MAIN FORUM

Comments

  • stlcardinals84

    Leading RG Analyst

    • 2018 DraftKings FBWC Finalist

    • 2018 DraftKings FBBWC Finalist

    FanThrowDown issuing 1099’s based on gross winnings.

    While most sites use “net winnings” or “net withdrawals” for their 1099 reporting, FanThrowDown has decided to use the brilliant method of “gross winnings” for their reporting.

    That means if you deposited $1,000 there, won $500 worth of contests, and lost $1,500 worth to go broke, they will still be sending you a 1099 form for $500. To me, this is the worst method of reporting DFS results and will cause a major hassle for people who played on FanThrowDown and also other sites.

    If you are going to use the winnings method instead of the withdrawal method, at least have the decency to net it out first for the user. That’s just common sense.

    As a CPA with a vested interest in this, it’s yet another mistake from a site that is quickly falling behind. Good luck reporting this on your tax returns. It’s a huge mistake and frankly is enough for me to stop 100% of my action there.

  • dan72

    The risk reward isn’t there to short the stock because if by some chance they win one of patent infringement lawsuits that stock will skyrocket. Remember when you short a stock the most you can make is double your money but your losses are limitless.

  • EmpireMaker2

    @dan72 said…

    The risk reward isn’t there to short the stock because if by some chance they win one of patent infringement lawsuits that stock will skyrocket. Remember when you short a stock the most you can make is double your money but your losses are limitless.

    Yea I was joking but if it goes up to around 3.4 I would short.

  • sethayates

    The more I think about this the more I realize FTD screwed up. If they wanted publicity they could have hired the guy who promoted Wardraft yesterday. That guy was good, and he obviously doesn’t have anything else to do.

  • djcarr

    You can short a stock multiple times as it goes to zero and make more than 100% but a short-squeeze would indeed be costly.

  • lilbitmawhney

    @EmpireMaker2 said…

    Also seems like the owner of fanthrowdown is a registered sex offender. Payments to the site go to JONATHAN LICATA not Mongero. He changed his last name to his mother maiden name presumably after this happened. Let me know if you need anymore evidence.

    http://whois.polodomains.com/domain/K65jol1EQ0WwV8latCJuBg.._info.html

    http://offender.fdle.state.fl.us/offender/flyer.do?personId=69892

    Well this is it for me.. This shit makes me sick..

  • lilbitmawhney

    @jenbenners said…

    more info linking mongero/licata

    florida home info

    http://www.pbcgov.com/papa/Asps/PropertyDetail/PropertyDetail.aspx?parcel=38434421150930140

    His house is hurtin too..

  • mranderson

    @stlcardinals84 said…

    There is no standard way for DFS, but virtually every site uses one of the two methods I described — net winnings or net withdrawals. No site uses gross winnings. It would require each user to figure out the dollar value of contests they lost ON THEIR OWN to net against those winnings.

    Imagine how long that would take for a high volume player.

    I can’t reiterate enough how stupid this is.

  • Cameron

    RG Co-Founder

    • 2014 FanDuel NFL Survivor Champion

    • 2016 RG Season Long Champion: NFL

    @youngkaiser740 said…

    THANK YOU SS DK FD FF DD DS FOR MAKING UR 1099 SO EASY DEPOSIT – WITHDRAWS = LOSSES OR WINNINGS

    Thread merged.

  • Jmatt

    Short position locked…

  • bobbyrogers46

    @Putz said…

    The best way is for us to hit legislation first. Anyone know a legislator who can help?

    Senator Bill Frist of Tennessee…….

  • sonicattack

    @sethayates said…

    The more I think about this the more I realize FTD screwed up. If they wanted publicity they could have hired the guy who promoted Wardraft yesterday. That guy was good, and he obviously doesn’t have anything else to do.

    LOL.

    What a thread this has been though.

  • piersb999

    Agreed, whose condia?

  • rotokevin

    2014 RG Bowling Co-Champion, CPA & DFS Tax Guru

    • 2014 FanDuel WFBC Finalist

    @BobFTD said…

    Just spoke to MGT’s CFO. This is his official stance as of now:

    We will be reporting NET winnings. Our auditors gave us incorrect guidance.

    A fuller explanation and an apology will be posted in the morning.

    We’re running out of morning. Have we seen this statement yet?

  • SaulGood

    @rotokevin said…

    We’re running out of morning. Have we seen this statement yet?

    They’ll either ask RG to shut down so they can amend the original post, or claim that there’s still plenty of morning left in California haha

  • Greebo

    Am still trying to figure out how a Nigerian Prince fits into all this…

  • SaulGood

    @Greebo said…

    Am still trying to figure out how a Nigerian Prince fits into all this…

    With this guy at FTD, let’s just hope it’s not a little Nigerian boy named Prince that’s involved.

  • X Unread Thread
  • X Thread with New Replies*
  • *Jumps to your first unread reply

Subforum Index

RotoGrinders.com is the home of the daily fantasy sports community. Our content, rankings, member blogs, promotions and forum discussion all cater to the players that like to create a new fantasy team every day of the week.

If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL). Gambling problem? Call 1-800-GAMBLER (NJ/WV/PA/MI), 1-800-9-WITH-IT (IN), 1-800-522-4700 (CO), 1-800-BETS OFF (IA), 1-888-532-3500 (VA) or call/text TN REDLINE 1-800-889-9789 (TN).