Excellent mobile app;Venmo is a popular peer-to-peer payment service in the United States. You may be required to pay both federal and state income tax. Since being founded in 2012, DraftKings has quickly become the biggest daily fantasy sports provider in the United States. A. " Is this basically if you. that we may send an IRS Form 1099-MISC or other appropriate form to any affiliate who earns Rewards greater than $600 (USD) in any given calendar year. You'll get a 1099-R if you withdraw any money from your Acorns Later account during the. Form W-9 is sent to the company that requested it, not to the IRS. - We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000. They typically issue 1099-MISC forms for users who have won more than $600 during the year. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. -- you must prepare a separate Form 1096 for each type of information return. Does the 1099 tax form only show the total of the amount of money you've won on bets, or does it show the amount you won MINUS the amount you lost? In other words let's say I. $1,001 to $2,000: $20 plus 3% of the excess over $1,000. m. There is no reconciliation of 1099-K amounts to income. 2. Get started with Tax1099 We support the filing of Form 1099 and W-2 Forms with IRS and State of Illinois. If DraftKings requests that an entrant completes and executes such an affidavit and the entrant fails to do so within seven (7) days, or DraftKings otherwise determines that the entrant does not meet the eligibility requirements or is not in compliance with these Terms, DraftKings reserves the right to terminate the entrant's account and. $2,001 to $3,000: $50 plus 4% of the excess over $2,000. If to need help locating get DraftKings Irs Form 1099, we have one easy orientation till show you wherever it is and why and how to fill thine in. –4 p. If you take home more than this threshold of $20,000 and over 200 transactions for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-K. E-Check. If you have questions or need help understanding how to request your replacement SSA-1099 or SSA-1042S online, call our toll-free number at 1-800-772-1213 or visit your Social Security office. The thing is, I was waiting for tax documents, but I do not see. If you receive your winnings through PayPal,. A 1099 is an “information filing form,” used to report non-salary income to the IRS for federal tax purposes. Fantasy sports organizers must figure out players' net profits in order to determine who gets 1099 forms. $1,001 to $2,000: $20 plus 3% of the excess over $1,000. Community: Discussions: Taxes: Get your taxes done: I received a 1099-Misc of $5,661 from FanDuel and have filed that on my tax return. Use your 1099 forms to determine your gross income. Form 1099 does not list federal, state, or local income. $100 deposit + $100 bonus X 10 = $2,000. Tax Department (617) 887-6367. This is where many Fantasy. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. The best place to put this 1099 is under ''Other Common Income''. But the American Rescue Plan Act of 2021 dropped the threshold to just $600. But even if you meet these criteria, you might not receive a 1099-DIV—especially if your income totaled less than $10 for a particular investment. Toll-free in Massachusetts (800) 392-6089. We would like to show you a description here but the site won’t allow us. Still Need Help? Contact Support. [Moved into a new thread from: Paypal sent me a 1099K [for eBay sales]--admin LadyGeek] PayPal sent me a 1099 K says I made 51. Tickets. Depending on the jurisdiction in which you reside, the Program may also send you W-9 and/or additional tax forms,. Gambling income is almost always taxable income which is reported on your tax return as Other Income on Schedule 1 - eFileIT. Only 2021, around 1000 on Fanduel and 500 on Draftkings. I have always chosen to have my taxes taken out of my winnings because I do not want to have to pay at the end of the year because I’m disabled. If the IRS determines that you willfully evaded taxes, you could even be subject to imprisonment. However, if you use PayPal, it may be a 1099-K. Once you’ve made your first deposit, the sportsbook will reward you with a 20% bonus. This is standard operating procedure for daily and traditional sports betting sites, and is one of the requirements for DraftKings, and sites like it, to stay in. you may receive a 1099-Misc federal tax from DraftKings if you receive a cumulative net profit greater than $700 in a calendar year. We would like to show you a description here but the site won’t allow us. and 5:30 p. Online sports betting and daily fantasy sports are distinct products and regulated as such. The best place to play daily fantasy sports for cash prizes. 