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  • stlcardinals84

    Leading RG Analyst

    • 278

      RG Overall Ranking

    • 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.

  • stlcardinals84

    Leading RG Analyst

    • 278

      RG Overall Ranking

    • 2018 DraftKings FBWC Finalist

    • 2018 DraftKings FBBWC Finalist

    @Ceodore said…

    I would think legal action would be an option since they specifically say 1099’s will be net in the ToS, which basically establishes a contract between the site and user?

    Hopefully someone has a screen capture of the Terms of Service and the FAQ that are likely to be changed once the site is back up.

  • sjjl2008

    This is really troubling, as someone who plays A LOT on this website, and has played a lot in 2013.

    This is clearly not the way to be doing it. I really hope that they fix this issue and their site (which by the way is down).

  • MrTuttle05

    • 442

      RG Overall Ranking

    • 2016 DraftKings FFWC Finalist

    • 2017 DraftKings FBWC Finalist

    @Ceodore said…

    I would think legal action would be an option since they specifically say 1099’s will be net in the ToS, which basically establishes a contract between the site and user?

    Would love to hear other’s thoughts on this.

    Also, did anyone else take screen shots of the ToS and FAQ like I did? As the site is now down for “maintenance” I’d hate to see them scrub their site of the net winnings verbiage.

  • sethayates

    I’m thinking about this and I still have no idea how Gross Winnings would make sense for the site. It has to be hard enough to get 1099s out in time using Net winnings. Can you imagine how many 1099s they need to send out if they use Gross winnings? That means literally every one of their users gets a 1099.

    They also have another complication in that some people may have Gross winnings over $600 but then subsequently lost those winnings and left the site. You can’t get a SSN from those people sinec you can’t hold their withdraw. Basically, what FTD ends up with is a half ass system that totally screws everyone including themselves.

  • shims3

    @FastEddieFear said…

    And – Site down.

    Just noticed! Foreshadowing of things to come…

  • 55lincecum

    Anyone also notice that winning a qualifier into the Friday night fight was awarded $11 cash this week instead of a ticket as was their policy in the past……more cash being awarded!!!!!

  • naapstermaan

    Panda Grinder

    • 2014 DraftKings FBWC Finalist

    • x2

      2012 FanDuel WFFC Finalist

    @MrTuttle05 said…

    Would love to hear other’s thoughts on this.

    Also, did anyone else take screen shots of the ToS and FAQ like I did? As the site is now down for “maintenance” I’d hate to see them scrub their site of the net winnings verbiage.

    If the terms of service changes when (if?) the site comes back up they are royally fucked. Can’t do that.

  • sethayates

    @FastEddieFear said…

    And – Site down.

    Trying to block mass withdraws while they sort this out?

  • adnoble

    @sethayates said…

    Trying to block mass withdraws while they sort this out?

    Cashed out Yesterday.

  • CrazyGabey

    @EmpireMaker2 said…

    It’s obviously not, but this site is shady as hell and has been for awhile. Some people value a paycheck more than they value their reputation.

    We’ve covered this before in a different thread.

    I am an independent contractor who manages FTD’s social media accounts and blog.

    I suggest calming down, using common sense, and waiting to hear a reply from a site rep before clearing Salem of their Wiccan population.

  • tipandpick

    • 2016 FanDuel WFFC Finalist

    • 2014 FAFC Champion

    @sethayates said…

    Trying to block mass withdraws while they sort this out?

    Funny…but you might be right.

    I withdrew the pittance that I had on that site as soon as I read this thread; I played < 2% of my action there, so it’s no big deal to me, but today’s news eliminated any chance of me ever playing there again.

    My guess is that other people were doing the same & FTD panicked, shutting down the site until they can put together a fallout plan.

  • Mike5754

    2013 PFBC Finalist

    @MrTuttle05 said…

    Would love to hear other’s thoughts on this.

    Also, did anyone else take screen shots of the ToS and FAQ like I did? As the site is now down for “maintenance” I’d hate to see them scrub their site of the net winnings verbiage.

    Here you go.

    http://web.archive.org/web/20130807010515/https://fanthrowdown.com/page/view/scoring_rules

  • kaetorade

    • 2013 DraftStreet DSBBC Finalist

    @naapstermaan said…

    If the terms of service changes when (if?) the site comes back up they are royally fucked. Can’t do that.

    How can it NOT change, right? The email specifically outlines how 1099s will be reported. This situation is beyond retarded, but I don’t see how they leave their TOS in tact if this is how they’ve decided to proceed going forward.

    Let’s assume that s/s were taken or even if they acknowledge the original TOS, then what? Do they still have the power to make chances as deemed ‘necessary?’

  • kaetorade

    • 2013 DraftStreet DSBBC Finalist

    @Mike5754 said…

    Here you go.

    http://web.archive.org/web/20130807010515/https://fanthrowdown.com/page/view/scoring_rules

    Based on this:

    “All FanThrowdown website members that withdraw more than $600 collectively are required to provide additional details for tax-purposes at the year’s end.”

    No mention of withdrawal-deposits or account balance. So if you deposited 2k in the course of the year and withdrew 1.5k, you’re on the hook for 1.5k for tax purposes? That would be better than gross winnings, but still terrible.

