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Comments

  • ChorizoChampion

    Is it better to withdraw a percentage of your winnings the morning after every slate, or cash out at the end of a season/year?

    What’s your withdrawal method, and why?

  • TheDataDetective

    • Blogger of the Month

    I like to withdraw whenever my balance on a site is greater than some threshold. I find that, psychologically, I tend to be more disciplined with my bankroll management when I have a smaller amount of $ to work with.

  • durbinjag

    I like to maintain a specific amount on each site. At the end of the month I pull out whatever my profit is, or add to bring me back to my pre-set amount.

  • sochoice

    • 2017 DraftKings FBWC Finalist

    • 2017 FanDuel WFFC Champion

    When I win $50k later today, I’ll let you know.

  • theIrrigator

    • Ranked #72

      RG Tiered Ranking

    People are able to withdraw? I know there is a deposit button. I’ll share my deposit strategy in that thread

  • jimmyquinella

    • Blogger of the Month

    I agree, WTH is a withdraw option?

    Bet it all baby and let it ride!!!!!!!

  • PigskinaBlanket

    • 240

      RG Overall Ranking

    • x3

      2019 DraftKings FGWC Finalist

    • x2

      2016 DraftKings FGWC Finalist

    Depends on your comfort level keeping a balance. Optimal would be to only keep on what you need and have the rest in a high yield account earning a return.

  • ivymoose

    When depositing, I like to have a 50/50 split of my bankroll, half on the sites, half in savings. Then I just leave it alone until the split goes too far in one direction (deposit if needed, withdrawal if about 75% of my BR are on the sites).

  • BerkeleyBoss

    Keep as little as possible and just deposit whenever you need more money. Why keep money on a DFS site?

  • drewbos11

    When you withdraw, is there an option to have a specific percentage taxed for federal? If no, how would you suggest someone pay those taxes? Pre-pay or pay during tax season?

  • dominicanpapi

    @drewbos11 said...

    When you withdraw, is there an option to have a specific percentage taxed for federal? If no, how would you suggest someone pay those taxes? Pre-pay or pay during tax season?

    Not that I’ve ever been in a position to do this, but withdraw the money, estimate how much you’re going to pay during tax season and put that in an account. Maybe lock the account so you’re not tempted to withdraw from it.

  • sirrobert6

    • Blogger of the Month

    It should depend on two factors, what’s your goals from DFS? and how much you actually make.

    If your goal is to play low stakes forever, not try to improve, and just do whatever, then yes, withdraw everything and keep nothing on here because your money is better used elsewhere. If your goal is to keep getting better, and ideally increase the buy-in’s as your level improves, then you should never, ever withdraw, especially if you’re still growing.

    If you have enough money in your bankroll that you can, quite literally, play whatever you want and sustain it, than withdrawing whatever you want from whatever you need is gravy, as long as you can still play at whatever level you choose. If you want to play low stakes, keep a low stakes bankroll and withdraw everything else. If you want to improve or you are growing, never withdraw because you’ll spin your wheels or have to deposit two months down the road as low stakes won’t change your life, and high stakes can bring the deposit button after a bad beat or a cold week. DFS is really hard and in the long run even the best aren’t winning every single night. If you are withdrawing than you better be really good at it or not have an end goal in mind.

    There’s a notion that people can withdraw, keep a limited bankroll, and still play high stakes; it’s just not on, DFS is too fickle, and the vast majority of us aren’t good enough, myself included. Play like what your bankroll should look like in a year, not tomorrow. If you play for tomorrow, your bankroll will probably be gone by then too.

  • ezellmt

    RG Contributor

    • 229

      RG Overall Ranking

    • 2018 DraftKings FFWC Finalist

    • 2015 DraftKings FBWC Finalist

    @drewbos11 said...

    When you withdraw, is there an option to have a specific percentage taxed for federal? If no, how would you suggest someone pay those taxes? Pre-pay or pay during tax season?

    If you hit something really big early in the year, you can make an estimated tax payment (or multiple estimated payments, it can be done once for each quarter). It’s not worth doing it if it’s not a huge payout, because you might give plenty of it back throughout the year and now you’ve given the IRS your money and you might be overpaying. Making estimated payments can help you avoid underpayment penalties, which I believe is 0.5% of the total tax you owe. For most, it’s not necessary but it is an option.

  • KRD227

    Pull and pray

  • clrockny24

    @BerkeleyBoss said...

    Keep as little as possible and just deposit whenever you need more money. Why keep money on a DFS site?

    This is a topic in and of itself in my opinion, and something I think about a lot. Since the most I play is usually a $5 cash game per night, there’s really no need to keep over $100 on a site, yet I probably will feel uncomfortable if I do.

  • jtgus

    Pull out before I……………………………………………………………….lose it all

  • thedude404

    • 2015 FanDuel NBA Playboy Mansion Finalist

    @drewbos11 said...

    When you withdraw, is there an option to have a specific percentage taxed for federal? If no, how would you suggest someone pay those taxes? Pre-pay or pay during tax season?

    You can send money to the irs any time you want……

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