IRS Requirements

Know Your Tax Liabilities

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.