  • sjjl2008

    @CrazyGabey said…

    We’ve covered this before in a different thread.

    I am an independent contractor who manages FTD’s social media accounts and blog.

    I suggest calming down, using common sense, and waiting to hear a reply from a site rep before clearing Salem of their Wiccan population.

    Gabey, you know I respect you 100%, but as someone who plays 90% of their action on this site, this is troubling and causing some panic.

    I HOPE that they can use some common sense here and sort this out.

  • naapstermaan

    Panda Grinder

    • 2014 DraftKings FBWC Finalist

    • x2

      2012 FanDuel WFFC Finalist

    “FanThrowdown takes pride in offering the fastest payouts in the industry”

    Uh….been a couple days now. This part of the FAQ can definitely be changed.

  • Mike5754

    2013 PFBC Finalist

    If I were operating a DFS site I would also pick 3pm EST on a game night for multiple sports as an optimal time for “Scheduled maintenance”. Give them a break guys.

  • EmpireMaker2

    @CrazyGabey said…

    We’ve covered this before in a different thread.

    I am an independent contractor who manages FTD’s social media accounts and blog.

    I suggest calming down, using common sense, and waiting to hear a reply from a site rep before clearing Salem of their Wiccan population.

    I was referring to the people who have a stake in the company and post here.

    I’ve had a bad experience with this website. I had multiple thousands on the line and couldn’t export my lineup 5 minutes before tip. They told me it was a problem on my end, when I had exported the same way the day before. When I asked if they could manually adjust on support they said they couldn’t but would come up with a resolution that would benefit me. I never received a response. Another time I couldn’t change my lineup because their site wasn’t working through Chrome. When I asked what was going on they said I had to download a new browser as Chrome was having issues. By the time I downloaded and set up a new browser the lineups had locked. Again no resolution for me. Whether or not they change their tax policy this website is shady and they don’t provide adequate customer support. They have also canceled multiple satellites that were guaranteed because there was going to be too much overlay. The list goes on and on.

  • kaetorade

    • 2013 DraftStreet DSBBC Finalist

    @EmpireMaker2 said…

    I was referring to the people who have a stake in the company and post here.

    I’ve had a bad experience with this website. I had multiple thousands on the line and couldn’t export my lineup 5 minutes before tip. They told me it was a problem on my end, when I had exported the same way the day before. When I asked if they could manually adjust on support they said they couldn’t but would come up with a resolution that would benefit me. I never received a response. Another time I couldn’t change my lineup because their site wasn’t working through Chrome. When I asked what was going on they said I had to download a new browser as Chrome was having issues. By the time I downloaded and set up a new browser the lineups had locked. Again no resolution for me. Whether or not they change their tax policy this website is shady and they don’t provide adequate customer support. They have also canceled multiple satellites that were guaranteed because there was going to be too much overlay. The list goes on and on.

    WOW! This is one reason I don’t take DS for granted. Yes, there are other sites out there, but they’ve ALWAYS taken care of me and when given the option, never take the ‘cheap’ route. Sorry to hear the experience Empire. I made an account at ftd awhile ago, but their software is by far, the worse I’ve come across. Consequently, I don’t play there.

  • sethayates

    Nevermind. It appears the site is down for maintenance. Rumor has it they are releasing a new logo when it comes back. Here is a sneak peek

  • easternmh

    • 2019 Blogger of the Month

    @kaetorade said…

    WOW! This is one reason I don’t take DS for granted. Yes, there are other sites out there, but they’ve ALWAYS taken care of me and when given the option, never take the ‘cheap’ route. Sorry to hear the experience Empire. I made an account at ftd awhile ago, but their software is by far, the worse I’ve come across. Consequently, I don’t play there.

    Wow this thread may be the end of them, never played there now I never will

  • elctrceye

    • Blogger of the Month

    @bringemvaught said…

    Looks like we might go from the Big 7 to the Big 6 (dfs sites).

    lets not confuse FTD as a top anything, it has been shady from the beginning, and it is ‘thee’ worst site to navigate.

  • Mike5754

    2013 PFBC Finalist

    @easternmh said…

    Wow this thread may be the end of them, never played there now I never will

    It is just getting started. I have one from the early days that I’ve been saving for a day just like this. Will wait until they respond before starting.

  • sjjl2008

    here is their new portion of the website, is this any different?

    “ Tax Forms & Winnings Reported

    For any user who has a total in gross winnings that equals or exceeds $600 for any calendar year, we are required to get a W9 form for US citizens, and a W8 form from users outside the US.

    This total does not take losses or withdrawals into account, and is strictly a total in winnings that a user has been awarded in one year’s time. Filling out the required form is NOT an agreement to pay tax on this amount, it is strictly the information FanTD needs to report these winnings to the government as required. How this affects a user’s yearly tax burden is between them and the IRS, and our participation does not in any way affect that process.

    Please note that any pending withdrawals are held from processing for any users who are required to send the tax forms and have yet to do so.”

  • cb35

    2013 FFFC Finalist, 2013 DFFC Finalist

    • 2013 FanDuel WFFC Finalist

    wow – really feel for you guys maybe RotoKev and STL could share on how you can correct a 1099 issued in error? Is there an appeal process with the IRS? Any specific forms to file?

    I lost about $300 there and didn’t win much if anything – never felt so lucky.

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