A Form W-2G reports gambling winnings and any income tax withheld on those winnings. Reporting and withholding requirements depend on the type of gambling activity, the amount of the gambling winnings, and, in some cases, the ratio of the winnings to the amount wagered.
What triggers a Form W-2G for Sportsbook?
betJACK will issue a w-2G for each sports betting transaction when both of the following conditions are met:
- Winnings (reduced by wager) are $600.00 or more; and
- Winnings (reduced by wager) are at least 300 times the amount of the wager
Why do I have federal withholdings on my Sportsbook Form W-2G?
We're legally required to withhold federal taxes from sports wagering winning transactions when the following conditions are met:
- Winnings (reduced by wager) are $5,000.00 or more; and
- Winnings (reduced by wager) are at least 300 times the amount of the wager
When will I receive my Form W-2G?
Forms will be sent to the address used upon signing up for betJACK by January 31st of the following year.
How many Form W-2Gs will I receive?
Depending on the number of individual wagering transactions that qualify for the Form W-2G reporting throughout the year, you will receive a form for each qualifying transaction.
Will betJACK send my Form W-2G to the IRS?
Yes, Federal Law requires us to send the IRS all Form W-2Gs we issue to our customers.
How do I confirm I will receive Form W-2G?
Please contact the Customer Support Team. Our Customer Support Team will be able to confirm the answer to this question on February 1st of the year after the calendar year in question.