What happens if you win a lot of money on DraftKings?

 

If you win big money in a DraftKings game, a few things will happen:

1. Notification and Payment: DraftKings will notify you of your winnings. Depending on the amount, you can withdraw the money instantly. You can choose from different withdrawal options such as PayPal, bank transfer or check. 2. Tax: Gains over a certain threshold (usually $600 in the US) are taxable. DraftKings will send you a Form 1099 at the end of the year if your earnings meet reporting requirements. You will need to report this income on your tax return. 3. Tax Deduction: If your earnings are large, a portion of them may be automatically deducted to pay federal taxes (about 24%), depending on the amount. 4. Account Verification: For larger winning amounts, DraftKings may require additional identity verification to ensure the legitimacy of your account before processing payments. 5. Withdrawal Limits: There may be daily limits or transaction limits for withdrawing large amounts, depending on the payment method you choose. 6. Financial Management: After your big win, you should consider getting financial advice from a professional to manage your taxes, budget, and investment options for your new income.