Quick Facts About Sportzino Taxes
- Sportzino is an online social betting website.
- The site doesn’t withhold or charge taxes on bettors.
- Bettors are responsible for reporting all taxable rewards to the IRS.
- Sportzino is legal in 40+ US states excluding Washington, Idaho, Georgia, and Michigan.
How Does Sportzino Operate?
Sportzino is a social sweepstakes casino and sportsbook that makes use of a virtual currency model instead of real cash. The two virtual currencies used are Gold Coins (GC) and Sweeps Coins (SC).
Gold Coins are used primarily to play games in standard mode on the site. They can’t be transferred to other bettors or redeemed for real prizes on the sportsbook. Sweeps Coins, on the other hand, can be used to play games in promotional mode. Bettors can accumulate them to be redeemed for real prizes or gift cards.
At Sportzino, a playthrough requirement of 1x is mandatory before Sweeps Coins can be redeemed. Bettors won’t have to make any initial deposits at the sportsbooks before playing any games, which is the main feature of a sweepstakes site.
How To Sign Up At Sportzino
Here is a step-by-step process of how we carried out our Sportzino social sportsbook login:
- Visit the official Sportzino website by clicking the banners on this page
- Tap on the sign-up button
- Enter your first name, last name, email, and password
- Agree to the terms and conditions
- Verify your email and phone number
After completing your email verification, you’ll receive a bonus of 20,000 Gold Coins and 1 Sweeps Coin. The next step is to verify your phone number, after which you’ll also receive an additional bonus of 30,000 Gold Coins and 1 Sweeps Coin.
Sweepstakes And Taxes – What’s The Deal?
When bettors use Gold Coins or play with Sweeps Coins without any redemption, there are no immediate taxes on them because Gold Coins have no real money value and are used for entertainment purposes.
However, when bettors redeem Sweeps Coins for real prizes or gift cards, that value is considered taxable income under US tax laws for sweepstakes sites. The Internal Revenue Service (IRS) considers real prizes as taxable income, regardless of the site providing them.
Overall, this means that if you convert Sweeps Coins to redeemable items, such as cash prizes or gift cards, you must report that as income on your federal tax return for that year. In most cases, some states also apply their own tax laws.
Sportzino And Taxes
If the question “Do you pay taxes on Sportzino?” has been on your mind, well, the answer is no. Sportzino itself doesn’t charge or remit taxes on rewards. The sportsbook’s policy shows that the site doesn’t charge or remit federal income taxes on rewards for bettors; rather, it notifies bettors that they are solely responsible for reporting taxable prizes to the IRS.
Only real prizes that have been obtained from redeemed Sweeps Coins are treated as taxable income by the IRS. Sportzino, however, requires its bettors to meet certain requirements for Sweeps Coin redemption. Verification and redemption procedures are important to follow for bettors to get their prizes and also document tax reporting.
Here’s a breakdown of what’s required:
- Account creation and verification
- Meeting minimum redemption thresholds
- Provision of documentation for large SC redemptions
Promotional Offers Available At Sportzino
Sportzino doesn’t require bettors to pay any taxes, but there are a few ways to stack up on Gold Coins as well as Sweeps Coins for prize redemptions. During our Sportzino social sportsbook review, we came across multiple promotions for both new and existing bettors to enjoy. Here’s a look at a few:
Welcome Bonus
Sportzino offers its bettors one of the best social sportsbook welcome bonuses. New players can claim up to 170,000 Gold Coins and 7 Sweeps Coins just by signing up on the site. Only bettors who are 18 and older are eligible for this offer.
Here’s a table showing the total Sportzino welcome bonus:
| Sportzino welcome bonus | Bonus rewards |
|---|---|
| Complete account registration | 20,000 Gold Coins + 1 Sweeps Coin |
| Connecting account with Facebook | 20,000 Gold Coins + 1 Sweeps Coin |
| Verification of phone number | 30,000 Gold Coins + 1 Sweeps Coin |
| Consent to email notifications and promotions | 30,000 Gold Coins + 1 Sweeps Coin |
| Consent to SMS notifications | 30,000 Gold Coins + 1 Sweeps Coin |
| First daily login bonus | 20,000 Gold Coins + 1 Sweeps Coin |
| Google sign-in bonus | 20,000 Gold Coins + 1 Sweeps Coin |
Referral Bonus
Bettors can claim up to 2,000,000 Gold Coins and 30 Sweeps Coins when they invite friends to play at Sportzino using a unique referral link. Invitees will then have to make optional Gold Coin purchases for bettors to claim their bonuses. Although it’s a no-purchase bonus for you, your invitee will have to make an optional first purchase for you to claim the bonus.
No Sweat Same-game Parlay
Registered bettors at Sportzino have the opportunity to make a Same Game Parlay (SGP) on Sunday night or Monday night football games. Bettors SGP must have a minimum of 3 legs or more with a minimum of 50 Sweeps Coins used for social wager.
The Sweeps Coin used must be from the bettor’s balance, with bonuses excluded. The promotion expires every Monday at 7 PM.
Pigskin Picks Tournament
This promotion lets Sportzino bettors join the weekly pick tournament when they make a Pro Football Same Game Parlay. A minimum of 40 Sweeps Coins is needed to participate in this promotion. Up to 100M Gold Coins and 1,000 Sweeps Coins will be shared among the top players with the most raffle tickets.
VIP Program
Sportzino features a Hall of Fame for its active bettors. The VIP program consists of 7 tiers, with each offering bigger rewards and exclusive perks as bettors move up the tier. Progress is based on the points gotten through gameplay, and tiers are updated every Friday.
Bettors can claim 1 loyalty point for every 1 SC or 100,000 GC played during the week. Every bettor at Sportzino is eligible for the Hall of Fame, but only consistent top performers will be able to reach the highest levels.
Tips To Help Your Social Betting Experience At Sportzino
We’ve put together a list of Sportzino social betting tips to help bettors enjoy their social betting experience:
Read The Bonus Terms Carefully
Welcome bonuses and other promotions at Sportzino often carry certain wagering requirements before bettors can redeem Sweeps Coins. We advise players to always go through the terms and conditions attached to each promotion for a better experience.
Try Out The Redemption Process
Before redeeming large amounts of Sweeps Coins, you can try out smaller redemptions first to help understand how the verification process works and what documents you may need to avoid surprises.
Keep Tax Records
We recommend keeping logs of all redeemed prizes to avoid underreporting income. You can also consult a tax advisor for help.
Responsible Gaming
Social betting is meant to be a fun experience. If you start feeling any pressure, you can make use of responsible gaming tools such as self-exclusion or set time limits to ensure breaks.
Pros And Cons Of Sportzino Taxes
Here’s a summary of the highs and lows of Sportzino taxes:
Pros
- No deduction of taxes
- Taxes only occur upon SC redemption
- Transparent rules
Cons
- Tax regulations also vary from state to state
Conclusion – Enjoy A Tax-free Social Betting Experience At Sportzino
Bettors at Sportzino can enjoy a social betting experience without worrying about being charged for taxes. Taxes only apply to prizes gotten from redeemed Sweeps Coins. Bettors have the sole responsibility to report these prizes as taxable income to the IRS.
Tax rules also vary from state to state, so make sure to check what applies in your jurisdiction. Some promotions players can claim to help accumulate Sweeps Coins for redemption at Sportzino include the welcome bonus, referral bonus, and VIP program.
Now that we’ve established that Sportzino doesn’t charge any taxes on its bettors, you can click the banners on this page to visit the official Sportzino site and begin your social betting experience today.
