General
What do I do if I didn’t receive a W-2G form?
Please contact NYRABets as they issue the W-2G form(s) for BetMGM Horse Racing. BetMGM and its affiliates do not provide tax, legal or accounting advice. Any material provided by BetMGM has been prepared for informational purposes only, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors or visit the IRS website www.irs.gov for further direction.
What is an End of Year Statement?
The End of Year Statement is a summary of the transactions to and from your online wagering account and wager activity. This summary can be used to determine your net overall win amount or net overall loss amount for the year from horse wagering. This is not to be used for tax purposes. The IRS recommends that you keep a tax diary of your gaming activities. We cannot answer specific questions regarding tax return preparation. Please contact a tax advisor or the IRS at www.irs.gov.
The End of Year Statement includes:
- Initial Balance as of January 1st of prior year
- Total Deposits
- Totals Withdrawals
- Amount Wagered
- Amount Won
- Taxes Withheld which includes Federal Tax and State Tax
- Win (Loss) based on net over win and loss amount
- Other which includes reclaimed winnings, chargebacks and adjustments
- Ending Balance as of December 31st of prior year
End of Year Statements become available on February 1st for the previous fiscal year. If you did not wager during the last year, then an End of Year Statement will not be generated. You can download your End of Year Statement by logging into your account and navigating the journey below: My Account --> Settings --> End of Year Statement. Then select Tax Year --> Download Statement.