? I am 22 yrs old I don’t really have much bills etc. Maybe Invest? Withdraw some and gear up for NFL season?? I am a business orientated person. I love flipping money. A little bit about myself Ive been playing DFS for 2 yrs since 2015 I was a major losing streak till now.

    Set some aside for taxes and then become a DFS shark.

  • JGENNARO29

    • $1M Prize Winner

    • 2019 DraftKings FFWC Finalist

    @flip4flop said...

    Save for taxes…..save for taxes and again save for taxes.

    ^ THIS ^

  • tprokopenko

    @bucherpsu08 said...

    Congrats! Make sure you set some aside for taxes. Your taxable income just increased quite a bit for the year.

    Unless you’re Canadian!

  • PigskinaBlanket

    • 425

      RG Overall Ranking

    • Ranked #80

      RG Tiered Ranking

    • x3

      2019 DraftKings FGWC Finalist

    • x2

      2016 DraftKings FGWC Finalist

  • divusjulius

    • Blogger of the Month

    pay your taxes, and then withdraw your money and either spend/save on yourself, or invest it in something you have a positive ROI on, not DFS (since you yourself say you lost alot until you binked this tourney). the most likely outcome of trying to become a shark is loosing all this money again…why do that.

  • bhdevault

    • Lead Moderator

    • Blogger of the Month

    Congratulations, sir! Like others above me have said, make sure you put away money for taxes! One move that you 100% will not regret.

  • sochoice

    • 2017 DraftKings FBWC Finalist

    • 2017 FanDuel WFFC Champion

    Put 40% aside for taxes (overestimating, but better to be conservative), then take $1k and buy something fun for yourself, leave $1k in your DK account to play with and withdraw the rest and put it in the bank.

  • depalma13

    Withdraw 86%.

  • escot4

    • x2

      $2M Prize Winner

    • 2016 DraftKings FFWC Champion

    When I had my first big win (which was $15K), I left $3K on the site, withdrew $12K, put $6K aside for taxes, $5K toward student loans, and used $1K for fun stuff.

    I felt like it worked out well leaving about 20% on the site and banking the rest, so I’d recommend that.

  • ATL_Gunner

    When I sold my condo and had a pile of money in my bank account, I found it helped to write down the things I wanted to do with that money and how much they cost. 5 digits sounds like a lot of money, but once you start listing all the things you can spend it on, it goes quickly.

    IMO – you should save most of it (long term and for taxes), but you should spend a good portion on an experience you’ve wanted to do (Europe trip, etc). After the money has been in a savings account for a while it’s easier to see what purchases are things you need, and what purchases you were considering just because you had extra money.

  • superstars92

    Congrats on your win. However, I just want to caution you 25k is not a lot in the grand scheme of things in life. You can easily blow through that amount on like a 1 month vacation. I would withdraw a ton of it, and you definitely should be excited on your success, but remember not to get carried away would be my advice.

  • joerapjr

    @sochoice said...

    Put 40% aside for taxes (overestimating, but better to be conservative), then take $1k and buy something fun for yourself, leave $1k in your DK account to play with and withdraw the rest and put it in the bank.

    This answer is extremely perfect. Congrats on the big win!

  • yisman

    @tonedefrob said...

    Don’t have to save for taxes if you do this…unless you win doing it.

    Good point. Lose it all back and you don’t have to worry about taxes. :D

    The taxes are so damn high (depending on which state).

    It’s even harder to win at DFS when you consider the percentage of your winnings you’re going to have to give back.

  • stv1313

    If/when you decide to reinvest your winnings in more DFS action, keep your action on the same site. Don’t move it to Fanduel, for example, if you won it on DK. Tax reporting gets messy when you report a big win on one site (and receive a 1099) and then you lose a bunch of it on another site. Offsetting losses from one site against winnings on another site is not as easy as it might otherwise seem.

  • moped_jones

    @divusjulius said...

    the most likely outcome of trying to become a shark is loosing all this money again…why do that.

    It’s easy to lose money when you are a small fish and are only putting out a lineup or two every night. It’s much easier to make money at DFS if you have money to spend. You set a nightly spending limit (never spend over it) I’ve heard 10% of your current bankroll. Break it up into GPP’s and cash games (more cash than GPP). Your cash games should keep your GPP losses somewhat in check until you hit a decent GPP. Or if you are good at cash games your bankroll can go up slowly that way.

    There are people who can make a living at this. I think we’ve all day dreamed about that when we first started. Why can’t the OP be one of them? I know the odds aren’t great……..but they improve dramatically once you win $25k and have virtually no bills (as the OP said).

  • foxymongrel

    I like the thunderdome strategy

  • einars

    @moped_jones said...

    It’s easy to lose money when you are a small fish and are only putting out a lineup or two every night. It’s much easier to make money at DFS if you have money to spend.

    lololololololol

    but seriously….congrats OP

  • ASalvaro

    @Paymelate said...

    Hey guys I hope all is well last night I took down $25K in 2nd place this is my first big double figure winnings. What should I consider doing with this? I am 22 yrs old I don’t really have much bills etc. Maybe Invest? Withdraw some and gear up for NFL season?? I am a business orientated person. I love flipping money. A little bit about myself Ive been playing DFS for 2 yrs since 2015 I was a major losing streak till now.

    All it takes is one big win like yours..Now you can become a biggie and do max entries every night

  • superstars92

    Lol these guys above me really want the OP to post something in a few months like “I lost all my money I won what should I do”. The OP definitely needs to withdraw some of that and not get too reckless.

  • moped_jones

    @einars said...

    lololololololol

    but seriously….congrats OP

    But seriously every person that wins is a small fish playing 1-2 LU’s a night,

    LOLOLOLOLOLOLOL

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