IRS Pari-Mutuel Betting Reform for Reporting/Withholding

OffTrackBetting.com Press Release
Horse Racing Betting Tax Regulation

The National Thoroughbred Racing Association continues to move forward on work to reform tax rules on withholding and reporting with respect to pari-mutuel winnings and is calling for industry support of these efforts.

Sign Petition Proposed IRS Changes

- Click Here

Industry Support Needed for Horse Betting Tax Reform

The NTRA has submitted its official response to an invitation by the Department of the Treasury and the Internal Revenue Service for comments on amending Treasury regulations regarding withholding and reporting with respect to pari-mutuel winnings.

The National Thoroughbred Racing Association is urging horseplayers and other industry stakeholders to submit comments in support of modernization of gambling withholding and reporting to the United States Department of Treasury.

Horse Racing Rebates

Specifically, the NTRA is asking the Treasury and the IRS to amend their tax regulations to make it clear that the definition of the "amount of the wager" includes the total amount wagered by a bettor into a pari-mutuel pool when determining whether a bettor's winnings are subject to withholding and reporting. As explained in detail in the NTRA's response, such a clarification will result in more accurate withholding and reporting while also benefiting bettors and the horse racing and breeding industry as a whole.

The changes proposed by the NTRA on behalf of its membership and the racing industry at large would positively impact all levels of horseplayers, regardless of whether a person typically wagers $1, $100, or $1,000, NTRA officials said. Under current regulations, the amount wagered for reporting purposes is calculated using only the $1 bet on the single winning combination; players may spend hundreds of dollars on the one pool.

The deadline to submit comments is June 2. Comments can be made electronically at www.NTRA.com/IRScomment.

We urge you to consider making your voice heard in a National Thoroughbred Racing Association (NTRA)-led fight to change the way the IRS treats winning pari-mutuel wagers for tax reporting and withholding purposes. The IRS has agreed to examine its policy, and the NTRA is asking you to speak up in support of horseplayers and the industry. It takes just a few minutes to tell the IRS that you want the unfair and outdated current tax regulations to be modernized on behalf of horseplayers.

The entire formal response to Treasury and the IRS by NTRA president and CEO Alex Waldrop can be accessed online >> Click Here to Read

OTB Cash Rewards

Make your Greyhound Racing & Horse Racing wagers count even more! Earn daily OTB Cash Rewards at many Thoroughbred, Harness and Greyhound racetracks.
  • Easy to understand rate schedule
  • No confusing point conversion programs
  • Use to wager or withdraw as cash

OTB Schedule - Saturday, Mar 25

Race Tracks Time (EST)
Aqueduct 1:19 PM
Australia A 10:00 PM
Australia B 10:05 PM
Australia C 10:50 PM
Bangor-on-Dee (UK) 9:40 AM
Birmingham Eve 7:25 PM
Birmingham Mat 2:00 PM
Buffalo Raceway 6:00 PM
Cal Expo 9:15 PM
Century Downs 3:10 PM
Charles Town 7:00 PM
Curraheen (IG) 2:49 PM
Daytona Beach Eve 7:25 PM
Daytona Beach Mat 1:04 PM
Dubai 7:45 AM
Dundalk (IG) 2:50 PM
Flamboro Downs 6:00 PM
Fonner Park 2:30 PM
Freehold Raceway 12:29 PM
Galway (IG) 2:52 PM
Golden Gate Fields 3:45 PM
Gulfstream Tropical 12:35 PM
Hawthorne 5:10 PM
Kelso (UK) 10:05 AM
Kenilworth (SAF) 6:56 AM
Laurel Park 1:10 PM
Lifford (IG) 3:02 PM
Limerick (IG) 2:42 PM
Lingfield (UK) 10:00 AM
Los Alamitos (QH) 9:00 PM
Mahoning Valley 12:15 PM
Mardi Gras Eve 7:30 PM
Mardi Gras Mat 5:00 PM
Meadowlands (H) 7:15 PM
Mobile Greyhound Park 3:00 PM
Mullingar (IG) 2:48 PM
Naples-Ft Myers Eve
Naples-Ft Myers Mat 11:44 AM
Newbury (UK) 9:50 AM
New Zealand 7:40 PM
Northfield Park 6:00 PM
Northville Downs 7:00 PM
Palermo(ARG) 12:59 PM
Palm Beach Eve 7:00 PM
Palm Beach Mat 1:00 PM
Parx Racing 12:55 PM
Penn National 6:00 PM
Pocono Downs 6:30 PM
Remington Park 7:00 PM
Sanford Eve 7:35 PM
Sanford Mat 1:30 PM
Santa Anita Park 3:30 PM
Sarasota Eve 7:30 PM
Sarasota Mat 12:30 PM
Saratoga Harness 6:45 PM
Scarborough Downs 1:30 PM
Southland Eve 8:30 PM
Southland Mat 2:00 PM
St Johns Eve 7:45 PM
St Johns Mat 12:35 PM
Stratford (UK) 10:20 AM
Sunland Park 3:30 PM
Tampa Bay Downs 12:25 PM
Thurles (IG) 3:02 PM
Thurles (IRE) 10:10 AM
Tralee (IG) 4:11 AM
Tri-State Twi 5:00 PM
Turffontein (SAF) 8:26 AM
Turf Paradise 3:25 PM
Turfway Park 1:11 PM
Waterford (IG) 2:50 PM
Wheeling Downs Eve 5:30 PM
Wheeling Downs Mat 1:01 PM
Wolverhampton (UK) 1:45 PM
Woodbine (H) 7:30 PM
Yonkers Raceway 7:10 PM

OTB Accepts Credit Cards

Bet Horse Racing with VISA & MasterCard Credit Cards
Bet Horse Racing online quickly using your VISA, MasterCard & Discover Credit Cards & Debit Cards.

Horse Betting News