Due to updated regulations from the IRS regarding the reporting of wager winnings, there are only two specific circumstances in which winnings resulting from a wager are required to be reported.
These circumstances are detailed below:
1). When a wager pays more than $600 at odds of 300 to 1 or greater based on the total of all wagers placed into a particular pool of wagers:
▶TVG will mail an IRS form W-2G to the subscribers for each qualifying wager.
▶W-2G forms are generated automatically when the subscriber meets the reporting criteria.
▶Copies are sent to the IRS and to each subscribers’ state of residence.
Example: Your $5 Trifecta Wager pays out $1000. As the wager amount ($5) was at least 300 times less than the payout amount ($1000), this wager would meet the new IRS reporting requirements.
2). When a wager pays out $5,000 or more with odds of 300 to 1 or greater based on the total of all wagers placed into a particular pool of wagers:
▶25% of the total payout is withheld and remitted to the IRS in the subscribers’ name.
▶W-2G forms are generated automatically when the subscriber meets the reporting criteria.
▶Copies are sent to the IRS and to each subscribers’ state of residence.
Example: Your $10 Pick-5 wager pays out $5000. As the wager amount ($10) was at least 300 times less than the payout amount ($5000), this wager would meet the new IRS reporting requirements.
Year-End Reports:
Year-End Reports show how much you have wagered, won, deposited, and withdrawn in a given year. You can find W2-Gs & Year-End Reports on the desktop site. These reports are able to be printed or downloaded directly from your desktop device for your convenience. You will see these options available in the upper right-hand corner of the individual W2-Gs & Year-End Reports page(s).
To reach the desktop site from the TVG mobile app, simply tap More, and then select Go to Desktop.
Click on the Account icon in the upper right-hand corner of the TVG website to access the W2-Gs & Year-End Reports.
You can also request physical copies of your W2-Gs & Year-End Reports to be mailed to your physical mailing address. Please provide this email request to us directly at support@TVG.com and a member of our Support Staff would be happy to assist.