Tax 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. 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. These winnings are reported to the IRS electronically. There are no exceptions to these requirements.

Additionally, residents of Illinois are subject to state withholding of 3.75% on winnings of $5,000 or greater from horse and dog racing. Payments of winnings of $5,000 or greater are subject to Illinois withholding notwithstanding that higher dollar thresholds for federal withholding may be provided.

In January of each year, Xpressbet account holders are mailed a paper copy of the W-2G statement to file with their taxes unless they elect to receive W-2G statements electronically. In an effort to be more environmentally conscious, Xpressbet now offers electronic delivery of your W-2G statements.

  • Enrollment in electronic delivery of W-2G statements is voluntary. If you choose not to enroll in electronic delivery, you will continue to receive a paper copy of your W-2G statement.
  • If you choose to enroll in electronic delivery of your W-2G statement, this consent will take effect immediately and will apply every year you receive a W-2G.
  • You may contact Xpressbet Customer Service at 866.889.7737 at any time to request a paper copy of your W-2G statement.
  • You may unenroll from electronic delivery of your W-2G statement at any time by changing your delivery preference in the "My Account" section of Xpressbet.com.
  • W-2G statements will only be sent if you have a reportable transaction as outlined above. If you have no reportable transactions, no W-2G statement will be generated or distributed.

Online W-2G forms can be accessed as follows:

  • Sign in to your Xpressbet account
  • At the top of this screen, click "My Account"
  • In the dropdown menu, click "Statement"
  • On the Statement screen, click the "W-2G" button
  • Click "Print W-2G Statement" (landscape printing recommended)