2017 Winnings Will Be Deposited To New Player Accounts

[Greg Ambrosius]

With the NFBC season coming to a close in less than two weeks, it's time to start planning for your winnings and what you plan on doing with them. We have a new payment process this season, so let's get to that first.

As we promised, we will have Player Accounts on your team pages and all winnings will be posted there. It will take about 7-10 days after the season to finalize all winnings and once that is done everyone will see their winning totals under their Player Accounts. As CDM notes here, an email of your prizes breakdown will also arrive: "Prize Money Policy: Cash prize winners are formally notified via email within ten (10) days after the conclusion of each CDM Sports operated fantasy game. This notification includes a detailed breakdown of prize winnings as well as instructions for claiming your cash prize."

So once the prizes are posted within your Player Account, you then have to let us know how much of this you want in a cash prize. So let's say you win $10,000, you then go to your Player Account and request $10,000 in cash and we'll send a check in your name shortly after that. Make sure you already have the W-9 Online filled out because that is still required. If you want $5,000 in a check payment and want to leave $5,000 on account you can do that as well.

Now, just for clarity, anything you leave on Account is still taxable. We will report your complete winnings to the IRS whether you leave it on account or not. These are still taxable winnings according to the IRS and even rolling them over to next year's contests isn't a shield from the IRS. We'll let other contests who do it this way justify this method.

One check will be sent for all winnings from our CDM offices in St. Louis once you've declared how much you want in cash prizes. The money you leave on your account can be used for future CDM, NFBC, NFFC, Fanball or any other contest in the SportsHub Technologies family. It's as simple as that.

Hope that helps. If you have any questions, post them here or contact me at [email protected]. We look forward to dispersing almost $3 million in prizes this baseball season and we wish everyone best of luck down the stretch. Good luck all and thanks.

We will have a CDM MLB Post-Season Contest available soon, so look for more details there and we will have the launch of the 2017 NFBC season ready in early November. We hope to have Draft Champions leagues ready shortly after the World Series, so be ready for that. The NFFC Post-Season Contest will also follow in January with the biggest grand prize we've ever had in that contest, so plan accordingly. Thanks all and enjoy.

[steveymer]

Is League Safe also part of the SportsHub family? If so, will our player account here and our league safe account be one in the same such that I can use money already in my League Safe account to pay for NFBC teams?

[Greg Ambrosius]

Is League Safe also part of the SportsHub family? If so, will our player account here and our league safe account be one in the same such that I can use money already in my League Safe account to pay for NFBC teams?

LeagueSafe is part of the SportsHub family, but your funds aren't being deposited there. There will be a master Player Account you'll have that eventually will allow you to spend those funds on any Fanball, CDM, NFFC, NFBC, NFBKC or new SportsHub product that may become part of the family. LeagueSafe is its own product, but if you have funds there eventually you will be able to use those for any of the previously mentioned products.

The technology perfected by LeagueSafe will be what we use for our ewallet system going forward, but LeagueSafe will be its own product. Hope that helps.

[King of Queens]

Now, just for clarity, anything you leave on Account is still taxable. We will report your complete winnings to the IRS whether you leave it on account or not. These are still taxable winnings according to the IRS and even rolling them over to next year's contests isn't a shield from the IRS. We'll let other contests who do it this way justify this method.

With STATS, only the entry fees for leagues you cashed were deducted from 1099s. For example, if I purchased 3 main event teams at $1,600 each, and cashed in two of the leagues, $3,200 would be deducted from my 1099.

With SportsHub, is that policy still in place? It would seem the more fair policy would be deducting ALL entry fees from winnings, and only distributing a 1099 if your net winnings exceeded $600.

[Greg Ambrosius]

Now, just for clarity, anything you leave on Account is still taxable. We will report your complete winnings to the IRS whether you leave it on account or not. These are still taxable winnings according to the IRS and even rolling them over to next year's contests isn't a shield from the IRS. We'll let other contests who do it this way justify this method.

With STATS, only the entry fees for leagues you cashed were deducted from 1099s. For example, if I purchased 3 main event teams at $1,600 each, and cashed in two of the leagues, $3,200 would be deducted from my 1099.

With SportsHub, is that policy still in place? It would seem the more fair policy would be deducting ALL entry fees from winnings, and only distributing a 1099 if your net winnings exceeded $600.