1. First and foremost, you’ll need to be sure that your winnings exceed the amount of any match deposit bonuses they offer. This Draft Kings 101 review will explain how to create your account on Draft Kings and find the right contests to play in. I never received 1099 from DK or FD on my earnings (not over $600 individually), but I withdrew over $600 over the course of the year, net earnings from both, and received a 1099 from PayPal. (They’ll also send the IRS a copy. Monday through Friday. If you placed bets through betting operators like DraftKings DKNG. Those sites should also send both you and the IRS a tax Form 1099-Misc if your winnings exceed $600. There is no tax withholding on a 1099 form. Which means I actually lost money on the year, but my taxes are showing. If you get a form, don’t throw it away! Regardless of whether there is taxable income listed on the form, the fact that you received a 1099-K means that the third-party settlement organization has sent another copy to the IRS – who expect to see that information on your 2023 tax return. But every time sportsbooks lose a $1,100 bet, they only lose $1,000. Inactive players – if you have placed a bet on a specific player and the player you have backed is reported as injured on official injury reports, then your bet will be voided and your stake returned to you in full. To deduct gambling losses, you must provide records that show the amounts of both your winnings and losses, like: Receipts. Joined Jul 16, 2017. Venmo is a popular peer-to-peer payment service in the United States. 8 out of 5 on both the Apple App Store and Google Play. (Optional) , and agree to be updated about DraftKings' products, news and promotions. The 1099-NEC form has replaced what used to be recorded on Form 1099-MISC, Box 7. They make you fill out a W-9 on the site and it there's a box that you check or leave blank that says "I am subject to a mandatory IRS withholding of 24%. Over $42 billion has been legally bet on sports since betting expanded into more states in 2018, and the industry is still. File and Deliver. The Internal Revenue Service (IRS) requires that a 1099-W2G form be issued to you if you receive winnings from horse racing, dog racing, jai alai, sweepstakes, betting pool, or lottery, and the winnings are $600 or more. Players can deposit up to $2,999. You'd also get back your initial $100 stake, for a total of $250, back into your pocket. Managing your account, tax information, responsible gaming, and a variety of other account-related topics. (877) 659-6066. Main Menu. NFTs, minting and storage, and how to use DraftKings Marketplace. Checks take longer to send out, typically taking approximately one week to be delivered in the post. A 1099-W2G form is a tax document used to report certain types of gambling winnings. I will advise you to report net earnings of $1, but anything over $600 is what will be reported to the IRS. 9 a. DraftKings offers payouts via Paypal and check You can count on withdrawals taking seven business days to receive. – Draftkings does send tax forms called 1099-MISC if your winnings exceed certain thresholds. Yes, DraftKings does pay out real money. DraftKings is a legal, daily fantasy sports platform that offers real money contests for a variety of sports. 000000. DraftKings is poised to pay out over $1 Billion in 2022. 99 per week. If you are deaf or hard of hearing, call our toll-free TTY number, 1-800-325-0778, between 8:00 a. Reporting Taxes Withheld. Whether or not you choose to pay right then or not, they will provide you with the W-2G tax form and they will also mail you a 1099. See the Specific Instructions for Form 1099-A, earlier, and Box 4. When your net profits top $600, the site may send you a prompt to complete an electronic W-9 form to provide your Social Security number for IRS reporting. Currently, online sellers only received these. • For 2023, if you receive more than $600 for business payments on a P2P platform during the tax year, the platform is required to send Form 1099-K to you and the IRS. Just fill out a W-9 and send it to all your clients before the end of the year. The IRS requires TPSOs, such as PayPal and Venmo, to issue a Form 1099-K, which shows the total. DraftKings provides a few options to make things simple. This is not 100% accurate. It's easy to get started. Level 15. Aa far as I can see you handle this like gambling winnings abs losses. 1099-Misc = DFS - The DFS sites will calculate your net winnings using a yearlong “session”, and if your net winnings are over $600, you will receive a 1099-MISC. It will typically be a Form 1099-MISC. The entity granting the prize should submit a federal Form 1099 with your tax information stating the fair market value. 