We have created this page for all NYRA Bets players as a resource to find the information needed to file your Taxes for your gambling winnings. Please read below for additional information.
Important Information for NYRA Bets Account Holders
The Internal Revenue Service requires reporting of payouts on wagers or group of identical wagers that exceed odds of 300 to 1 and pay in excess of $600. IRS regulations also require automatic 25% withholding on payouts that exceed $5,000. This reporting is provided on form W-2G.
NYRA Bets may also withhold any and all applicable state or local taxes as required by applicable law.
How do I know if I have any reportable or withheld wagers?
Locate the Statements report on the menu under the Bet Now button. Select the statement date and look for IRS Withholding under Debits.
When will I receive and how can I obtain my W-2G forms?
NYRA Bets mails out W-2G forms once a year. All W-2G reports (reportable and withheld) will be mailed out by 1/31/18. In the event you received more than one W-2G in 2017; they could be mailed in multiple packages.
It is very important that we have your current address on file. Please verify your address by logging in and clicking on Account Details under My Account.- If you need to update your address, please download, complete and mail this form to our Customer Service at P.O. Box 90, Jamaica, NY or fax 1-866-697-2946 with attention Account Manager.
If you do not receive your W-2G statements by 2/7/18 please contact NYRA Bets support at [email protected].
Where can I get a summary of my wagers for 2017?
NYRA Bets provides two different reports under the My Accounts section to assist you with finding the right information needed.
What was the impact of the recent IRS Regulation Changes?
Effective 9/28/17, for account wagering (like using your NYRA Bets Account), the IRS now considers the total net amount bet through a single electronic account on a single track/day/race/pool to calculate the 300-1 threshold.
While we have realized a significant reduction in wagers requiring reporting and withholding, there still have been both reportable and withheld wagers on NYRA Bets since 9/28/17. W-2G statements will still be mailed for all wagers that met the IRS criteria both before and after the change.
How can I receive previous year’s tax information?
If you need previous year W-2G forms, please contact our customer service with your account number at [email protected].
If you have any questions about W-2G statements or Summary statements please contact [email protected] or by phone at 1-844-NYRA-BET.