ARCADIA, Calif. (Sept. 29, 2017)–Santa Anita Park has announced that it will fully implement fan-friendly wagering regulations effective today, opening day of the track’s 19-day Autumn Meet. These updated regulations, enacted by the U.S. Treasury Service and Internal Revenue Service (IRS) this past Wednesday, will benefit players with regard to tax withholding and reporting of pari-mutuel winnings.
Under the new regulations, the IRS will consider a bettor’s entire investment on a winning ticket when determining the amount reported or withheld for tax purposes, as opposed to just the amount wagered on the winning combination. This will greatly reduce the number of wagers where funds are withheld, as well as the number of taxable events and unnecessary paperwork for customers.
These changes, which are largely the result of lobbying efforts by the National Thoroughbred Racing Association (NTRA), will not only benefit gamblers, but will serve to increase pari-mutuel handle, benefitting owners, trainers, jockeys and all those who work within the industry whose lifeblood is pari-mutuel handle.
These changes will be fully implemented immediately at Santa Anita and at all satellite wagering facilities across America no later than Nov. 14.