00; and. Winnings (reduced by wager) are at least 300 times the amount of the wager. You are required to complete and send a 1099-NEC form to any independent contractors or businesses to whom you paid $600 or more in fees, commissions, prizes, awards, or other forms of compensation for services performed for your business. 1099-MISC: This is the most common form for reporting gambling winnings in Michigan. 24 stars from 251 reviews, indicating that most customers are generally dissatisfied with their purchases. DraftKings Refer-a-Friend Program (the "Program") allows you,. Key Takeaways. You'll get a 1099-R if you withdraw any money from your Acorns Later account during the. However, if for whatever reason you are audited, and you have unreported income that the government finds out about, you will, at a minimum, pay tax, penalties, and interest. This is somewhat surprising considering that DraftKings enables users to bet on sports, and there haven't been many sports to. $1,500 or more from keno. This. Maryland then has five more levels that vary depending on how you file. kathleenelink New Member I received a 1099-MISC form from DRAFTKINGS- an online sports gambling site. DraftKings tax/ withdrawal question for those that know. Since Major League Baseball became the first American pro sports. It allows players to send and receive money from friends or contacts through a mobile app. Does my Draftkings 1099 report that I won $7000, or $2000? Agree. If you are lucky to take home a net profit of $600 or more for the year playing on DraftKings, FanDuel, BetMGM, and other fantasy sports sites, the IRS requires that you report the winnings you earned. PayPal withdrawal amount cannot exceed sixty thousand U. I do not have any businesses, or am self employed. DraftKings tax/ withdrawal question for those that know. Mile_High_Man • 3 yr. $5,000 or. This is because once you draft your team, you can’t make any changes for the rest of the season. No waiver adds, no trades and no lineup setting. ) If your bank is declining the transaction, you may be able to call your banking institution's customer service team to ask that they allow the transaction with DraftKings. Do I need to report that I made these winnings out of state since they are. We would like to show you a description here but the site won’t allow us. 000000 Casino Winnings: $0. The 1099 tax form information does not apply to our sportsbook players. , over $10,000), the entire amount of the payout is subject to withholding, not just the amount in excess of $10,000. This material has been prepared for informational purposes only and. The best place to play daily fantasy sports for cash prizes. Updated Summer 2021. Gambling includes placing, accepting, recording, or registering bets; participating in lotteries; or otherwise carrying on a game of chance for money, property, or other things of value. If a prize is taxable (i. Draftkings Sportsbook Promo Code 1 050 Free Bonus March 2022 The maximum winnings for both DraftKings and FanDuel are slightly different. The short answer is that yes, Caesars Sportsbook does send out 1099 forms to their customers. Otherwise, the best payment methods to use are online bank transfers and services such as PayPal. It is visible in the top left corner of your screen. Penalties could be anywhere from $50 to $270 for every missing form. Many people wonder if they have to pay taxes on their winnings. We would like to show you a description here but the site won’t allow us. Quick question about taxes on online sportsbooks. See moreWe would like to show you a description here but the site won’t allow us. The withholding rates for gambling winnings paid by the New Jersey Lottery are as follows: 5% for Lottery payouts between $10,001 and $500,000; 8% for Lottery payouts over $500,000; and. I deposited $$$ to DraftKings (A legal on online betting service) and withdrew some money back into my bank account through PayPal. A common practice for a DFS site is to issue a Form 1099-MISC to a player if the player won $600 or more on the site during the year. 99 per transaction and up to $5,999. J. This form helps your clients fill out the 1099s they're required to send you. Attention sports bettors: The taxman may be coming for your winnings. Numerous DraftKings players have said they often get their money in a matter of days and sometimes within hours. Enter your winnings in the Form W-2G topic or as Other Income. They will pay out up to $1 million on a variety of sports bets. Bet365 has a promo where you deposit $10 (minimum) bet $1 and get $200 in free bets. We would like to show you a description here but the site won’t allow us. The IRS requires TPSOs, such as PayPal and Venmo, to issue a Form 1099-K, which shows the total. The IRS requires TPSOs, such as PayPal and Venmo, to issue a Form 1099-K, which shows the total. In some cases, they will send a W-2G instead. The IRS knows