Why did I receive a W2G?

As an operator, PartyCasino must inform the IRS of the following:

  • 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 payout 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 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: Evolution has some games that are taxed.

Sports – 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.
  • US citizens and permanent residents simply add W2Gs to their tax filings (no tax withholding)