What is a W2G?

Form W-2G reports gambling earnings and tax withholdings.

W2Gs will be mailed out by January 31st and are usually delivered by the end of February.

As an operator, BetMGM must inform the IRS of these earning. US citizens and permanent residents simply add W2Gs to their tax filings (no tax withholding). For a detailed daily breakdown of wager/net wins (Losses) please reach out to customer support. W-2G's are consolidated by day and by State.

Forms are generated for individual wins and unlike a 1099 form and End of Year Statement, W2G forms are aggregate based on a 24-hour period by game type - Casino, Sports, and Poker, but do not aggregate on a full year basis. This means players who had multiple wins, exceeding the stipulated win threshold per product, will receive one for each time they did/do so.

W-2G triggered events:

  • Whenever a player has $1,200 or more in gambling winnings from bingo or slot machines.
  • Whenever a player has $1,500 or more in winnings (reduced by the wager) from keno.
  • Whenever a player has more than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament.
  • Whenever a player has $600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the pay-out is at least 300 times the amount of the wager; or
  • Any other gambling winnings subject to federal income tax withholding.

For a more detailed overview please see below.

Casino games, this includes all table games except where there is a live dealer (see below) with Ezugi and Evolution, are taxed at $1200 and greater. No exceptions:

  • Bet is not subtracted from the win.
  • Taxes are 24% at Federal level and taxes at state level vary by state.
  • US citizens and permanent residents simply add W2Gs to their tax filings (no tax withholding).
  • Note: Ezugi and Evolution non-live games will be taxed.

Sports & “Live” table games (Roulette, Blackjack, and Baccarat) – threshold of winnings must be 300 times the bet:

  • $600 and greater but less than $5000 are taxable but no tax withheld.
  • $5000 and greater are taxable immediately; taxes must be withheld.
  • Taxes are 24% at Federal level and taxes at state level vary by state.
  • Taxable amount is the win minus the bet.
  • Free bets are not deducted from the win Both types receive W2Gs at the end of the year.

Poker – tournaments:

  • >$5000 for W2Gs.
  • Winnings are reduced by the wager.
  • Taxes are 24% at Federal level and taxes at state level vary by state.

Slots:

  • Casino games that are treated as “Slots” are reported on any win of $1,200 or more.
  • IRS reporting requirements require any game that is Random Number Generated “RNG” game be treated as a “Slot” for reporting purposes.
    • Examples of Casino “RNG” Games on the BetMGM Platform:
      • Premium Blackjack Pro
      • Blackjack Touch
      • MGM Grand Millions
      • American Roulette
      • Instawin
      • Scratch Medusa Mobile
  • Casino games that are “Live” are reported when a win is 300 to 1 Odds and $600 or more.
  • BetMGM’s platform has several Casino games that are RNG games in the following categories: Blackjack, Roulette, Baccarat, and Slots.
    • Examples of Casino “Live” Games on the BetMGM Platform – Any game with “Live” person for the game:
      • Live Dealer Blackjack
      • Live Dealer Baccarat
      • Live Dealer Roulette
      • Live Dealer Table Casino