it's out there, and is expecting to see it on your return. Thus, it received an 18-year license because it had a headstart on its new competitors. This is standard operating procedure for daily and traditional sports betting sites, and is one of the requirements for DraftKings, and sites like it, to stay in. We would like to show you a description here but the site won’t allow us. Click Statements and Taxes near the top of the page. That dollar amount is mind-blowing and gives players ample opportunity to win a ton of cash prizes. Remember, even without a 1099-K being issued, all of your business income is taxable!. If you received other prizes or promotional payouts totaling $600 or more from a platform like DraftKings or FanDuel, you might also receive a 1099 form. The IRS requires TPSOs, such as PayPal and Venmo, to issue a Form 1099-K, which shows the total. When your net profits top $600, the site may send you a prompt to complete an electronic W-9 form to provide your Social Security number for IRS reporting. This includes cash and the fair market value of any item you win. How does a DFS site determine whether a player reached the $600. Typically, you’ll receive a Form 1099-MISC or a 1099-K for payment from a third party source like PayPal or Venmo. Boston, MA 02116. If you won $5,000 on DraftKings, but loss $3,000 on Fan Duel, you would report $5,000 in gambling winnings and $3,000 in gambling losses. Gambling winnings are reported on Form 1040 Schedule 1 Line 21 as Miscellaneous Income. 1. Note: PayPal Business accounts aren’t accepted for deposit or withdrawal on DraftKings. ago Vito_The_Dogfather DraftKings tax implications Taxes I recently deposited about $50 in DraftKings and have grown that amount to around $800 (mostly. The amount of winnings should appear in Box 3, “Other income. 1099-M would be Gambling income. The W-9 is only one page long and is pretty simple to fill out. DraftKings Help Center (US) Taxes. Example 2: Same facts, but assume Sue asks for a $600,000 check issued to Hal (without a Form 1099) and a $400,000 check issued to her (with a Form 1099 to Sue for $400,000). DraftKings will issue a 1099 once you have made $600 in net profit in a calendar year and will be reported to theIRS. However, if you haven’t received yours, don’t worry. Brokerage account 1099s should be postmarked by February 15, 2024. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. $50 Casino Credits + $2,000 Bonus. It can be found in the Wages & Income section, and I have attached a screenshot. Sam McQuillan. If you are a full-time Arizona resident, there are a few different forms to consider. I paid into the Sportsbook sites all with PayPal and 1 credit card ( that didn’t charge anything to deposit) I know PayPal didn’t deduct what I. Physical Bet Tennis 2023“Posting this for a few reasons: -Fanduel sent out 1099s. Debt Description, Box 5. Please be understanding when tailing”DraftKings Help Center (US) My Account. Joined Jul 16, 2017. and 5:30 p. You can sign in and send your existing W-9 if you get another invite from someone else. If you have won more than $5, the payer may be required to withhold 28% of the proceeds for. On Draftkings, I had a yearly loss of $1,300. The extra time helps your broker minimize the number of corrections it must issue. We would like to show you a description here but the site won’t allow us. 5 on. Fantasy sports sites and apps must send you (and the IRS) a Form 1099-MISC. The SSN helps DraftKings verify the identity of players and prepare informational reporting tax forms (IRS Form 1099-Misc). To be safe, some businesses will send out Form W-9 to every single one of their contractors to fill out ahead of time, even if they don’t expect them to perform $600 of work for them. Injured during a game – if the player you have backed isn’t declared on an official injury report but gets knocked out of. Do you receive a 1099 for gambling winnings?If you have lost your Form W-2G, you can contact the Gambling issuer (casino) and request a duplicate copy. , 401 (k) to IRA, TSA to IRA). the 1099-misc form they send you and the irs only shows the net winnings. As mentioned, you can withdraw your funds at any time. