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Taxes and Fanduel? Ive seen websites indicating that if you make over $600 in a year that you'll be sent a form by the IRS. My question though is if you don't withdraw any money and only deposit money into FanDuel but play with money that you've won from contests, does that actually get taxed? Mar 12, 2020 The first thing to realize is that any winnings are taxable and bettors should include it on a tax return. “Just because a taxpayer doesn’t receive a tax form, (it) does not make the winnings tax-free,” he said. “Taxpayers still have a responsibility to report their prize on their tax return as ‘other income.’”.
Pennsylvania’s sports betting market continues to look merry and bright. Handle totaled about $492 million in November, down just 6.4% from the record $525.8 million set in October. Five months into the 2020-21 fiscal year, Pennsylvania surpassed the $2 billion mark for handle.
November was the second-highest ever for handle in PA and marked the best month yet for sportsbooks in terms of overall revenue. The commonwealth’s 10 online sportsbooks and 14 retail books combined for $37.4 million in gross (taxable) revenue, up a tick from the previous record of $36.8 million set the previous month.
Online wagering continues be the overwhelming preference of bettors, with 91% of bets placed at PA online sports betting apps, according to figures released by the Pennsylvania Gaming Control Board.
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FanDuel online sportsbook remains the leader in PA again, taking $176.7 million, or 36.6% of the state’s wagers.
Not only does this let us make sure you’re really you, we’ll need this info to file the right tax forms at the end of the year. If you withdraw via PayPal it takes 48 hours to process. If you withdraw via online banking it takes 2-4 business days to process. If you withdraw via check, it should arrive within 7 to 10 business days. There is a proposed tax rate for Florida sports betting of 15 percent. This would be administered as an excise tax on the total sportsbook handle. Sports betting by individuals is still illegal in the state. Winnings from outside sports bets would be taxed at the 24 percent federal amount.
Big month for revenue and taxes
NFL and college football betting fueled another big month for the books. $37.4 million in revenue represents a huge increase from $6.2 million in September 2020. Sportsbook apps also gave away $11.1 million in promotional credits, a nearly identical number to the previous month.
The state collected $12.7 million from sports betting taxes in November 2020, with another $747,005 for local taxes.
November numbers for PA and any other state with legalized sports betting pale in comparison to neighboring New Jersey’s. It set the all-time high for handle in any state for the fourth straight month with $931.6 million.
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FanDuel and DraftKings lead the pack in PA
FanDuel took 36% of all wagers, which is a decrease from 41% in September. However, the market leader broke the record for revenue for a PA online sportsbook in October ($14.7 million) and again in November ($15 million).
DraftKings surpassed the $100 million threshold for the third consecutive month with a handle of about $110 million. It also posted the highest revenue since its November 2019 launch with $6.8 million in November 2020.
New sportsbooks in PA
The much-anticipated Barstool Sportsbook, through its partnership with Hollywood Casino, arrived in Pennsylvania in mid-September. In its third full month, Barstool took $55.86 million in wagers, a small decrease from about $61 million in October.
Barstool won’t be the baby of the books for much longer. There are rumors that BetMGM, which recently released its online casino in PA, will be rolling out its online sportsbook very soon.
PA sports betting handle & revenue by operator in November 2020
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| Sports Betting Operator | Total Handle | Total Revenue | Online Handle | Online Revenue | Retail Handle | Retail Revenue |
|---|---|---|---|---|---|---|
| Valley Forge Casino (FanDuel) | $180,056,254 | $15,428,575 | $176,746,119 | $15,060,960 | $3,310,135 | $367,615 |
| The Meadows Casino (DraftKings) | $112,546,122 | $7,174,759 | $109,886,617 | $6,887,440 | $2,659,505 | $287,319 |
| Hollywood/Penn National (Barstool) | $57,806,082 | $3,784,120 | $55,656,541 | $3,488,727 | $2,149,541 | $295,392 |
| Rivers Pittsburgh (BetRivers) | $34,998,795 | $2,019,720 | $28,085,328 | $975,843 | $6,913,467 | $1,043,877 |
| Mount Airy Casino (Fox Bet) | $28,902,526 | $1,575,915 | $28,067,087 | $1,539,392 | $835,439 | $36,523 |
| Parx Casino | $28,529,299 | $3,563,619 | $19,371,783 | $2,054,563 | $9,157,516 | $1,509,056 |
| Rivers Philadelphia (PlaySugarHouse) | $27,386,960 | $2,029,993 | $19,399,744 | $917,164 | $7,987,216 | $1,112,829 |
