INDUSTRY FORUM

  • MikesWorld28

    Financially?
    How do you get all the money out? (Send it through PayPal or directly to bank?
    Your plans? Do you keep majority in and keep balling?
    Do you run around in circles in your house till you pass out?
    Do you play in bigger, higher entry cost tournaments now that you are a master in dfs?

    Please discuss…

  • MrFantasy

    Probably donate it in PGA this year.

  • KindGuy

    @chronoxiong said...

    Why is this a question? If you are satisfied with the win and money, retire and put it to use! I want to do that so bad but I can never fricken win! I’m always picking a bust every singe night. It’s frustrating! If/when I ever win a big GPP, I’m done because this is too much stress on a person.

    So you’re just playing for that big GPP win? If it’s really that stressful for you, maybe you should stop.

  • wolfjb1

    I’d get it wired to the bank. Then I would set up a separate account for the exact amount of the tax. Then I’d use the rest for paying bills and just for life expenses, like some home renovations, a few new “toys” that I can “justify” as family stuff (a couple of really nice 4K TVs, a drone, etc.). That might sound boring to you, but it sounds awesome to me.

    Everyone says not to up the ante on your buy-ins, but I would probably do it anyway. I would do it (relatively) smartly though, so instead of focusing on the $1 and $2 GPPs I’d focus on the $4-5s. I rarely enter the milli maker but I’d definitely enter it every week. There’s no way I would start entering the $333 and $1,500 buy-in GPPs.

  • tclii85

    @bucherpsu08 said...

    Short the market.

    This. Honestly that is where most of my money is anyway so the chances of me hitting a big one in DFS are pretty low these days anyhow.

  • Fainterj

    You could also put what you owe in taxes in a 9 month CD with guaranteed return on your money so you can make a little off of it before you send it to Uncle Sam.

  • peachfuzz

    • Blogger of the Month

    @Fainterj said...

    You could also put what you owe in taxes in a 9 month CD with guaranteed return on your money so you can make a little off of it before you send it to Uncle Sam.

    Not a tax guy here, but would you not also then owe taxes on the interest gained?

  • thegeneral391

    @peachfuzz said...

    Not a tax guy here, but would you not also then owe taxes on the interest gained?

    yes you would but you are still ahead

  • tvsfrink

    What’s the interest on a 9 month CD these days? 0.000000001%?

    Doesn’t seem worth it regardless of your winnings.

  • electrichaz3

    question for you guys. I just won a 5 figure amount and i was wondering about wire transfers with FD. Do I have to email support and ask for it as it is not an option when i go to the cash out screen? Thanks for any advise.

  • cy1985

    Take the part that’s not taxes and use it for a mortgage. Hopefully that happens this weekend.

  • kbarnhill7523

    • 675

      RG Overall Ranking

    • 2018 FanDuel WFFC Finalist

    • x2

      2017 FanDuel WFBBC Finalist

    @electrichaz3 said...

    question for you guys. I just won a 5 figure amount and i was wondering about wire transfers with FD. Do I have to email support and ask for it as it is not an option when i go to the cash out screen? Thanks for any advise.

    Yeah just contact FD support and they will get you set up. Once you do it the first time it’ll always be a withdrawal option after that.

  • electrichaz3

    @kbarnhill7523 said...

    Yeah just contact FD support and they will get you set up. Once you do it the first time it’ll always be a withdrawal option after that.

    thanks bro appreciate that

  • Fainterj

    @thegeneral391 said...

    yes you would but you are still ahead

    Exactly. And CD rates are not good but better than nothing. You could try a money market or mutual fund but those have risk to go down and no one wants that. Especially when Uncle Sam wants his money at his time.

  • Aniesdad

    I just had my first huge GPP win and I am at the point of ok what’s next? I won the $27 Crossover on DK at the end of December and for the two weeks after my DFS play was junk. I couldn’t focus and I got away from all of the things that had made me a relatively successful DFSer. I have now won a huge sum thanks to this past weekends NFL Wildcat and my head is still spinning. How do you maintain your routines after such a large win? How long did it take to refocus and get back to the grind? Any tips on how to deal with any of the ancillary stuff that goes with this kind of success would be appreciated.

  • sgaffney

    This is an amazing humblebrag!

  • Bschwarze325

    Pay off any debt I may have, put the amount needed aside for the taxes on winnings, pay a few months of utilities/rent ahead of time and the rest invested (Bitcoin mostly, among other avenues). Oh yes, and of course keep a small % on the site(s) to play with. I definitely wouldn’t go overboard with what stakes I play at, though I’m sure I would bump up to the next level and certainly wouldn’t go chasing high dollar Q’s.