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. The 1099-k will show the entire $10k as income but in reality, it was just money that moved out and back in from PayPal without any gambling transactions. You'd stake $12 on New England to. This means that for 2023 and prior years, payment apps and online marketplaces are only required to send out Forms 1099-K to taxpayers who receive over. DraftKings is poised to pay out over $1 Billion in 2022. I was just speaking with a rep that didn't know what they were doing. We have fielded several questions regarding the issuance of 1099-K. Under the American Rescue Plan Act, people who sell goods or services on platforms like Etsy, eBay and other sites that use third-party transaction networks – like PayPal, Cash App and Venmo – will be issued a tax form called a 1099-K for online sales totaling $600 or more starting next year. Gambling losses can only be deducted up to the amount of the gambling winnings. In the Legal and tax information tab, you can also download your 1099-K as soon as it's available or review or edit the mailing address where we would send your 1099-K. Players would need to select Venmo on the deposit screen and select the amount they want to deposit. I've never needed one from Draft Kings so not sure on that front. Just to make sure I understand, this is $600 net earnings on the year, right? So if I win $900 but lose $600 over the course of the year, I wouldn't get a 1099? Thanks!Working Americans’ favorite time of year has finally come to pass – tax return season. Select Search, enter 1099-misc and select Jump to 1099-misc. S. When you ask for a bonus they get angry and rude. Or let’s say I wagered that $10,000 on a bet with horrible +10000 odds and won $100, and withdrew $10,100k to PayPal. Tax Department (617) 887-6367. This is a welcome bonus that is gifted to new customers who sign up on DraftKings and deposit a minimum of $5. I would report the 1099-K on the other income line and describe it as "gambling income reported on 1099-K" and then subtract out. However, there are a few things to keep in mind if you’re planning on betting with them. This is where many Fantasy. A: A 1035 (a) tax-free exchange may be tax free, but the IRS still requires this exchange to be reported. You can sign-up and place a minimum $5 deposit. DraftKings (DKNG-1. Example 2: Same facts, but assume Sue asks for a $600,000 check issued to Hal (without a Form 1099) and a $400,000 check issued to her (with a Form 1099 to Sue for $400,000). 00 or more in interest, dividends, or distribution(s) from retirement accounts. Read Reviews Start a Review. DraftKings provides a few options to make things simple. Before I get on to the different sports available at. That's why you need to add it, and then use the appropriate forms/statements to explain why it doesn't count. Playing responsibly, player limits, self. Consulting income, or non-employee compensation is a big category for 1099-MISC. ) If possible, use PayPal as your payment method. 8 on the App Store, too, but 4. Then, I will review the actual playing of contests including drafting your team and entering line-ups. Or go to Wages & Income and select Start next to Form 1099-MISC under Other Common Income. The 1099-K does not account for what I deposited into Draft Kings, which was a total of 71,610. Uber and Lyft send out 1099 forms every year by January 31. DraftKings, Inc. For your state taxes, you would report it the same as you would cash winnings, again, using the gambling company’s fair market value on the 1099. As a result, third-party settlement organizations (TPSOs) should only report 2022 Form 1099-K to payees when the aggregate of transactions was in excess of $20,000 paid over 200 or more transactions. We use this number to verify important account changes. SOLVED • by TurboTax • 14888 • Updated October 02, 2023. Then click on three line Menu icon. Withdrawal requests are dealt with in a timely and efficient manner. Electronically filing Form W-2, (Wage) and Non-Wage Forms 1099-R, 1099-MISC, 1099-K and W-2G Businesses are required to submit W-2s/1099s to Connecticut Dept. Or go to Wages & Income and select Start next to Form 1099-MISC under Other Common Income. The best place to put this 1099 is under ''Other Common Income''. Here’s how to view or download your Form 1099-K from a web browser: Click Settings next to “Log out. Form W-9 is an IRS form that is filled out by self-employed workers for companies they are providing services for. IR-2023-210, Nov. If you receive your winnings through PayPal, CashApp, Zelle, or Venmo, the reporting form may be a Form 1099-K. Filling out Form W-9. But every time sportsbooks lose a $1,100 bet, they only lose $1,000. They typically issue 1099-MISC forms for users who. If you take home a net profit exceeds $600 for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both. Here are the penalties you’ll encounter: $30 penalty for filing a 1099 less than 30 days late; $60 penalty for filing a 1099 more than 30 days late and before August 1; $100 penalty for filing a 1099 on or after August 1; $250 penalty for intentional failure to file1099-K; 1099-MISC; 1099-B; Other IRS Forms Required by the State of California: You may be required to file Form W-2- Wages and Tax Statement. Anyone who has paid at least $600 in one of these categories in the past year will typically use a 1099-MISC form. Most