Payment for Winning Wagers
A patron’s account balance is the amount of real money held in their Account (if any), plus any winnings and/or minus any losses accrued from using the Services, less any entry or other fees, if applicable, and less any amounts previously withdrawn by the patron or amounts forfeited or reclaimed by BetMGM due to any known or suspected fraud or due to deposits or other transactions rejected or cancelled by a patron’s bank or any relevant third-party bank (whether as a result of insufficient funds, charge-backs or otherwise), or any sums which are otherwise deductible or forfeited under these Agreements ('Account Balance').
Acceptance of a cash out request is subject to any deposit method restrictions, bonus restrictions and/or Security Reviews and any other terms of these Agreements. All amounts a patron withdraws are subject to the transaction limits and any processing fees for deposits and withdrawal methods that BetMGM notifies the patron of before cashing out. For further details of current deposit and cash out options and fees please see Cashier.
BetMGM may report and withhold any amount from a patron’s winnings in order to comply with any applicable law. All taxes due in connection with any winnings awarded to a patron are the patron’s sole liability. Account balances cannot be transferred, substituted or redeemed for any other prize. Payment of funds which a patron withdraws shall be made by check, wire, credit card and/or any other manner which BetMGM selects in its sole discretion, although BetMGM will try to accommodate a patron’s preferences as indicated by the patron when they register.
Payments will be made as soon as reasonably possible (subject to up to five business days internal processing time), although there may be delays due to any Security Review undertaken by BetMGM and save where BetMGM holds any such payments in accordance with these Agreements. Under penalties of perjury, each patron declares that, to the best of their knowledge and belief, the name, address, and Social Security Number that they have furnished correctly identify them as the recipient of any jackpot payments and any payments from identical wagers, and that no other person is entitled to any part of these payments. Each patron acknowledges the Form W2G may be issued by BetMGM by January 31 following the year of the payment. By accepting these Agreements, a patron acknowledges that any winnings that they win by using the BetMGM services are subject to the IRS regulations and each patron permits their acceptance of these Agreements to serve as an electronic signature and to suffice any acceptance and signature on any tax documents incurred during the internet gaming activity.
A patron’s acceptance of these Agreements serves as acknowledgement that the Form 1099-Misc may be issued by BetMGM by January 31 following the year of the receipt of a prize consisting of cash or merchandise for which a 12 month accumulated value of six hundred US dollars ($600) or more won by using the Services are subject to the IRS regulations.