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This FAQ covers frequent tax questions that we receive about our Online Sportsbook and Fantasy products, and the IRS-required “Tax Forms” associated with your play on our products. This FAQ is intended to provide general answers to frequently asked questions related to these Tax Forms.
DISCLAIMER: Betr is legally prohibited from providing tax advice of any kind. This FAQ is not tax advice. Betr does not give tax advice in any capacity and in no way should this FAQ be interpreted or relied upon as tax advice. Please consult your own tax advisor if you have any questions relating to your specific tax matters.
Frequently Asked Questions - Form 1099
What triggers a Form1099 for Fantasy?
Betr may be required to report your activity on its Fantasy products to the IRS and applicable state taxing authorities based on the IRS Form 1099 information reporting rules. As it presently stands, Betr only reports activity on our Fantasy product that results in an annual aggregate profit of $600.00 or more.
However, the taxability of your Fantasy winnings is not determined by whether Betr is required to issue a Form 1099. Please consult your tax advisor to determine the appropriate state and federal income tax liability for your Fantasy winnings.
When will I receive my Form 1099 for the current year?
We’ll make your Form 1099 available to you on or before February 28 of the year following the current year. As an example, for the 2023 tax year, you’ll have your Form 1099 available by February 28, 2024 at the latest.
What if I exceeded $600 in net winnings, but I didn’t withdraw any funds?
Even if you didn’t withdraw your winnings, you will still be sent a 1099-MISC form to complete with the winnings classified as “Other Income”.
Does Betr have any resources to provide tax support or advice?
No, Betr does not provide tax support. While we aim to give as much helpful information as possible, none of our online resources are intended to be used as official tax advice. Please consult a tax advisor if you have any questions about how playing Betr may impact your personal tax situation
My account was suspended and I want to ensure that I do not have any tax forms; how do I confirm this if I cannot access my account?
Please contact our Customer Support Team. Our Customer Support Team will be able to confirm the answer to this question on January 31st of the year after the calendar year in question. Therefore if 2023 is the year you are inquiring about, please reach out anytime on or after January 31, 2024.
I self-excluded during the year and I want to ensure that I do not have any tax forms; how do I confirm this if I cannot access my account?
Please contact our Customer Support Team. Our Customer Support Team will be able to confirm the answer to this question on January 31st of the year after the calendar year in question. Therefore if 2023 is the year you are inquiring about, please reach out anytime on or after January 31, 2024.