Part III: Business & Regulation · Banking, Chips & Financial Operations

50. W-2G

Financial Transactions

Form W-2G, “Certain Gambling Winnings,” is the IRS information return that casinos must file to report gambling winnings and any federal income tax withheld. W-2G reporting is required for slot machine and bingo winnings of $1,200 or more, keno winnings of $1,500 or more (reduced by wager), poker tournament winnings exceeding $5,000, and other gambling winnings of $600 or more when the payout is at least 300 times the wager. The form includes the winner’s name, address, taxpayer identification number, the amount won, date, type of wager, and any federal tax withheld. The casino provides copies to the winner and to the IRS, and must retain records for at least five years.

In practice

As of 2024, federal tax withholding on reportable gambling winnings is 24% of proceeds (winnings minus wager). W-2G forms must be furnished to winners by January 31 following the year of the win.

One entry from the Casino Industry Glossary — 1,157 terms written for surveillance, compliance and operations professionals rather than for players. Definitions describe industry usage; where a term carries a regulatory meaning, verify against the instrument that governs your jurisdiction.