meet the demand of bettors that want same and have no desire to use a printing kiosk!
help
nassau otb vloses on roman catholic easter dunday in oreference to orthodox easter sunday
see ny vonst art 1 sec 3
the ntra must help all bettors no matter what their religious preference might be
bettors pray st nassau otb branches whrnever they wish
teamsters local 707 cashiers for dues while president kevin mccaffrey also suffolk county legidlstor that racing is a dieing sport and he will never hrlp see thstnasssu otb is open to tske bets on easter sunday
I-
Thanks for the help. The item’s below. I’d be happy to mail you a copy, if you give me a mailing address.
Claude Solnik
Long Island Business News
2150 Smithtown Ave.
Ronkonkoma, NY 11779-7348
Home > LI Confidential > Stop scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
The IRS and the U.S. Department of the Treasury on Thursday issued proposed new rules that would greatly benefit horseplayers by allowing bettors to count all wagers made in a specific pool for the purposes of determining whether federal tax reporting and withholding requirements are triggered.
The proposed new rules, which were aggressively pursued by the National Thoroughbred Racing Association over the past two years, will be subject to a 90-day comment period. In a statement, the NTRA said it was “conceivable” that the new rules will be in place by late spring.
Current rules trigger tax reporting requirements if a single wager pays 300-1 or greater, while withholding is triggered if the bet pays more than $5,000 at odds of 300-1 or greater, calculated on the base unit of the wager. Under the proposed rules, the requirements would not be triggered unless the wager paid off at 300-1 or greater to the total amount bet by the player in the pool.
The proposed rules would have an enormous impact on the number of bets that trigger reporting and withholding requirements in multihorse and multirace exotic bets, where horseplayers often use boxes, keys, and wheels to structure their bets. In its statement, the NTRA said that “tens of millions of dollars in additional parimutuel churn” would result if the rules are put in place.
“This is a tremendous step forward in our ongoing efforts to modernize parimutuel regulations to accurately reflect today’s wagering environment,” said Alex Waldrop, the president of the NTRA.
The NTRA began lobbying IRS and Treasury Department officials directly two years ago after failing to get Congress to pass similar rules through legislation.
Under the rules, the new reporting and withholding requirements would apply only to a single ticket if the bet was placed at a physical wagering site, such as a racetrack or OTB. However, customers of account-wagering companies would be able to count all such wagers into a single pool, regardless of the number of tickets, because of the existence of a verifiable record of those wagers.
Last year, as the IRS and the Treasury Department began contemplating the proposed rules, the NTRA organized a letter-writing campaign that resulted in 12,000 positive comments on the rule changes. The NTRA said on Thursday that it would establish a “convenient and simple method for industry stakeholders” to comment on the proposed on its wesbite within a week.
Finally common tax sense is being brought to the horse racing industry. At many tracks, there are groups of us that combine our money for Pick 4s, 5s, and 6s. This solves the problem of who is going to cash the winning ticket and how much extra that guy will get. This will definitely increase exotics action. This had to be a hard lobby for the NTRA and ADWs but well worth it.
Whether it is $1, $2, or more, the amount of the bet has to be added in before it is actually 300/1. Thus, the payoffs would have to be at least $301, $602, and so on.
This only helps the big big bettor and in the long run will hurt the Irs in collecting money. So if you bet a 3000 pick six it would have to pay 900,000 before you have to declare it. On the other hand if you get lucky and hit a straight tri for a dollar now you would have to declare it at 300. 2 dollars 600 and so on. A 24 bet would be 7200. That was why they set up the 5000 withholding so the Irs would get there money and now this would have to rely on good faith of the bettors. I still don't see how this is feasible
Paragraph 3 is almost all wrong and is contradicted in part by the second to the last paragraph. First of all, the 300/1 does not kick in until the wager pays $602 or more. There is a quirk in the system because when the original rule was written it was based on a $2 base wager as there were no wagers less than that and we all know if a $1 wager pays less than $602 it does not require a signup. Secondly, unless a wager is made with an ADW only the wagered amount of the single winning ticket is used to calculate whether the 300/1 threshold applies. The rationale as stated is because of the ability to verify the total amount wagered by an individual into a single pool. The same can be done using a bettor's player card tracking number on all tickets bet into that single pool. The new law needs to address or add this, otherwise anyone betting multiple tickets will use their cell phone while at the track and bet with an ADW. I realize this is already being done and is a contentious issue that will only increase if it is the only way to truly include all of one's wagers into a single pool.
Bout ************n time
Finally, a change to these old out dated tax rules....
Thank-you NTRA for the lobby efforts to push this through.
No comments:
Post a Comment