A taxable winning sports bet must be both at least $600 and 300x your wager. In this event, a W-2g form will be uploaded onto your account at the beginning of tax season. If you have more than one taxable win, you will only have one W-2g showing your cumulative qualifying wins.
For sports wagers, the only time we will withhold the requisite taxes from your winnings is if your taxable win is over $5000 and 300x your bet. Our system will automatically withhold 24% of your winnings for Federal taxes and 4.95% for state taxes. This will be reflected on your W-2g.
Unfortunately, we are not able to provide tax advice. However, we completely understand that determining what is taxable when it comes to onlines gambling can be intimidating! That is why we recommend consulting a certified tax professional to gain professional tax advice. You and your tax professional can read more on gambling winnings and W2-g’s here: https://www.irs.gov/forms-pubs/about-form-w2g
To access your tax forms please follow the steps below to access your tax forms.
Click your icon to open the My Account drop down menu
Click Tax Forms
Please let us know if you have any further questions!