You should gain rating points for a win by timeout. The only exceptions are if the tournament/game is unrated or if fewer than 4 moves each have been played. Or if you have a very much higher rating than your opponent (hundreds of points).
Daily Games Timeout
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What happens to my rating if my opponent times-out? I have had a couple of games so far that have timed-out when I have been clearly winning with piece advantages. Do I gain the winning rating or is the game simply aborted with no rating change - I am finding this very frustrating.