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- Fanduel Sportsbook Taxes 2020
It's Tuesday, time for the anonymous mailbag. As always, send your anonymous mailbag questions to claytravis@gmail.com. It's also important for you guys to know that the anonymous mailbag is brought. May 31, 2019 I received a 1099-Misc of $5,661 from FanDuel and have filed that on my tax return. On Draftkings, I had a yearly loss of $1,300. Can I offset these fantasy sports sites?
Unprecedented in a myriad of ways, 2020 was also a record year for Pennsylvania sportsbooks – capped off with all-time high handle of $548.6 million in December. That broke the previous record of $525.8 million set in October 2020.
- On Tax Form 1040, simply total your sports betting winnings and put that figure in the 'Other Income' spot. This is line 21 of form 1040. You can report your losses as an itemized deduction. These deductions are reported on your Schedule A form. You will pay taxes on your net winnings (or your wins minus your losses). This means that if you've won $500 on sports, but lost $1000, you can deduct the $500 you've lost.
- Gambling Winnings Subject to Tax? With all sports betting, casino, poker, daily fantasy, and state lotteries, is the government entitled to a fair share?The most accurate answer is, you can bet on it.
- Jul 08, 2015 Taxes on Your FanDuel Winnings Federal law in the United States requires that FanDuel — and any other similar companies where players can accumulate winnings — issue a 1099 for any winnings over $600. Citizens are legally required to pay taxes on winnings less than $600 but a 1099 will not be issued.
Compared to November, sports betting handle was up 11.5%. Revenue also neared all-time highs in December at $34.1 million – down 8.8% from November's all-time high of $37.4 million.
Overall in 2020, PA saw over $3.5 billion in total bets placed across retail and online sportsbooks.
PA isn't the only state that had a banner December. New Jersey continues to shatter all-time monthly handle records for any state, taking $931.6 million in bets in the final month of 2020. Nevada's December numbers are expected to fall between NJ and PA once again. (NJ first topped Nevada for the lead in handle in May 2020.)
Meanwhile, PA sports wagering continues to flourish as the No. 3 largest market in the country. In Pennsylvania, FanDuel maintains its status as the leader for handle; however in December, Barstool took the top spot for revenue.
Online sports betting and iGaming now significant source of revenue
Online wagering has proven critical in a year where casinos and other forms of gambling were shut down for more than four months, including from Dec. 12 through the end of the year.
According to figures released by the PGCB, overall gaming revenue in December totaled $168.7 million – a decrease of 42.2% YoY compared to Dec. 2019. But the decrease could have been much, much worse were it not for online gambling streams.
Those streams – online casino, online sports betting, and online poker – are now a significant source of revenue for PA. In December, online betting brought in:
- Online casino revenue*: $71.6 million (tax revenue: $29.0 million)
- Online sports betting revenue: $32.9 million (tax revenue: $11.8 million)
*includes $2.7 million in revenue from online poker
That means in December, revenue from online betting accounted for 61.9% of PA's total gaming revenue – and that doesn't even count daily fantasy contests.
Continued growth for online sports betting in PA
With the state's retail sportsbooks shuttered for most of the month, PA online sports betting apps accounted for 97.5% of December wagers, or $535.2 million in handle.
While retail sports betting began in Nov. 2018, online betting apps started trickling in beginning late May 2019 (PlaySugarHouse the first). By the end of 2019, there were eight online apps.
The year 2020 saw the addition of the following:
- Caesars Sportsbook (Harrah's Casino) – March 2020
- Barstool Sportsbook (Hollywood Casino Grantville) – Sept. 2020
- BetMGM Sportsbook (Hollywood Casino Morgantown) – Dec. 2020
- Betfred Sportsbook (Wind Creek Bethlehem) – Dec. 2020
Demonstrating the market's major growth over the past year, sports betting revenue was up nearly 200% YoY – from $11.4 million in December 2019. Handle was up 60.1% from $342.6 million in Dec. 2019.
