Form W-2G is the tax form for gambling winnings and the federal income tax withheld on these winnings. You must provide a Form W-2G if
You receive more than $1,200 in winnings from bingo or slot machines
You receive more than $1,500 in proceeds (winnings minus the wager) from keno
You receive more than $5,000 in winnings (minus the wager) from poker
You receive more than $600 in other winnings provided the payout is at least 300 times the wager
You receive more than $600 in winnings from a sweepstakes, wagering pool, or lottery.
You pay out more than $600 in gambling winnings more than 300 times the wager for horse racing, dog racing, jai alai, or other wagering transaction.
Note that gambling losses can be deducted provided you don’t deduct more than your winnings.