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New Federal Laws Begin For Horse Betting
Starting Tuesday, new federal tax regulations go into effect on horse betting.
The new law reduces the forms required for individual bettors to turn in with tax filings and adjusts the calculations by the IRS on winnings in a way that benefits bettors.
Jerry Simms is owner of Turf Paradise in Phoenix, a thoroughbred horse racing track.
“If you’re more of a regular serious bettor, then it’ll make a big difference because then when you do get a good winning ticket, you won’t have the same paperwork to fill out, you won’t have money taken out of your ticket if it’s a larger ticket. You’ll be responsible for your own reporting,” Simms said.
The National Thoroughbred Racing Association estimates the change in law will create a potential increase in horse betting, by as much as $1 billion annually.
Race season started in mid-October and runs through May.
Simms said Turf Paradise generates an annual economic impact of $91 million to the state.