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1099 and W-2G forms explanation

What are the prizes that generate my 1099 form?

Any prize or award as a result of a free-to-enter competition or game exceeding a cumulative amount of over $600 generates a 1099 form. It includes Poker League winnings, Leader Board winnings, cash from Chests and Casino - Instant Bonus into cash.

What is a W-2G form and when do you send it to me?

A W-2G is a federal tax form that we have to send to players about each reportable event that the player has during a tax year. It includes information on reporting W-2G events and gambling winnings.

You don't need to ask us for the form. We'll send any relevant forms ahead of the deadline. It's January 31 following the end of the relevant tax year in which the reportable event took place. If you didn't receive W-2G forms based on your activity on our website that we should have sent you, let us know.

We'll give you W-2G forms in relation to reportable events, in line with Federal tax rules. If relevant, our partners will give you a 1099-Misc form. It'll factor in any cash or cash-equal prizes received about a game or competition where you didn't have to wager anything.

Any of the following reportable events triggers a W-2G form:

W-2G THRESHOLDS
Game type Events triggering W-2G
POKER Tables (excluding Video) If you win in a single poker cash game hand an amount that is both (a) 300 times your stake and (b) of $600 or more.
Tournaments If you win more than $5,000, net of your initial buy-in, in a single tournament (or chain of tournaments (satellites) if the prize from winning the first tournament is entry to the second tournament and they all take place online).
CASINO

For years:

2016

2017

Slots and Table Games If in any spin or individual table game hand you win a gross amount of $1,200 or more, regardless of the stake.

For years:

2018

2019

2020

2021

All Casino tables (excluding Slots) If you win $600 or more and 300x the wager, regardless of the stake in any individual table game hand.
Slots (including Video) If you win a gross amount of $1,200 or more in any spin.
SPORTS All games If any sports wager results in a net win that is both (a) 300 times your stake and (b) $600 or more.

 

Every time you win a wager that pays over 300 times the amount wagered and the amount of the win is over $5000, a Player Withholding Tax deductions will be necessary. The rate is consistent at 24%and it corresponds only to Federal Taxes.

For any advice or information, please get in touch with a qualified accountant or tax advisor. They can give you advice on your personal tax obligations.

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