owners of rental properties not engaged in other real estate do not rise to that level and do not need to file 1099 for contractor payments. I’ve used those free apps along with “referral” promos to get close to $800 in free bets and turned it into $1250. Form 1099-K is an IRS informational tax form used to report payments received by a business or individual for the sale of goods and services that were paid via a third-party network, often referred to as a TPSO or credit/debit card transaction. For this you just need the W-9 form and information before tax time. Deposits & Withdrawals. Filling out Form W-9. For this you just need the W-9 form and information before tax time. So if a bettor makes 10 wagers of $1,100 each and goes 5-5 on those. Depending on the jurisdiction in which you reside, the Program may also send you W-9 and/or additional tax forms,. DraftKings has impressively accelerated revenue growth for three straight years, posting sales increases of 17. no books send out 1099s, and as rogue1351 said, even foxbet doesn't send it out. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. E-Filing Deadline. Boston, MA 02116. This makes Ohio one of the latest states where DraftKings operates an online sportsbook. Enter ''prize winnings''. Statements. (Optional) , and agree to be updated about DraftKings' products, news and promotions. Create an account and use our promo code online or through our apps. PayPal phone support: 1-888. Scroll down to: -Less Common Income. Send your exclusive referral code to a friend, once they sign up. as we spell out below. You. Fan Duel sent me mine via e-mail about a week ago. You can then report the $10,000 allowable wagering loss (equal to your winnings for the year) as an itemized deduction. (Optional) , and agree to be updated about DraftKings' products, news and promotions. Your 1099 will be mailed to you, and available via the document. We would like to show you a description here but the site won’t allow us. The answer is yes, your cumulative net profit is taxed, and DraftKings is contractually required to send a 1099 tax form to any player that nets of $600 in profit in a calendar year. The form provides the necessary information to the hiring party so they know if they need to later report your payments to the IRS via the 1099 form. View tax information on gambling and the state lottery in Massachusetts. DraftKings sends checks under $100 by USPS Priority Mail, and they should arrive in seven business days. We use this number to verify important account changes. Remember when in doubt, send it out. The 1099-NEC form has replaced what used to be recorded on Form 1099-MISC, Box 7. Clients can find help on the TD Ameritrade Tax Center. I thought I was on the other drafking 1099k thread, so my answer wasn't complete because I thought I had covered the background info. 00, but it only applies to DFS players. com or by writing to DraftKings 222 Berkeley Street, Boston, Massachusetts 02116. The new system even added two new brackets for those reporting more than $5 million and $25 million in taxable income. 3% would be assessed. Betting on the DraftKings Sportsbook is currently only available in certain states. Visit Website. com there is a good chance they will send you a check (usually via an express service) for something in that amount, though the cutoff could be. DoninGA. If you earned less than $600 from a single payer, they aren't required to send you a 1099 at all. I understand that they will send the government and you a 1099 form if your winnings are above $600. 1099-NEC. You'll get $150 in non-withdrawable bonus bets, regardless of your wager's outcome. Now your employer has the info they need to complete your 1099-MISC. You are right about filing taxes with winnings over $600. The best place to play daily fantasy sports for cash prizes. Thus, if you elect to have an annual session and bet on both DraftKings and Fan Duel, you will have two sessions. Just fill out the W9 and worry about the 1099 if you won too much (good problem to have). Get started with Tax1099 We support the filing of Form 1099 and W-2 Forms with IRS and State of Illinois. 3. If you take home a net profit exceeding $600 for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. You should only get a 1099 if you profited over the normal $600 figure. The answer is yes your cumulative net profit is taxed and DraftKings is contractually required to send a 1099 tax form to any player that nets of 600 in profit in a calendar year. Depending on the actual state you live in, DraftKings will report your winnings after a certain amount. A small business owner who hires an independent contractor will be required to fill out a. 968 ratings. To find out which states, check out our guide to where sports betting is legal.