That same process will be done by SportsHub. Legally we can't deduct all of your leagues, just the leagues you won money from. But every owner can certainly itemize expenses that led to those winnings as well as other entries, if your accountant advises that. But legally we can't do that for you.

Hope that helps.

[Greg Ambrosius]

We will have more exact details for prize payments this week, but for all prize winners please do this first:

Make sure you have already filled out a W9 Online form. That can be found under Settings. If you are new or if you haven't won in the last two years, please fill this out. We did not carry over all of the W9s from STATS, so if you didn't win in 2016 then we don't have your W9 on file. Fill it out shortly.

Prize winners don't need to do anything this week. We will wait for stats to finalize and then get a spreadsheet of all of the money winners from STATS. Once we have that, we'll enter all of that into the SportsHub Technologies system and start posting winnings onto your Player Accounts. We hope to have that done in the next 7-10 days, but again we have to finalize the stats and then get all of this information from STATS. We'll get this posted once we have all of the final information.

Here's the one difference from past years: Once the winning totals are posted on your team page you will then have to go into your Player Account and tell us how much you want sent to you in the form of a check. You will have the option of receiving all of the money in a check, some of the money in a check while keeping some on your account to use for future contests, or none of the money. Yes, you can keep all of your money on your Player Account if you'd like to use that for future NFBC, NFFC, NFBKC, CDM or Fanball contests.

That's the game plan. Look for more details during the next two weeks. But CONGRATS everyone.

[jcox7]

Greg,
Where is the Settings link located for the completion of the W-9 forms? Sorry I can not find them anywhere

Thanks

[Greg Ambrosius]

Greg,
Where is the Settings link located for the completion of the W-9 forms? Sorry I can not find them anywhere

Thanks

Go to any team page and in the green navigational bar you will see Settings to the far right. Pull down to the last link: W9 Online. Fill it out and Save the information. You'll then be good to go.

[jcox7]

Got it thanks I was looking on home page not team.

Thanks Again,
Still can't believe we finished off on top thanks for everything it was GREAT!!!!!

[mdecav]

If we want to rollover all of our 2017 winnings for 2018 contests, do we do nothing?

[Greg Ambrosius]

If we want to rollover all of our 2017 winnings for 2018 contests, do we do nothing?

It's probably best to still let us know that or you'll probably get a bunch of emails from us. We will make it easy for you to do that online. Thanks.

[Greg Ambrosius]

We are working on the prize payouts now and should have payouts on your team pages by early next week. We are creating a tutorial layout to explain what you have to do to claim your prizes this year, so that's a little extra work that we felt would help. Explaining the new Player Accounts makes sense to limit the confusion.

Again, those new Player Accounts aren't on your team pages yet, but they will be soon. We have all of the prizes calculated and ready to go. Now we need to finalize the numbers for each individual owner and then get the right amounts on each Player Account. I'll let you know once that is done.

Again, this new tutorial will explain what you have to do, but basically you will have money in your account and you then let us know if you want payment for the full amount and then Submit. If you do then we'll get a check out to you at your listed address. If you want partial payment now and want to leave the rest on your Player Account for future NFBC, NFFC, NFBKC or Fanball entries, you can do that. Just tell us how much you want in a check and we'll deliver that. So claim all, some or none of the winnings to be sent to you.

It's your money, so do what you want with us. Just let us know so that we then know what to do. And again, this will all be explained easily once we're done with that tutorial. Look for it and your prizes in the next week. Thanks all and this is how we'll do it for all sports going forward. Quick deposits and then quick check payments.

[rkulaski]

Greg,

Still on pace to have money in our accounts early this week?
Just checking in. Thanks .

[Greg Ambrosius]

Greg,

Still on pace to have money in our accounts early this week?
Just checking in. Thanks .

All is good. We just got back from meetings with the programmers and I am posting an update now. We will have money in your new Player Accounts on the new platform this week and checks will go out Monday or Tuesday of next week. We plan on a quick turnaround for everyone who claims their winnings by the weekend.

Look for this update along with other 2018 updates shortly. I'm on it and I couldn't be more excited after meeting with the programmers. 2018 is going to be a fun, fun year for everyone. Thanks and congrats to all of our 2017 NFBC winners.