Even though it is illegal and against our Terms of Service to play for money on RunYourPool or OfficeFootballPool, you could still potentially owe money to the IRS because of new tax reporting rules.
Why consider Splash Sports?
Splash Sports, our real-money gaming platform in the same family as RunYourPool and OfficeFootballPool, is fully licensed to run fantasy contests and games of skill (such as Survivor and PickX). With Splash Sports:
✅ Entry collection and payouts are fully automated
✅ You save the hassle of manually collecting and distributing payments
✅ You avoid worrying about 1099-K reporting requirements
Splash Sports will automatically track your winnings, subtract deposits and losses, and issue you a 1099-MISC if you profit $600 or more in a calendar year. Since Splash Sports does not offer sports betting or gambling, it does not issue a W2-G.
Question: Does the 1099-K include all electronic payments I receive, even from friends?
Answer: Money you receive from friends for gifts or reimbursements should not be included on a 1099-K. However, many payment platforms cannot distinguish between personal payments and taxable business income, so all payments may still be lumped together on the form. It is your responsibility to review your 1099-K and provide proof that certain payments are non-taxable.
If you have any questions about these requirements, please reach out to your tax advisor.