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Reporting Gambling Income with Form W-2G

When it comes to reporting gambling income, Form W-2G is the official tax document used to report certain types of winnings. Here’s what you need to know:

Casino Winnings

A Form W-2G must be issued for bingo or slot wagering transactions when winnings (not reduced by the wager) are $1,200 or more; for keno wagering transactions when winnings (reduced by the wager) are $1,500 or more; and for other qualifying casino games when winnings (reduced by the wager) are $600 or more and are at least 300 times the amount of the wager.

• For example: You place a $2 wager on a casino slot game and win $650. After subtracting your wager, your $648 net winnings are over $600 and also more than 300 times your $2 bet (300 × 2 = 600). Because both conditions are met, a Form W-2G is issued.

Sportsbook Winnings

For sports wagers, a W-2G form is required if you have net winnings of $600 or more and the odds were 300:1 (+30000) or higher. If your net win totals $5,000 or more under those same odds, a 24% federal tax withholding will apply.

• For example: You place a $10 bet at +30000 odds (300:1). If the bet wins and returns $3,010 (a $3,000 win plus your $10 stake), your $3,000 net winnings exceed the $600 threshold at qualifying odds, so a W-2G is required. If your net winnings on a similar qualifying bet reach $5,000 or more, the 24% federal withholding also applies.

You can easily access your W-2G form by visiting our Help Center article: How do I obtain a W-2G? 

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