Top players in PA online sports betting December 2020
A month filled with NFL, college football, NBA, and college basketball gave bettors plenty to choose from. Feather falls casino phone number. FanDuel, in partnership with Valley Forge Casino, posted a record-setting month for handle ($207.6 million ) and gave out a record amount of promo credits ($5.6 million). Revenue for FanDuel in December was $7.1 million, down from a record-breaking $15.1 million in November.
For the fourth consecutive month, DraftKings has surpassed the $100 million mark for handle and it appears there is no looking back. DraftKings took $131.5 million in bets (a record for the operator in the state). DraftKings's revenue was $5.4 million, down from $6.9 in November.
PA sportsbooks continued their generosity in December, too. Online sportsbooks handed out $11.3 million in promo credits – nearly half of which came from FanDuel.
The state collected $11.2 million from sports betting taxes in December 2020, with another $657,852 for local taxes.
Big month for Barstool
Barstool online sportsbook saw a surge in handle ($71.8 million) and revenue ($13.9 million) in December. In its fourth month, Barstool finished tops among all of PA's online sportsbooks for revenue. PA online sportsbook mobile apps combined for $33 million in revenue with Barstool accounting for 42% of it.
Fanduel Sportsbook Michigan
Dave Portnoy, Barstool Sports founder and face of the sportsbook, launched The Barstool Fund in December to provide for small businesses affected by the pandemic.
What is handle and revenue?
As figures from the Pennsylvania Gaming Control Board and other state's regulatory commissions release monthly reports, the top line numbers are handle and revenue.
So, for those who are new or might be afraid to ask, here is the answer:
- Handle: Amount wagered over the time period.
- Revenue: Amount of money kept by sportsbooks out of the amount wagered.
- Taxes: Taxes collected by state and local jurisdictions. Sports betting in PA is taxed at a rate of a 34% state tax and 2% in local taxes.
PA sports betting handle & revenue by operator in December 2020
| Sports Betting Operator | Total Handle | Total Revenue | Online Handle | Online Revenue | Retail Handle | Retail Revenue |
|---|---|---|---|---|---|---|
| Valley Forge Casino (FanDuel) | $209,239,948 | $7,280,027 | $207,608,213 | $7,053,490 | $1,631,735 | $226,537 |
| The Meadows Casino (DraftKings) | $131,462,173 | $5,425,957 | $130,909,333 | $5,373,015 | $552,840 | $52,942 |
| Hollywood/Penn National (Barstool) | $72,565,263 | $13,932,121 | $71,779,304 | $13,880,692 | $785,958 | $51,429 |
| Mount Airy Casino (Fox Bet) | $28,861,696 | $1,856,270 | $28,577,967 | $1,840,166 | $283,730 | $16,104 |
| Rivers Pittsburgh (BetRivers) | $28,827,215 | $1,816,587 | $26,759,634 | $1,622,379 | $2,067,581 | $194,208 |
| Parx Casino | $28,029,420 | $2,219,626 | $23,743,575 | $1,971,634 | $4,285,845 | $247,992 |
| Rivers Philadelphia (PlaySugarHouse) | $21,814,454 | $1,025,425 | $21,814,454 | $1,040,656 | $0 | -$15,231 |
| Hollywood Casino Morgantown (BetMGM) | $12,069,468 | $33,148 | $12,069,468 | $33,148 | $0 | $0 |
| Mohegan Sun Pocono (Unibet) | $9,608,965 | $42,513 | $8,938,522 | $86,200 | $670,443 | -$43,687 |
| Presque Isle Downs (BetAmerica) | $2,767,558 | $184,971 | $1,509,947 | -$7,840 | $1,257,610 | $192,811 |
| Harrah's Philadelphia (Caesars) | $2,465,806 | $154,422 | $1,400,012 | $15,700 | $1,065,794 | $138,721 |
| Mohegan Sun Lehigh Valley | $498,163 | $63,572 | $0 | $0 | $498,163 | $63,572 |
| Wind Creek | $214,103 | -$4,733 | $99,309 | -$16,619 | $114,794 | $11,886 |
| Live! Casino Pittsburgh | $165,834 | $29,633 | $0 | $0 | $165,834 | $29,633 |
| South Philly Race & Sportsbook | $0 | $0 | $0 | $0 | $0 | $0 |
| Total | $548,590,065 | $34,059,539 | $535,209,739 | $32,892,621 | $13,380,326 | $1,166,917 |
