What is a Form W-2G?
A Form W-2G is an IRS tax form used to report gambling winnings and any federal or state tax withholdings. Reporting requirements may vary, depending on the game type and state that the applicable wagers were placed.
Do I have to pay taxes on my winnings?
ESPN BET is does not provide tax advice and we highly suggest reaching out to a tax professional for any personal income tax recordkeeping, reporting, paying questions.
Is a Win/Loss Statement the same as a Form W-2G Tax Report?
Your Win/Loss, or Profit, Statement is not an official IRS document or tax form. A Win/Loss Statement can be obtained by contacting our 24/7 Customer Support Team. An IRS Form W-2G is generated for certain wagering transactions and ESPN BET is required to report these to the IRS. ESPN BET does not report your annual Win/Loss Statement to the IRS.
What triggers a Form W-2G for an ESPN BET sportsbook win?
ESPN BET will generate a Form W-2G for each sports betting transaction when both of the following conditions are met:
- Winnings minus the wager amount are $600 or more, and
- Winnings are at least 300:1 odds (300 times the amount of the wager)
Why were my winnings less than the payout amount on my betslip?
Federal Withholding
If the both of the Form W-2G criteria above are met, Federal tax withholding of 24% is required if winnings minus the wager is greater than $5000.
State Withholding
Depending on the state that the wager is placed and settled, ESPN BET is legally required to withhold state and/or local taxes from your sportsbook winnings. State and local gambling/gaming withholding requirements vary depending on local laws.
What triggers a Form W-2G for a Hollywood Casino win?
Slot Games
ESPN BET & Hollywood Casino will generate a Form W-2G for each online casino transaction when total winnings, including wager amount, are $1,200 or more.
I received a Form W-2G, but it does not say ESPN BET or Hollywood Casino?
ESPN BET and Hollywood Casino are wholly owned by PENN Entertainment, Inc. The Payer on the Form W-2G for ESPN BET and Hollywood Casino will be PENN Sports Interactive, LLC.
How can I access my tax forms if I am unable to access my closed or suspended account?
Please contact our 24/7 Customer Support Team within the ESPN BET app for all sportsbook and casino tax form questions. Our Customer Support Team will be able to confirm whether any Tax Forms were generated for the prior year.
Where can I find my tax forms?
1. Log into your ESPN Bet Account
2. Tap on your profile in the top right corner to access “My Account”
3. Under Account, click on W2G Tax Forms to access your forms, if available
When do I receive my tax forms?
Tax forms are made available in app to download by January 31st for the prior year’s wins.