We’re thrilled to celebrate your achievements at Bally Bet Sportsbook & Casino. Whether your big moment came from a winning bet or a lucky spin, we’re here to make sure you have everything you need for tax reporting and accessing your winnings. Below is important information about when wins must be reported, how taxes are handled, and where you can find your documentation.

Understanding Taxes on Gambling Winnings

The IRS requires that gambling winnings over certain amounts be reported through Form W-2G. This important tax document shows your reportable winnings and any tax withholdings, and is typically available by January 31st for the previous year. At Bally Bet, W-2Gs are generated for individual winning events, grouped by game type (Casino, Sports, or Poker) within a 24-hour period—but are not combined across days or for the whole year. If you have multiple qualifying wins, you’ll receive a separate W-2G for each event.

W-2G Reportable Events

A W-2G will be issued for:

• $1,200 or more in winnings from slot machines.
• $600 or more in winnings (except bingo, slot machines, and poker tournaments) when the payout is at least 300 times the amount wagered.
• Any other gambling winnings subject to federal income tax withholding.

Sportsbook Winnings

If your net winnings from a sports wager are $600 or more and at least 300 times your original wager, these must be reported to the IRS.

• For wins of $5,000 or more, federal and state taxes are automatically withheld at a federal rate of 24% (state rates may vary).
• Winnings below these thresholds are reportable but will not be automatically withheld.
• You can request your W-2G form from our Support Team if it does not show in your account.

Please note: We can’t provide personal tax advice; your tax liability will depend on your specific situation.

Casino Winnings

• If you win $1,200 or more on any online slot game or site-wide jackpot, Bally Bet is required to report that win to the IRS.
• If your gross winnings from a casino wager are $600 or more and at least 300 times your wager, they must be reported to the IRS.
• For wins of $5,000 or more, federal and state taxes are withheld at a federal rate of 24% (state rates may vary).
• Eligible players can access W-2G forms directly under Wallet → W-2G when logged in.

Please note: Bally Bet typically does not withhold taxes from casino winnings, except for certain Rhode Island requirements which are outlined below

Tax Withholding Overview – Sports & Casino Table “Live or Non-Live” Games

(Roulette, Blackjack, and Baccarat – games that require skill) – winnings must meet a minimum threshold of $600 (minus the wager) AND be at least 300 times the bet.

• $600–$5,000: May be reportable, but no tax is automatically withheld 
• Free bets or bonuses are not deducted from reportable winnings 
• Acceptance of Bally Bet’s Terms and Conditions serves as electronic acknowledgment of your W-2G when applicable

You can find more details on gambling winnings and taxes by visiting the IRS website here.

If you need a breakdown of your play, our Support Team can provide a Win/Loss statement for any period you request.