Best offshore sportsbooks for online betting?
in Betting Forum ·
placidmason0 said:Hey everyone,
I’ve got a bit of a situation here and was hoping someone might have some insight.
Basically, back last year, I deposited a certain amount—I used USD as my account currency—into DraftKings via my checking account using a debit card.
Over time, that balance grew quite a bit, and as usually happens when you actually win, they slapped me with some restrictions, making it pretty much pointless to keep playing there.
So now, I want to get my money out. We're talking about an xxxx balance in dollars.
The issue is that DraftKings only offers to send the funds back to the original payment method, so I'm assuming it's too late to use Venmo or any other alternative options...
What kind of fallout am I looking at if I withdraw this amount back to my checking account under current laws and terms?
Any advice or wisdom you could share would be greatly appreciated.
Best,
I don't think it has anything to do with our domestic tax laws—since the winnings were generated in another country, the IRS isn't going to come knocking on your door just because you moved your own money. As for the transfer itself, keep in mind that Venmo often has limits for new users; I'm not sure how much cash we're discussing here, but you'd likely be capped at maybe $1,000 initially. Plus, if you try to use their Mastercard, you'll hit those daily ATM limits—say, $250—not to mention the withdrawal fees and conversion hits, whereas you can spend up to $1,000 a day at a store. My suggestion? Go to your bank, open a dedicated US dollar savings account, deposit a small amount—maybe $10, or whatever the minimum deposit requirement is for DraftKings—and then request the refund be sent specifically to that USD account. That should be your most cost-effective move with the least amount of friction and fees.