The Law Office of Melanie L. Ryan, LLC • 9 Cottage Place, Nutley, New Jersey 07110 • 917.346.6547
IS MY FANTASY POOL ILLEGAL?
Friday, January 29, 2016 - 20:25
It may be......right now the two biggest online fantasy companies, Fan Duel and Draft Kings, are under seige by the NY courts as prosecutors liken participation in fantasy leagues as "games of chance" and a defacto "lottery." Organizers of fantasy pools such as Fan Duel and Draft Kings argue that their their games are "skilled based" and not at all gambling of the chance sort. The IRS has long considered gambling winnings reportable, as it does any income whatsoever, regardless of the legality of the activity. No big surprise that federal and state interests would arise in this arena, b