pari-mutuel wagering

Thoroughbred Idea Foundation: Horsemen Must Lead The Way In New Sports Betting Era

The Thoroughbred Idea Foundation (TIF) has released its latest white paper. “Horse Racing and ‘Legal’ Sports Betting” takes an in-depth look at the explosive growth of fixed-odds betting against the backdrop of racing’s long-standing pari-mutuel business.  “Without question, legal sports betting presents a momentous threat to all facets of the horse racing business,” said TIF Executive […]

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Kentucky Judge Rules Historical Racing Is Legal Pari-Mutuel Wagering

An eight-year court battle over the legality of historical racing machines in Kentucky may at long last be over. On Wednesday, Franklin Circuit Court Judge Thomas D. Wingate ruled that wagering on historical racing machines developed by Exacta Systems (formerly Encore Gaming) was, in fact, pari-mutuel wagering as defined by Kentucky law. The Exacta Systems […]

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Thoroughbred Idea Foundation White Paper Calls For Penny Breakage

The Thoroughbred Idea Foundation has released its first white paper. Titled “Penny Breakage – Returning rightful winnings to horseplayers and stimulating North America’s tote pools,” the paper details the scope of the perpetual rounding-down of dividends on winning tickets and why a shift to penny breakage would benefit the industry. Breakage is the amount of […]

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Golden Gate’s Winter/Spring Meet Offers Revamped Wagering Menu

A shining light on the East San Francisco Bay since 1941, Golden Gate Fields will open for its 94-day Winter/Spring Meet on Tuesday, Dec. 26, and will offer fans full fields, top horses, jockeys and trainers. The Winter/Spring meet, which runs through Sunday, June 10, will also offer a revamped wagering menu that will include 50 […]

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Keeneland: Close To $1 Million In Winning Pari-Mutuel Tickets From Past Year Still Uncashed

It used to be a common sight at racetracks – people walking around the grandstand area with their eyes focused on the ground, stopping occasionally to pick up a discarded betting ticket. Every so often, the person would get lucky and discover an uncashed winning ticket. The Lexington Herald-Leader reports that over the past year, unclaimed/uncashed pari-mutuel […]

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Modernized IRS Pari-Mutuel Regulations Now Official With Publication In Federal Register

Updated regulations regarding the withholding and reporting of pari-mutuel proceeds adopted by the U.S. Treasury Department and the Internal Revenue Service (IRS) became official, as expected, with their publication in today’s Federal Register. The modernized regulations, secured by the National Thoroughbred Racing Association (NTRA) with a prolonged lobbying effort in Washington, D.C., will drastically reduce […]

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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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IRS Announces Formal Adoption Of ‘Landmark’ Pari-Mutuel Regulations

The U.S. Treasury Department and the Internal Revenue Service (IRS) announced Monday that they will formally adopt modernized regulations regarding the withholding and reporting of pari-mutuel proceeds. The National Thoroughbred Racing Association (NTRA) has long pressed for these updated regulations that will allow horseplayers to keep more of their winnings, thereby increasing the amount wagered […]

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‘Not Fair To The Animal’: Legal Match Races In Colorado Lack Oversight, Drug Testing

A lack of regulation on the legal, county fair-type match races occurring across the state of Colorado has raised concerns across the horse industry, reports the Washington Times. At the Rancho El Caporal races, owner Martin Gutierrez has a permit for his two-day event, the same as he has for the past six years. After […]

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