PA online sportsbooks in December:
- FanDuel (Valley Forge Casino): $207.6 million in handle (up from $176.7 million), $7 million in revenue
- DraftKings (The Meadows): $130.9 million in handle (up from $109.9 million), $5.4 million in revenue
- Barstool (Hollywood Casino): $71.8 million in handle (up from $55.6 million), $13.9 million in revenue
- Fox Bet (Mount Airy): $28.6 million in handle (up from $28 million), $1.8 million in revenue
- Rivers Casino Pittsburgh: $26.7 million in handle (down from $28 million), $1.6 million in revenue
- Parx online sportsbook: $23.7 million in handle (up from $19.4 million), $2 million in revenue
- Rivers Casino Philadelphia: $21.8 million in handle (up from $19.4 million), $1 million in revenue
- Unibet (Mohegan Sun Pocono): $9 million (up from $8.1 million), $86,200 in revenue
- Caesars Sportsbook (Harrah's): $1.4 million in handle (up from $1 million), $15,700 in revenue
- Bet America (Presque Isle Downs): $1.5 million in handle (up from $957,165), negative $7,840 in revenue
- BetMGM (Hollywood Casino Morgantown): $12 million handle and $33,148 revenue (launched Dec. 18)
- BetFred (Wind Creek) $99K handle and in the red for revenue ($16,619) in first month (soft launched Dec. 22)
PA sports betting: How it started, how it's going
| December 2018 | December 2020 | |
|---|---|---|
| Handle | $16 million | $548.6 million |
| Revenue | $2 million | $34 million |
| Retail operators | 3 | 14 |
| Online operators | 0 | 12 |
December fantasy figures
In December, fantasy operators combined to report about $3 million in revenue, an increase of 1.14% over November of last year. DraftKings and FanDuel account for most of the DFS action in PA.
Note: PlayPA editor Valerie Cross contributed to this article.
Lead image credit: AP Photo/Gene J. Puskar
DETROIT — Whether or not sports are being played is one question, but there is definitely sports wagering now in all three Detroit casinos.
One day after their crosstown competitors, MotorCity Casino opened its FanDuel Sportsbook in Michigan on Thursday morning with Barry Sanders as its featured guest.
MotorCity was the third Detroit casino to open its sportsbook after MGM Grand Detroit and Greektown Casino-Hotel opened theirs on Wednesday. This was one day after the Michigan Gaming Control Board approved rules to make Michigan the 16th state with legal sports wagering.
Brutal timing
It's a cruel coincidence for those who pushed for an opening by the NCAA Tournament, as March Madness was canceled just hours after the opening of the sportsbook.
'Our timing was not very good, was it?' said Bruce Dall, president of MotorCity Casino, after answering a few questions about the coronavirus. 'All we can do is kind of monitor the situation and adjust accordingly.'
The two-story sportsbook has six betting windows, 67 televisions and 54 self-serve IGT PlaySports betting kiosks. Dall said construction of the nearly 9,000-square-foot sportsbook cost just over $3 million and started in late January.
He said concerns about the virus had not yet slowed traffic at the casino, which is owned by Marian Ilitch, the widow of former Tigers and Red Wings owner Mike and mother of Christopher, who now runs the teams.
Fanduel Sportsbook Taxes Reddit
Compared to November, sports betting handle was up 11.5%. Revenue also neared all-time highs in December at $34.1 million – down 8.8% from November's all-time high of $37.4 million.
Overall in 2020, PA saw over $3.5 billion in total bets placed across retail and online sportsbooks.
PA isn't the only state that had a banner December. New Jersey continues to shatter all-time monthly handle records for any state, taking $931.6 million in bets in the final month of 2020. Nevada's December numbers are expected to fall between NJ and PA once again. (NJ first topped Nevada for the lead in handle in May 2020.)
