Effective November 6, 2017 updated Tax Regulations are now in place through our tote provider.
A winning ticket of 300 to 1 that pays at least $600, based on the total amount wagered in a pool, must be reported to the IRS. Automatic withholding will take place on a payout over $5,000 and a 300 to 1 return on the total amount wagered. This will greatly reduce the number of winning bets where funds will be withheld, as well as reported.
Example:
If you bet the following $2 Pick 4 ticket:
Leg 1: 1,2,3,4,6
Leg 2: 2,3,5
Leg 3: 1,3,4,5,6
Leg 4: 1,3
Total Cost is $300
If the ticket where to pay $8,000 under the old rule this would be reportable and require withholding $2,000.
Under the new rule the entire $300 is the multiplier and the winnings would not be reportable or have withholding.
For further information visit Guest Services while at the track.