IRS Requirements

According to IRS requirements XpressBet must report all gambling winnings in the amount of $600 or more if such winnings are at least 300 times the amount of a single wager.

These winnings are reported to the IRS electronically and XpressBet account holders are mailed a copy of a W2G form to file with their taxes.

Winnings of more than $5,000 from a wagering transaction are subject to federal income tax withholding and XpressBet must withhold 25% of the payoff.

There are no exceptions to these requirements.