Meanwhile, PA sports wagering continues to flourish as the No. 3 largest market in the country. In Pennsylvania, FanDuel maintains its status as the leader for handle; however in December, Barstool took the top spot for revenue.
Online sports betting and iGaming now significant source of revenue
Online wagering has proven critical in a year where casinos and other forms of gambling were shut down for more than four months, including from Dec. 12 through the end of the year.
According to figures released by the PGCB, overall gaming revenue in December totaled $168.7 million – a decrease of 42.2% YoY compared to Dec. 2019. But the decrease could have been much, much worse were it not for online gambling streams.
Those streams – online casino, online sports betting, and online poker – are now a significant source of revenue for PA. In December, online betting brought in:
- Online casino revenue*: $71.6 million (tax revenue: $29.0 million)
- Online sports betting revenue: $32.9 million (tax revenue: $11.8 million)
*includes $2.7 million in revenue from online poker
That means in December, revenue from online betting accounted for 61.9% of PA's total gaming revenue – and that doesn't even count daily fantasy contests.
Continued growth for online sports betting in PA
With the state's retail sportsbooks shuttered for most of the month, PA online sports betting apps accounted for 97.5% of December wagers, or $535.2 million in handle.
While retail sports betting began in Nov. 2018, online betting apps started trickling in beginning late May 2019 (PlaySugarHouse the first). By the end of 2019, there were eight online apps.
The year 2020 saw the addition of the following:
- Caesars Sportsbook (Harrah's Casino) – March 2020
- Barstool Sportsbook (Hollywood Casino Grantville) – Sept. 2020
- BetMGM Sportsbook (Hollywood Casino Morgantown) – Dec. 2020
- Betfred Sportsbook (Wind Creek Bethlehem) – Dec. 2020
Demonstrating the market's major growth over the past year, sports betting revenue was up nearly 200% YoY – from $11.4 million in December 2019. Handle was up 60.1% from $342.6 million in Dec. 2019.
Top players in PA online sports betting December 2020
A month filled with NFL, college football, NBA, and college basketball gave bettors plenty to choose from. Feather falls casino phone number. FanDuel, in partnership with Valley Forge Casino, posted a record-setting month for handle ($207.6 million ) and gave out a record amount of promo credits ($5.6 million). Revenue for FanDuel in December was $7.1 million, down from a record-breaking $15.1 million in November.
For the fourth consecutive month, DraftKings has surpassed the $100 million mark for handle and it appears there is no looking back. DraftKings took $131.5 million in bets (a record for the operator in the state). DraftKings's revenue was $5.4 million, down from $6.9 in November.
PA sportsbooks continued their generosity in December, too. Online sportsbooks handed out $11.3 million in promo credits – nearly half of which came from FanDuel.
The state collected $11.2 million from sports betting taxes in December 2020, with another $657,852 for local taxes.
Big month for Barstool
Barstool online sportsbook saw a surge in handle ($71.8 million) and revenue ($13.9 million) in December. In its fourth month, Barstool finished tops among all of PA's online sportsbooks for revenue. PA online sportsbook mobile apps combined for $33 million in revenue with Barstool accounting for 42% of it.
Fanduel Sportsbook Michigan
Dave Portnoy, Barstool Sports founder and face of the sportsbook, launched The Barstool Fund in December to provide for small businesses affected by the pandemic.
What is handle and revenue?
As figures from the Pennsylvania Gaming Control Board and other state's regulatory commissions release monthly reports, the top line numbers are handle and revenue.
So, for those who are new or might be afraid to ask, here is the answer:
- Handle: Amount wagered over the time period.
- Revenue: Amount of money kept by sportsbooks out of the amount wagered.
- Taxes: Taxes collected by state and local jurisdictions. Sports betting in PA is taxed at a rate of a 34% state tax and 2% in local taxes.
