Quickly & Compliantly Distributing $1 Million in Prize Money at the 2024 CueSports International Expo with Payment Labs

CueSports International (CSI), parent company of the BCA Pool League and USA Pool League, held its annual World Championships in Las Vegas. Amateur and Pro pool players came from all over the world to compete for over $1 million USD over the 11-day event. Historically, distributing the prize money to the winners was an extremely manual process. The organizers had to obtain tax information from the players manually, verify it and then have a paper check processed within 24 hours. The organizers did this during the event. Each year, they also dealt with fraud, such as check-washing and problems with payees not being able to cash the physical checks. CSI knew there must be a better way to handle payouts with streamlined digital payments.

Enter Payment Labs, and the entire payout process of distributing over $1 million USD over a 11-day period to almost a thousand winners was easy and automated. The speed at which people were able to be paid and digital payment methods also delighted the winners. Payment Labs sent staff to be onsite in Las Vegas to handle any payment support or questions that winners had. At the end of the year, CueSports International will also save time and resources on their tax preparation that includes filing on time, making available end-of-year tax forms to all the winners, and remitting any withholdings to the IRS. With Payment Labs, CSI will be fully compliant with their prize money payouts and provide their winners with an easy-to-use and secure digital payment platform with convenient methods of payment.

Benefits

• Prize Payments
• Compliance
• Reporting
• Taxes