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1099 and W-2G explanation

1099 is generated when a player wins a prize or award as a result of a free to enter competition/game. It includes Poker League winnings, Leader Board winnings, tournament bounty winnings, and Casino - Instant Bonus into cash.

A W-2G is a federal tax form that we are required to send to players in relation to each reportable event that the player has during a tax year.

It will be triggered by any of the following reportable events:

  • Playing in 2016 and 2017
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 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 stake
SPORTS All games If any sports wager results in a net win which is both (a) 300 times your stake and (b) $600 or more

 

  • Playing in 2018, 2019 and 2020
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 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 which is both (a) 300 times your stake and (b) $600 or more

 

Also, bear in mind that 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.

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