The following is taken directly from Tax Help for the Frugal Gambler by Jean Scott and Marissa Chien.
"A W-2G (the G stands for gambling) is the tax form that any for-profit organization gives you (and sends a copy to the IRS) when you win a specified amount while gambling. (Churches and other non-profit organizations are exempt from issuing W-2Gs.) For horse and dog racing, jai alai, state lotteries, and some other kinds of wagering, this form must be given for any winnings that are at least 300 times the amount of the bet."
This means that if you make an $11 sports bet and win $3,300, the casino issues you a W-2G.
Tax Help for the Frugal Gambler is available for $25; click here to order.