  • kbarnhill7523

    • 675

      RG Overall Ranking

    • 2018 FanDuel WFFC Finalist

    • x2

      2017 FanDuel WFBBC Finalist

    I know exactly how you feel! I had a $150k Sunday two weeks ago and was really just in shock for 5-6 days.

    For me, it has been about readjusting my goals and expectations for what I want out of playing now. For the last 2 years it was about having fun and maybe winning a little money to keep playing. About a year ago, at the end of 2015, I had a big hit, like $40k, and that allowed me to do all the normal life stuff I wanted to do. Pay off debt, go on a nice vacation, buy a house and all that. I make around $100k from my job so it was like getting a “bonus”. I never once thought that I should “get serious” about DFS. It was just fun money for me.

    I left a solid BR in my account to keep playing at about twice the level I was playing at and I was still profitable for 2016. And then 2 weeks ago I made $150k. I was just in shock. I think it is ok to just take a break from playing for a bit.

    I withdrew everything but about $10k. I didn’t even play for a week. I think the best thing you can do is ask yourself what you want out of playing. For me, I still want to make money. But I also like my job and wouldn’t think of giving it up. I had a long talk with my wife about what we should do with the money we just won and then talked about what I wanted to do with the rest.

    My goal is to use my BR and try to make it to a live final, while still playing all my normal games. I feel like I’ve done everything else at this point and thats something I want for myself, just that experience. I’ll have to re-evaluate again if I do that. But, hey, gotta have goals right?

    PM me if you want to chat offline. I know what you are going through and its AWESOME, but overwhelming at the same time. First world problems, right?

  • jbb18

    I would love to pay off my house!

  • Bschwarze325

    @kbarnhill7523 said...

    First world problems, right?

    I wouldn’t mind having these problems, that’s for sure!

    Congrats on the big scores! Agreed with what Kbarnhill said in taking off a week to just refocus your mind and let the win sink in. I know that’s what I would do!

  • Sock

    I had a good week once last NFL season, just into 6 figures.
    Withdrew all but $5K of it.
    Had it sent by check. (Had to make one phone call with site to confirm that.)
    Roughly figured out the tax hit and left that aside.
    Used the rest to pay down a big chunk of my mortgage and re-financed the rest of mortgage at a better rate.
    The bank gave me much more of a hassle than the site did. They didn’t like the origin of the money. I had to bring in screen shots and then had to explain DFS to them and why it was even legal. (No joke.)

    Then I played a little bit higher/more than usual and pissed away the 5K that I’d left, thinking that I knew something and hadn’t just binked a good week. I ended up redepositing.
    ———

    If I could go back in time and advise myself…I’d recommended not moving up in stakes/volume. I was doing okay (a bit better than breakeven) at my current stakes/volume. I’d also recommend not using all the money I withdrew to pay on the mortgage. I’d have left a little bit of it in the checking so that I was more liquid.

  • timusbr

    Its freakin cold and wet in Chicago, I get a plane trip to a nice warm sandy beach to contemplate my dilemma.

  • pmsimkins

    • 2014 FanDuel WFBC Finalist

    • 2015 FanDuel WFBBC Finalist

    @Sock said...

    The bank gave me much more of a hassle than the site did. They didn’t like the origin of the money. I had to bring in screen shots and then had to explain DFS to them and why it was even legal. (No joke.)

    If you do something like put a down payment on a house you’ll want to “season” the funds. Basically, let them sit in your bank account 60 days. This will eliminate the hassle.

  • pmsimkins

    • 2014 FanDuel WFBC Finalist

    • 2015 FanDuel WFBBC Finalist

    Don’t lose track of the periodic nature of taxes. There is a big difference between winning 50K on Dec 31st and Jan 1st.

    While saying “don’t up your bets” is perfectly safe advice, it’s not necessarily good advice. If you win that money on Jan 1st you have 364 days (or until you lose it all – please don’t) where you’re effectively getting 40% (depends on bracket/state) back on anything you lose. This is a perfect opportunity to step up your game at far lower risk than you’d otherwise have.

  • truredman

    move to fiji

  • Jaws1002

    @jdtrey22 said...

    Won 80k week 7 of the nfl, got a wire transfer to my bank, played with a little and down 16k since then. Just be careful dont up your buyins unless you are ready. but wire transfer is the mvp

    Just in case I ever get that lucky why get a wire transfer and not go through paypal? Taxes?? And speaking of taxes what’s the hit on a 50k + hit??

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

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).