alex waldrop

IRS Reporting, Withholding On Winning Bets Take Steep Drop Under New Regulations

In the first year of operations under newly modernized U.S. Treasury and Internal Revenue Service (IRS) regulations, there was a $307 million reduction in the amount of winning pari-mutuel wagers reported to the IRS using form W-2G, according to statistics released today by the National Thoroughbred Racing Association (NTRA). This reduction in the amount of […]

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RMTC Fully Accredits University Of Florida’s Racing Laboratory

The Horseracing Testing Laboratory Committee of the Racing Medication and Testing Consortium (RMTC) voted this week to fully accredit the University of Florida Racing Laboratory (UFRL) pursuant to the RMTC Laboratory Accreditation Program. The laboratory, which performs testing of horse racing samples for the Florida Division of Pari-Mutuel Wagering, is the tenth to become accredited […]

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Taxes, Wire Act, And Immigration On The Radar For NTRA Lobbyist

The National Thoroughbred Racing Association has been busy problem-solving (or trying to) on Capitol Hill this past year. An update to media and industry stakeholders in Saratoga Springs, N.Y. this week outlined the variety of legislative issues impacting the racing business.  Greg Means, longtime NTRA lobbyist from the Alpine Group, believes the racing and breeding […]

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HBPA Convention: Panelists Say Racing Must Prepare For, Embrace Sports Betting

To appreciate how public opinion on sports betting has changed in recent years, consider that the National Football League went from banning Las Vegas commercials on the Super Bowl broadcast to relocating a team there. While the NFL still opposes sports betting, the National Basketball Association and Major League Baseball now favor legalizing wagering on […]

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Budget Act Retroactively Extends Three-Year Racehorse Depreciation For 2017

President Trump today signed into law the Bipartisan Budget Act, a bill that among other measures extends retroactively for fiscal year 2017 uniform three-year racehorse depreciation, an important tax provision supported by the National Thoroughbred Racing Association (NTRA) that expired in 2016 alongside certain other expired tax provisions. The bill also funds the federal government […]

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WinStar To Sponsor TVG’s Live Coverage Of Eclipse Awards

WinStar Farm – the Versailles, Ky., breeding operation that is home to leading stallions like Tiznow, Distorted Humor and Pioneerof the Nile – has signed on as the primary sponsor for TVG’s live coverage of the 47th Annual Eclipse Awards, presented by Daily Racing Form, Breeders’ Cup and The Stronach Group on January 25 at 8 p.m. ET. TVG also […]

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Waldrop To Appear On Pair Of Global Symposium Panels; NTRA Offering Handicapping Workshop

Staff representing every major initiative at the National Thoroughbred Racing Association (NTRA) will be in Tucson, Ariz., next week for the racing industry’s most important annual business conference, the Global Symposium on Racing & Gaming, organized by the University of Arizona’s Race Track Industry Program, at Loews Ventana Canyon Resort. Symposium attendees, especially NTRA members, […]

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Longshot-Heavy Breeders’ Cup Sees Just 35 IRS Filings, Down 97 Percent Over 2016

Despite some of the longest-priced winners in Breeders’ Cup history, only 35 winning tickets at the Del Mar Thoroughbred Club triggered Internal Revenue Service (IRS) reporting or withholding via automatic W-2G filings across the two-day Breeders’ Cup World Championships. That represents a 97 percent reduction from the previous year, when 1,333 W-2G filings occurred on-track […]

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Update On New IRS Rules: Major ADW Companies Ready To Comply Today

With new, favorable U.S. Treasury and Internal Revenue Service reporting and withholding regulations going into effect today (Thursday, Sept. 28), most of the largest advance deposit wagering companies say they are ready to implement the changes immediately. AmWager, NYRA Bets, TVG, TwinSpires and Xpressbet all have issued press releases or posted statements on social media saying […]

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TwinSpires To Implement Revisions To IRS Reporting, Withholding Regulations Thursday

In the wake of the IRS’ announcement regarding pari-mutuel wagering on Monday, bet-taking companies across the nation have been rushing to find ways to implement the new tax regulations. Of the “Big Three” advance-deposit wagering companies, TwinSpires was the first to say it will offer horseplayers the chance to take advantage of the new rules […]

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