PA sports betting handle & revenue by operator in December 2020
| Sports Betting Operator | Total Handle | Total Revenue | Online Handle | Online Revenue | Retail Handle | Retail Revenue |
|---|---|---|---|---|---|---|
| Valley Forge Casino (FanDuel) | $209,239,948 | $7,280,027 | $207,608,213 | $7,053,490 | $1,631,735 | $226,537 |
| The Meadows Casino (DraftKings) | $131,462,173 | $5,425,957 | $130,909,333 | $5,373,015 | $552,840 | $52,942 |
| Hollywood/Penn National (Barstool) | $72,565,263 | $13,932,121 | $71,779,304 | $13,880,692 | $785,958 | $51,429 |
| Mount Airy Casino (Fox Bet) | $28,861,696 | $1,856,270 | $28,577,967 | $1,840,166 | $283,730 | $16,104 |
| Rivers Pittsburgh (BetRivers) | $28,827,215 | $1,816,587 | $26,759,634 | $1,622,379 | $2,067,581 | $194,208 |
| Parx Casino | $28,029,420 | $2,219,626 | $23,743,575 | $1,971,634 | $4,285,845 | $247,992 |
| Rivers Philadelphia (PlaySugarHouse) | $21,814,454 | $1,025,425 | $21,814,454 | $1,040,656 | $0 | -$15,231 |
| Hollywood Casino Morgantown (BetMGM) | $12,069,468 | $33,148 | $12,069,468 | $33,148 | $0 | $0 |
| Mohegan Sun Pocono (Unibet) | $9,608,965 | $42,513 | $8,938,522 | $86,200 | $670,443 | -$43,687 |
| Presque Isle Downs (BetAmerica) | $2,767,558 | $184,971 | $1,509,947 | -$7,840 | $1,257,610 | $192,811 |
| Harrah's Philadelphia (Caesars) | $2,465,806 | $154,422 | $1,400,012 | $15,700 | $1,065,794 | $138,721 |
| Mohegan Sun Lehigh Valley | $498,163 | $63,572 | $0 | $0 | $498,163 | $63,572 |
| Wind Creek | $214,103 | -$4,733 | $99,309 | -$16,619 | $114,794 | $11,886 |
| Live! Casino Pittsburgh | $165,834 | $29,633 | $0 | $0 | $165,834 | $29,633 |
| South Philly Race & Sportsbook | $0 | $0 | $0 | $0 | $0 | $0 |
| Total | $548,590,065 | $34,059,539 | $535,209,739 | $32,892,621 | $13,380,326 | $1,166,917 |
PA online sportsbooks in December:
- FanDuel (Valley Forge Casino): $207.6 million in handle (up from $176.7 million), $7 million in revenue
- DraftKings (The Meadows): $130.9 million in handle (up from $109.9 million), $5.4 million in revenue
- Barstool (Hollywood Casino): $71.8 million in handle (up from $55.6 million), $13.9 million in revenue
- Fox Bet (Mount Airy): $28.6 million in handle (up from $28 million), $1.8 million in revenue
- Rivers Casino Pittsburgh: $26.7 million in handle (down from $28 million), $1.6 million in revenue
- Parx online sportsbook: $23.7 million in handle (up from $19.4 million), $2 million in revenue
- Rivers Casino Philadelphia: $21.8 million in handle (up from $19.4 million), $1 million in revenue
- Unibet (Mohegan Sun Pocono): $9 million (up from $8.1 million), $86,200 in revenue
- Caesars Sportsbook (Harrah's): $1.4 million in handle (up from $1 million), $15,700 in revenue
- Bet America (Presque Isle Downs): $1.5 million in handle (up from $957,165), negative $7,840 in revenue
- BetMGM (Hollywood Casino Morgantown): $12 million handle and $33,148 revenue (launched Dec. 18)
- BetFred (Wind Creek) $99K handle and in the red for revenue ($16,619) in first month (soft launched Dec. 22)
PA sports betting: How it started, how it's going
| December 2018 | December 2020 | |
|---|---|---|
| Handle | $16 million | $548.6 million |
| Revenue | $2 million | $34 million |
| Retail operators | 3 | 14 |
| Online operators | 0 | 12 |
December fantasy figures
In December, fantasy operators combined to report about $3 million in revenue, an increase of 1.14% over November of last year. DraftKings and FanDuel account for most of the DFS action in PA.
Note: PlayPA editor Valerie Cross contributed to this article.
