What Is Going To Happen To High-Stakes Fantasy Football?

DoubleG · Post by **DoubleG** » Wed Jun 08, 2011 1:51 pm

Originally posted by Glenneration X:
Ugh Mark, you've been crusading against rollovers for years now. Why can't you just let this topic go already? You're drafting in 2 days.....let's focus on that!!

Glenn - I'm just so sick of my fantasy brothers (and sisters) getting screwed.

let me find out the legality of it from the horse's mouth and then I'll be done with it.

I do wonder if you will have a different viewpoint about proper "business practices" if you (and a lot of others) get stiffed.

DoubleG · Post by **DoubleG** » Wed Jun 08, 2011 1:53 pm

hey glenn - u have a PM coming your way this evening.

i typed up a lengthy message, tried to send it to you, and wham...your box is full. how bout you just PM me your email address.

[ June 08, 2011, 10:25 PM: Message edited by: DoubleG ]

Baker Boy · Post by **Baker Boy** » Wed Jun 08, 2011 4:27 pm

I'm sorry is this website sponsered by the IRS now?

DoubleG · Post by **DoubleG** » Wed Jun 08, 2011 11:24 pm

Does anyone know which HSFF companies use the business practice of offering to "roll over" prize money without issuing 1099's?

[ June 09, 2011, 05:25 AM: Message edited by: DoubleG ]

King of Queens · Post by **King of Queens** » Thu Jun 09, 2011 12:53 am

Originally posted by DoubleG:
Does anyone know which HSFF companies use the business practice of offering to "roll over" prize money without issuing 1099's? If you are referring to player accounts and credits, WCOFF was the first to do this after the 2007 season. Following the 2009 season, FFPC also gave its winners this option.

[ June 09, 2011, 07:18 AM: Message edited by: King of Queens ]

thegambler · Post by **thegambler** » Thu Jun 09, 2011 2:46 am

with what is happening at the wcoff, why would anyone ever roll money over again? let me get my money in hand and then if something happens i/we would be ok.

i stupidly rolled money over for two main event teams in the wcoff....money i will never get back, at least it sures looks that way.

Greg Ambrosius · Post by **Greg Ambrosius** » Thu Jun 09, 2011 2:56 am

Originally posted by thegambler:
with what is happening at the wcoff, why would anyone ever roll money over again? let me get my money in hand and then if something happens i/we would be ok.

i stupidly rolled money over for two main event teams in the wcoff....money i will never get back, at least it sures looks that way. I don't think anyone should be offended with the discussion of rolling over prize money because as Double G said we all need to know the legalities of this practice. Hell, full disclosure, I may have been doing this wrong in the past as well. We didn't issue 1099's on winning free entries all the years I was at Krause's, but then when I went to Fanball they were insistent that we file that as winnings for $1,400. I'm pretty sure that's how they filed it last year and I need to see if STATS is going to do the same thing. I believe accounting here said this is equivalent to a cash prize as well and will be filed that way. So it's possible I was doing this wrongly for six years.

It's a subject I want discussed next week at the FSTA Trade Conference in San Francisco. I just want all game operators doing it the legal way. Just like any bad apple not paying off prize winners in the HSFF space hurts all of us, one company not reporting earned income to the IRS can hurt all of us as well. That's why I think it makes sense for
game operators in this space to be on the same page, not accusing each other of bringing up taboo subjects or contacting our customers via PMs about their posts on the subject. That's not helping anyone.

Nobody here has accused any company of anything. I think we all just want honest, reputable companies running these games in this space and rolling over of prize money is a subject worth tackling right now because one company has hundreds of thousands of dollars tied up in that practice right now that could affect hundreds of very good players/people we all know.

kentucky · Post by **kentucky** » Thu Jun 09, 2011 3:10 am

I'm just catching up here,,,,If I'm in a $125 WTA league and the W has the option of free entry into next years ME? That's taxable?

I thought that was creative accounting.

King of Queens · Post by **King of Queens** » Thu Jun 09, 2011 3:13 am

In 7+ years of playing high stakes fantasy sports, I have never rolled over a single dollar of any of my fantasy winnings. ALWAYS better to have cash in hand. The small "benefits" (wink wink) are insignificant compared to the risks taken by letting an individual or company hold your money. I don't care how much you like a contest or its operators -- anything can happen.

Please note that the above is only my opinion. As it is just an opinion, I would ask that Greg (or other game operators that happen to see this) please not ask me to retract this statement.

[ June 09, 2011, 09:14 AM: Message edited by: King of Queens ]

Tom Kessenich · Post by **Tom Kessenich** » Thu Jun 09, 2011 3:17 am

No worries about that happening here Glenn. We want this to be an open discussion about this segment of the industry and we encourage everyone to express their opinions and will not censor them. As Greg said, the more clarity and information that can be provided the better off everyone is. This is an important time for the high-stakes industry so it behooves all of us to be as educated as possible.