Author Topic: More corruption at Hoosier this time thru Pari-mutuel wagering.  (Read 2530 times)

0 Members and 1 Guest are viewing this topic.

Redacidsucks

  • Top Claimer
  • ***
  • Posts: 107
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
.

moelarrythecheese

  • Stakes Horse
  • *****
  • Posts: 865
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #1 on: April 21, 2024, 10:54:19 AM »
The IRS limit to provide information is $600. Win $600 or over and you'll receive a 1099-G.

Papillon

  • Stakes Horse
  • *****
  • Posts: 1011
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #2 on: April 21, 2024, 10:56:58 AM »
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.

Papillon

  • Stakes Horse
  • *****
  • Posts: 1011
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #3 on: April 21, 2024, 10:58:44 AM »
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This law has been changed to 600-1 on the total cost of the ticket for IRS purposes--the $600 rule is obsolete.

Stan durbread

  • Stakes Horse
  • *****
  • Posts: 1591
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #4 on: April 21, 2024, 11:14:43 AM »
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?

SwankToliverA

  • Stakes Horse
  • *****
  • Posts: 804
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #5 on: April 21, 2024, 11:57:18 AM »
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.

Parked

  • Elite
  • ******
  • Posts: 2471
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #6 on: April 21, 2024, 10:03:25 PM »
Save the losing tickets. Last I knew You could deduct them from what you won but not more than your winnings.

Angelo Bralles

  • Top Claimer
  • ***
  • Posts: 142
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #7 on: April 22, 2024, 01:47:12 AM »
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.

harnessplop

  • Stakes Horse
  • *****
  • Posts: 1408
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #8 on: April 22, 2024, 06:20:40 AM »
So bet online...thru adw...im confused what the issue is. Why woukd u bet love when u have a phone...

Harness racer

  • Elite
  • ******
  • Posts: 2645
Re: More corruption at Hoosier this time thru Pari-mutuel wagering.
« Reply #9 on: April 22, 2024, 08:31:08 AM »
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

 

shout out

Refresh History
  • Sound off !
  • Unclejerry: Adding Flamboro Thursday night bets to the Wednesday thread if anyone interested
    Today at 07:41:50 PM
  • Kirbys Ace: Seek counseling ASAP!
    Today at 12:12:22 PM
  • The king of the game: This is John Talley I'm not going to be like everybody else and hide about their true name on here I know a lot of people promise you can talk shit about me behind my back on here but two pussy to ever say it to my face I know I might talk a lot of shit but best and believe every fucking time I back that shit up I went to work for Littlest Staples to the biggest stables and guess what I whip ass never got the respect I deserve this fucking racist ass business now I know I was a wild child back in the day but I stand up for myself yeah I beat a lot of y'all up but why because y'all call me nigger treat me like I'm just a piece of shit knowing the real reason all these trainers got all these good horses is when I was actually there it's funny how every fucking horse I ever touched in my life turns out to be something call it skill I call it a gift I ain't never been one to use drugs either and still with ass I went to work the last time I came in this business working less Givens funny how he was the top five trainer at Dover Downs with less than 20 fucking horses and wins number one on the percentage and number two on money last year I've run this shit when I'm in the business the only way people can get me out is by lying on me it's just like Dover Downs give me a gear suspension for calling a female that walked over to my face starting shit a whore said I lied on the test getting the license bullshit they wanted to give me the year cuz they got tired of seeing the number one sign up in the winter Circle every fucking week oh I almost forgot to tell you she punched me in my face she never got arrested she got 30 days every time I punch somebody in their mouth I got years so don't tell me this this game ain't corrupted it ain't favoritism cuz that's some bullshit and some fucking racist shit I'm not one of these Uncle Tom ass niggers I'm not kissing your ass you will respect me because I'm great I take great care of horses I never take it out on the horses but you know what I'm loving my retirement getting my mother fucking check every month so fuck this game if y'all want to be like that go fuck yourself just know I left the game on fucking top again and tell Jim King he can go fucking suck a dick cuz when I was in the game he couldn't beat me bitch
    Today at 08:47:25 AM
  • Onthefront11: On fire at Yonkers
    October 18, 2024, 04:26:12 PM
  • Onthefront11: Per
    October 18, 2024, 04:25:51 PM
  • Calhoun: God Bless you, Uncle Jerry. Welcome back.
    September 27, 2024, 11:34:09 AM
  • Unclejerry: Lets Move To Mohawk for final 3
    September 26, 2024, 09:52:40 PM
  • Unclejerry: R7 Flamboro another Superfecta $66.45
    September 26, 2024, 08:44:18 PM
SimplePortal 2.3.7 © 2008-2024, SimplePortal