Archives for December 3, 2018

Daily Fantasy Tax Reporting

Sports betting“At the onset of Daily Fantasy Sports, there was much debate as to what type of “activity” individuals are engaging in. The IRS determined that playing DFS was a game of skill and technical ability. Players had to develop a strategy, research athletes, and build a team that will gain the most points possible in order to win a “set prize.” Compared to gambling activities, where the IRS views those activities as a game of “luck,” winning an undeterminable amount (the professional gamblers in the community would disagree). This distinction caused DraftKings and Fan Duel to mail out Form 1099-Misc to their participants. This opens up DFS income into a grey area of taxation. Is your playing style a hobby or full time job/business? We will discuss further.

Note: You cannot write off gambling losses against your DFS income. They are two different activities with different tax rules. Sorry!

If you have winnings of over $600 from any daily fantasy sports site, such as FanDuel or DraftKings, you will likely receive a Form 1099-MISC with the amount shown on Box 3. It is advised that you to report all earnings on your income tax return and not just earnings reported to you on a 1099-MISC or other tax forms…”

Daily Fantasy Tax Reporting.  Read the rest below.

RotoGrinders: Daily Fantasy Tax Reporting

Enhancements to 2019 Dubai Carnival and World Cup Cards

Meydan Group has released the list of horses accepted for the 2019 Dubai World Cup Carnival, which commences on January 3, 2019, at Meydan Racecourse. The list features 202 accepted horses conditioned by a total of 71 trainers from 17 countries. Several international stars are set to travel to Dubai this winter to compete for a share of the US$12,670,000 prize money—an increase of 12% from 2018—across 10 race cards, including 61 Thoroughbred races and 4 Group Purebred Arabian races.

In its 16th year, Dubai World Cup Carnival will take place on nine consecutive Thursdays, from January 3 through February 28, before ending with Super Saturday, March 9. Super Saturday’s race card, which has been boosted to a record $2.65 million in prize money, will once again be a dress rehearsal for the world-record $35 million Dubai World Cup card on March 30, 2019.

Purse Increases for 2019 Dubai World Cup Carnival

The three rounds of the Al Maktoum Challenge have received purse increases: Al Maktoum Challenge Round 1 (Group 2, 1600m, January 10) is now worth $350,000; an increase of $100,000. Al Maktoum Challenge Round 2 (Group 2, 1900m, February 7) is now worth $450,000; an increase of $200,000. Al Maktoum Challenge Round 3 (Group 1, 2000m, Super Saturday) is now worth $600,000; an increase of $200,000. Eight of the previous 19 Dubai World Cup winners have competed in the series, including four of the last seven.

MUSIR winning in Dubai. Copyright Andrew Watkins

Super Saturday’s Jebel Hatta (Group 1, 1800m turf) will increase $100,000 to $400,000. Other increases for Super Saturday: Dubai City of Gold (Group 2, 2410m turf) will be worth $300,000 and the Al Bastakiya (Listed, 1900m) goes up to $300,000 as the prep for the richest dirt derby in the world, the $2.5 million UAE Derby sponsored by The Saeed & Mohammed Al Naboodah Group (Group 2, 1900m). Three individual races on the same evening increase by $150,000 to boast purses of $350,000: the Mahab Al Shimaal (Group 3, 1200m), Burj Nahaar (Group 3, 1600m) and newly upgraded Nad Al Sheba Turf Sprint (Group 3, 1200m turf).

Dubai World Cup Carnival handicaps will receive increases ranging from $10,000 to $15,000, with the minimum total purse being $135,000 (for horses rated 90-105) and rising as high as $175,000 (for horses rated 90 and up).

Noted invitees for this first invitation round for the Dubai World Cup Carnival include Ken McPeek-trained Senior Investment, Harlan Strong and Grecko. Belmont Stakes runner-up Gronkowski and Pennsylvania Derby runner-up Axelrod are also listed as Carnival invitees. Sandeep Jadhav is listed as the trainer for both horses should they ship overseas. Gronkowski is trained by Chad Brown, while Mike McCarthy trains Axelrod.

A different invitation process will lead to more U.S.-based horses being invited to run on Dubai World Cup night.

Source: Press Release