HORSEPLOP.COM
General Category => Harness Racing => Topic started by: Redacidsucks on April 21, 2024, 10:27:45 AM
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It seems that Hoosier parimutuel wagering is making bettors who win over $3000 on any type bet, win place show or any type of wager give their ID and sign a form declaring that Hoosier park paid them over 3k or they will not get paid.
This is absurd. No other racetrack in the country does this. Unless you hit an IRS signer of high enough odds on a gimmick there’s no signing nothing or producing your ID. Hoosier has decided among themselves that they can run their parimutuel betting like it’s a casino or bank. This is against the law. PERIOD.
they are claiming they have a right to do it under the “FinCEN” act. But the FinCEN act does not apply to racetracks that offer parimutuel betting
“ FinCEN does not view a horse racetrack that offers pari-mutuel or other forms of wagering only on races held at the track as a casino for purposes of the BSA”
That’s how it reads you can google it.
but Hoosier is doing it anyway and basically “Running off” any kind of decent bettors at their track. So if you choose to bet on races from Hoosier be aware if you do it on site. Better off betting at your ADW so Hoosier doesn’t make a nickel off your wagers.
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The IRS limit to provide information is $600. Win $600 or over and you'll receive a 1099-G.
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Other tracks do this as well
Charlestown and Mountaineer in West Virginia do the same--they don't want minus pool players betting on site at the track-so they discourage this type of activity by making the bettors identify themselves--so they can ban them in the future.
This is not new.
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The IRS limit to provide information is $600. Win $600 or over and you'll receive a 1099-G.
This law has been changed to 600-1 on the total cost of the ticket for IRS purposes--the $600 rule is obsolete.
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FinCEN does not view a horse racetrack that offers pari-mutuel or other forms of wagering only on races held at the track as a casino for purposes of the BSA”
Does any racetrack qualify for this exemption nowadays?
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The IRS limit to provide information is $600. Win $600 or over and you'll receive a 1099-G.
That was changed several years ago.
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Save the losing tickets. Last I knew You could deduct them from what you won but not more than your winnings.
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Has nothing to do with winnings. It has to do with the total amount that your are wagering over the course of the night. It really is pointless but they want to see where the money is coming from. They don’t care about winnings but they want to know where the money came to mak3 the bet. It’s fine to stop money laundering.
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So bet online...thru adw...im confused what the issue is. Why woukd u bet love when u have a phone...
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You guys are getting screwed out there since SCM got distracted by something shiny and forgot he was supposed to save Indiana harness racing. ngc3