Lead image credit: AP Photo/Gene J. Puskar
DETROIT — Whether or not sports are being played is one question, but there is definitely sports wagering now in all three Detroit casinos.
One day after their crosstown competitors, MotorCity Casino opened its FanDuel Sportsbook in Michigan on Thursday morning with Barry Sanders as its featured guest.
MotorCity was the third Detroit casino to open its sportsbook after MGM Grand Detroit and Greektown Casino-Hotel opened theirs on Wednesday. This was one day after the Michigan Gaming Control Board approved rules to make Michigan the 16th state with legal sports wagering.
Brutal timing
It's a cruel coincidence for those who pushed for an opening by the NCAA Tournament, as March Madness was canceled just hours after the opening of the sportsbook.
'Our timing was not very good, was it?' said Bruce Dall, president of MotorCity Casino, after answering a few questions about the coronavirus. 'All we can do is kind of monitor the situation and adjust accordingly.'
The two-story sportsbook has six betting windows, 67 televisions and 54 self-serve IGT PlaySports betting kiosks. Dall said construction of the nearly 9,000-square-foot sportsbook cost just over $3 million and started in late January.
He said concerns about the virus had not yet slowed traffic at the casino, which is owned by Marian Ilitch, the widow of former Tigers and Red Wings owner Mike and mother of Christopher, who now runs the teams.
Fanduel Sportsbook Taxes Reddit
The FanDuel partnership allows bettors to wager on those teams, Dall said, adding FanDuel was chosen from 22 partnership offers.
Barry bets on the Tigers at FanDuel Sportsbook
Sanders chose to bet on one of the Ilitch-owned teams, wagering $20 on the Tigers to win the World Series.
The Lions legend did a ceremonial ribbon cutting, a meet and greet with fans, and made four other $20 bets on college basketball conference tournament games before news trickled in later about their cancellations: Michigan to beat Rutgers in the Big Ten, Duke over North Carolina State in the Atlantic Coast Conference, and Texas over Texas Tech in the Big 12, along with the over in that game.
'Those were important,' said Sanders, who notably did not bet on his former team. 'So many entities came together, from the legislature to the sports and the fans demanding it, so obviously it's a big deal.'
He was then asked if he really thought the lowly Tigers (+50000) were a good bet, responding that 'we've got a chance.'
Fans, bettors excited for Michigan sports betting launch
Sanders' presence drew fans such as Greg Thomas of St. Clair Shores, who wore his No. 20 Honolulu Blue jersey along with a Lions' jacket.
'He is my all-time favorite. When I found out Barry was going to be here, I had to make it,' Thomas said. 'Fans have been waiting a long time for it, but I wish they would've gotten horses as well. But I voted with this, voted for this stuff. Make it a Little Vegas; you know what I mean?'
Fans can place bets on all major US and college sports, though international club soccer wagers are not yet allowed. Horse racing bets are not available in the Detroit casinos.
Fanduel Sportsbook Taxes Calculator
Republican state representatives Michael Webber, of Rochester Hills, and Matt Hall, of Marshall, were also on hand for the opening.
News broke later in the day about the cancellation of the Big Ten Tournament in Indianapolis, though at the time of the opening, the NBA had already suspended play.
'It certainly will take a hit,' said Webber, who placed a bet on his alma mater Michigan State to win the NCAA Tournament. 'I think eventually there will be a return to normalcy. I think people will really enjoy their ability to wager on sporting events; you don't have to go to Vegas or Atlantic City, you can do it right here in Detroit or a tribal casino throughout the state.'
Fanduel Sportsbook Tax Statement
Michigan's tribal casinos are formalizing plans to open their own sports betting facilities throughout the year.
Fanduel Sportsbook Taxes 2020
Across town, MGM Grand Detroit opened its BetMGM Sportsbook on Wednesday with Sanders' old teammate Lomas Brown among the celebrities on hand. The Greektown Sportsbook had former Lions star Lem Barney among its attendees for the opening of its temporary facility. The permanent sportsbook is scheduled to open by football season and will have Barstool Sports branding as Greektown owners Penn National Gaming have partnered with the brand.
