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  • Babelito84

    So I’d love to know how these whales logistically play in terms of moving money in and out.

    I’m fairly confident these are all consortium type setups where the big fish manage money from investors much like a fund.

    That said, some players are investing close to $250,000 night easily…so is Paypal the preferred method? How the heck do you move that kind of money to/from a site like FD or DK?

    Just seems so risky and so easy to be hacked from a cybersecurity perspective.

    Would love to hear from the big fish as to how to pull this off.

  • divusjulius

    • Blogger of the Month

    don’t call them fish if you want a response…

  • mattyice522

    Have you guys seen the Netflix show Ozark?

  • mambaland

    ozark is horrible

  • divusjulius

    • Blogger of the Month

    @mattyice522 said...

    Have you guys seen the Netflix show Ozark?

    i thought it was damn good.

  • TnRiddles

    • Blogger of the Month

    @divusjulius said...

    i thought it was damn good.

    you sir are correct

  • zpruitt3

    @mambaland said...

    ozark is horrible

    This is a worse take than Jose Fernandez 22 pt ceiling

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    Wire Transfers

  • finsup613

    secret banks in the cayman islands

  • jimmyrad

    All these big consortium’s, they just, write it off.

  • Unico10

    • 839

      RG Overall Ranking

    https://makeagif.com/gif/seinfeld-and-kramer-about-write-off-IXzli8

  • Babelito84

    So I suppose the answer is no one knows….because wire transfers draw IRS flags over certain amounts. Not sure what the commentor meant with consortium writeoffs meant. Unless its a functionining corporation, what are you writing off? Other players investments?

  • KindGuy

    @Babelito84 said...

    So I suppose the answer is no one knows….because wire transfers draw IRS flags over certain amounts. Not sure what the commentor meant with consortium writeoffs meant. Unless its a functionining corporation, what are you writing off? Other players investments?

    Lots of trolls

  • Babelito84

    lots of smoke and mirrors here.

    Maybe a RG affiliated pro can weigh in here.

  • KindGuy

    What stewburt said is what I believe to be the case with most withdrawals of large amounts. I think DK can just send it right to your bank which is pretty cool.

  • gordylamb

    • 282

      RG Overall Ranking

    • Ranked #57

      RG Tiered Ranking

    @Babelito84 said...

    So I suppose the answer is no one knows….because wire transfers draw IRS flags over certain amounts. Not sure what the commentor meant with consortium writeoffs meant. Unless its a functionining corporation, what are you writing off? Other players investments?

    IRS flags don’t matter if you’re paying taxes on the funds…Would be almost certain they use wires, thats what the sites use over a certain amount (sub 10k paypal, sub 25k (?) check, anything over that and it’s a wire only.) It’s not that hard to set this up tax wise. I haven’t done it for DFS but for poker its as simple as a one sentence “person A agrees to stake person B in xyz for dates efg and winnings will be split as follows” signed by both parties.

  • herberh2

    As someone who ran operations for a couple DFS sites, typically you’d see wire transfers for deposits/withdrawals over 10k. Although we did see some people use CC deposits at 3k a pop (max allowed in one transaction by our payment processor). They’d do 10x of those to get 30k down. When we asked them about it to cover our ass for AML/KYC reasons they said it was to protect themselves in the event that our site folded without paying player funds. Banks wont reverse a wire payment in that event, whereas a credit card company will reverse a payment.

  • Benf15harp

    @divusjulius said...

    i thought it was damn good.

    Agreed

  • kwdamp

    It’s wire transfers for sure. If you try to cash out more than around 25-50k a draftkings rep will generally call you and setup a wire transfer instead of the “default” method of paypal, refund, or paper check.

    And as others have mentioned, the IRS is only concerned if you’re not declaring your income.

  • divusjulius

    • Blogger of the Month

    sounds like the op isn’t really asking about the logistics of transferring money, but rather how to hide withdraws from the IRS, lol.

    also, the term fish means weak players, targets, degens etc, so a big fish really doesn’t have to worry about withdrawing money b/c fish are the primary food source for the sharks.

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