| Mohegan Sun Pocono (Unibet) | $9,991,516 | $605,958 | $8,181,449 | $194,793 | $1,810,067 | $411,165 |
| Presque Isle Downs (BetAmerica) | $4,610,010 | $378,802 | $957,165 | $8,632 | $3,652,845 | $370,170 |
| Harrah's Philadelphia (Caesars) | $3,328,342 | $418,773 | $1,066,617 | $58,141 | $2,261,726 | $360,632 |
| South Philly Race & Sportsbook | $2,031,016 | $90,795 | $0 | $0 | $2,031,016 | $90,795 |
| Mohegan Sun Lehigh Valley | $1,399,802 | $169,837 | $0 | $0 | $1,399,802 | $169,837 |
| Wind Creek | $164,486 | $62,065 | $0 | $0 | $164,486 | $62,065 |
| Live! Casino Pittsburgh | $159,503 | $47,317 | $0 | $0 | $159,503 | $47,317 |
| Total | $491,910,713 | $37,350,246 | $447,418,449 | $31,185,656 | $44,492,263 | $6,164,590 |
Other PA online sportsbooks in November:
- Barstool (Hollywood Casino): $55.6 million in handle (down from $60.9 million), $3.5 million in revenue
- Fox Bet (Mount Airy): $28 million in handle (down from $28.2 million), $1.5 million in revenue
- Rivers Casino Pittsburgh: $28 million in handle (up from $26 million), $975,843 in revenue
- Parx online sportsbook: $19.4 million in handle (down from $21.7 million), $2 million in revenue
- Rivers Casino Philadelphia: $19.4 million in handle (down from $21.4 million), $917,164 in revenue
- Unibet (Mohegan Sun Pocono): $8.1 million (down from $9.8 million), $194,793 in revenue
- Caesars Sportsbook (Harrah’s): $1 million in handle (up from $1 million), $58,141 in revenue
- Bet America (Presque Isle Downs): $957,165 in handle (up from $912,236), $8,632 in revenue
Two years and counting for PA sports betting
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Last month, Pennsylvania celebrated the second anniversary of the start of legal sports betting. Hollywood Casino launched Pennsylvania’s first legal sportsbook with partner William Hill on Nov. 17, 2018.
The PA sports betting industry is officially blossoming into maturity. Since its birth two years ago, the industry has experienced quite a growth spurt in terms of operators and handle.
- 2018-19: $244.6 million
- 2019-20: $2.5 billion
- 2020-21: $2 billion (five months)
PGCB Director of Communication Doug Harbach commented to PlayPennsylvania about the burgeoning sports betting market after its two-year anniversary:
“The type of customer and revenue growth in this gaming segment is similar to that seen other segments. Particular to sports wagering, certainly the rapid increase in the number of operators is the chief reason. The effective marketing of the operators then produces an exponential uptick in the total potential customers in their databases which, combined with an increased comfort from gamblers in participating in sports wagering in Pennsylvania, leads to growth in the amount of wagering. Finally, the parallel competition of major sports, particularly professional and college football, is certainly driving the record handle and revenue numbers seen in the last few months.”
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 |
2020 PA sports betting handle, revenue and taxes
Here’s a look at top-line numbers for PA sports betting since the start of 2020. Tax revenue includes the 34% state tax and 2% in local taxes.
| Total Handle | Total Gross Revenue | Tax Revenue (36%) | |
|---|---|---|---|
| Jan. 2020 | $348.4 million | $22.8 million | $8.2 million |
| Feb. 2020 | $329.8 million | $4.7 million | $1.7 million |
| March 2020 | $131.3 million | $6.9 million | $2.5 million |
| April 2020 | $46.0 million | $2.9 million | $1.0 million |
| May 2020 | $77.5 million | $4.8 million | $1.7 million |
| June 2020 | $89.0 million | $6.7 million | $2.4 million |
| July 2020 | $164.8 million | $8.1 million | $2.9 million |
| August 2020 | $365.0 million | $18.3 million | $6.6 million |
| Sept. 2020 | $462.8 million | $6.3 million | $2.3 million |
| Oct. 2020 | $525.8 million | $36.8 million | $13.2 million |
| Nov. 2020 | $491.9 million | $37.4 million | $13.4 million |
| Dec. 2020 | $548.6 million | $34.1 million | $12.3 million |
| 2020 Totals |
November fantasy figures
In November, fantasy operators combined to report about $3 million in revenue, an increase of 1.14% over November of last year. DraftKings and FanDuel make up the lion’s share of DFS action in PA.
Lead image credit: AP Photo/Matt Rourke
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.
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“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.
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.
Republican state representatives Michael Webber, of Rochester Hills, and Matt Hall, of Marshall, were also on hand for the opening.
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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.”
Michigan’s tribal casinos are formalizing plans to open their own sports betting facilities throughout the year.
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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.