Racehorse TALK

Already pretty heavily taxed !

What about when you have a decent win and the IRS puts its hand out to tax you even more? Wagering in the USA is a mugs game.

Rodent

When I punted in New York at Aqueduct back in the 1980's I encountered at the payout window the problem you have drawn to my attention. I told them I was a tourist and how could the IRS deduct a percentage ( I do not recall what percentage ) from a winning bet if it was a long price winner, further, I tried to seek an answer  if I had made a punter's book ( ie back 5 or 6 horses in the one race ) made a small profit, how could they take a percentage off the winning bet leaving me with an overall loss. They no answer to both questions, other than offer the ludicrous suggestion that " if a punter was lucky enough to back a long priced winner he would not notice the difference ". After that I never backed horses whose odds would have incurred the IRS deduction.

That ludicrous suggestion I was given in New York is alive and well in some Sth American countries where there is a differential takeout rate applied to long price winners..the longer the price the greater the deduction rate .

It's beaut, isn't it ?   

Let's hope CEO Tabcorp, Robert Nason, who has worked in the USA, does not come up with such a hair brain idea  ( differental takeout rates ) here in Australia, but you never know what goes through his mind.

they have no bookies or exchanges there bubba

Are there no bookies at all Judge ? Vegas ?

True, competition keeps the TABs in Australia "honest ". In the exotics, where there is no competition and where 99% of punters would have no idea whether dividends are of "value", the TAB is able to deduct 20 % of the pool.