NTRA get backing on Withholding Changes! ~ Submit your support comment now..

[saratogadew]

Very positive news! Still a little unclear as to the effects of on site or adw regarding cave man multis and abc players.

[jms62]

Originally Posted by saratogadew

Very positive news! Still a little unclear as to the effects of on site or adw regarding cave man multis and abc players.

ABC players would be on the wrong end of it. Only in government would it take a 31 page paper to explain this.

"The proposed regulations clarify "the amount of the wager" to include the entire amount wagered into a specific pari-mutuel pool by an individual—not just the winning base unit as is the case today—so long as all wagers made into a specific pool by an individual are made on a single totalizator ticket. The proposed regulations would have the same positive results for advance-deposit wagering customers and would not impact how those wagers are currently made."

[ajphilly]

Originally Posted by jms62

ABC players would be on the wrong end of it. Only in government would it take a 31 page paper to explain this.

"The proposed regulations clarify "the amount of the wager" to include the entire amount wagered into a specific pari-mutuel pool by an individual—not just the winning base unit as is the case today—so long as all wagers made into a specific pool by an individual are made on a single totalizator ticket. The proposed regulations would have the same positive results for advance-deposit wagering customers and would not impact how those wagers are currently made."

Below is from Hegarty's DRF piece. If I'm interpreting this correctly (which I may not be), it seems like ABC players might be ok as long as they are using an ADW? Or would the IRS still take a cut and you'd have to get it back at tax time?

Under the rules, the new reporting and withholding requirements would apply only to a single ticket if the bet was placed at a physical wagering site, such as a racetrack or OTB. However, customers of account-wagering companies would be able to count all such wagers into a single pool, regardless of the number of tickets, because of the existence of a verifiable record of those wagers.

[Kasept]

Originally Posted by ajphilly

Below is from Hegarty's DRF piece. If I'm interpreting this correctly (which I may not be), it seems like ABC players might be ok as long as they are using an ADW? Or would the IRS still take a cut and you'd have to get it back at tax time?

Under the rules, the new reporting and withholding requirements would apply only to a single ticket if the bet was placed at a physical wagering site, such as a racetrack or OTB. However, customers of account-wagering companies would be able to count all such wagers into a single pool, regardless of the number of tickets, because of the existence of a verifiable record of those wagers.

AJ.

That's the initial read, yes. NTRA going over document wording now to see if there needs to be some fine tuning.

[3kings]

Originally Posted by ajphilly

Below is from Hegarty's DRF piece. If I'm interpreting this correctly (which I may not be), it seems like ABC players might be ok as long as they are using an ADW? Or would the IRS still take a cut and you'd have to get it back at tax time?

Under the rules, the new reporting and withholding requirements would apply only to a single ticket if the bet was placed at a physical wagering site, such as a racetrack or OTB. However, customers of account-wagering companies would be able to count all such wagers into a single pool, regardless of the number of tickets, because of the existence of a verifiable record of those wagers.

That's what I thought too but I have misinterpreted gov. speak before.

[Pants II]

This is arguably the biggest news for horse bettors in our lifetime.

And the results could push forward the removal of totes at the track. No need, really. Need records.

[saratogadew]

This ruling is music to Steve Crist's ears!!!

[jnunan4759]

One thing we are looking at is going in together on some bets more. We avoided some stuff because of who was to sign for it. Now we have more freedom. Those "signers" used to count against gross income and actually used to put me in higher tax brackets, even though I had losses to equalize it.

This is a great thing. Will increase handle and loosen inhibitions.

NTRA did a fantastic job.