Changes to IRS tax reporting laws mean that anyone collecting money electronically, even for casual fantasy leagues, could be at risk of triggering a 1099-K tax form. If you're still collecting entry fees on platforms like RunYourPool or OfficeFootballPool, it's time to reconsider.
Playing for money on RYP or OFP is not only a violation of their Terms of Service — it could also put you in legal and financial jeopardy. These platforms are not licensed for real-money contests, and with the IRS lowering its 1099-K threshold, individuals collecting funds could be held responsible for reporting income, even when it’s not truly taxable.
Here’s the reality:
The 1099-K form doesn’t distinguish between gifts and real income.
Even if you’re just collecting entry fees from friends, payment apps may report the total to the IRS as taxable income — and it’s your responsibility to prove otherwise.Misreporting or underreporting can trigger audits, penalties, and tax complications.
Sorting this out during tax season isn’t just stressful — it’s risky.
The solution? Move your contests to Splash Sports.
Splash Sports is a licensed fantasy platform built for real-money Survivor and PickX contests. As part of the RunYourPool and OfficeFootballPool family, it offers a fully compliant way to run your leagues with none of the legal gray areas.
All payments and payouts are handled automatically
No 1099-K forms from Venmo or PayPal
No exposure to unintentional tax violations
If you profit $600 or more, you’ll receive a clear and accurate 1099-MISC based on net winnings
With the IRS watching electronic payments more closely than ever, it’s not worth the risk.
Make the move to Splash Sports and ensure you're running contests legally, safely, and without tax-time surprises.
If you'd like to reach out to the team further about this, please send us an email at support@splashsports.com