Petition Closed

When reporting/withholding winnings, clarify that the entire amount wagered into a pool by an individual will be used to determine whether the winnings are at least 300 times the amount of the wager.

This petition had 7,875 supporters


In the case of exotic wagers such as the pick-6, an antiquated Treasury ruling limits the amount of the wager to the amount wagered on the correct result only. The Treasury ruling, issued long before most of the popular exotic pari-mutuel wagers were developed, ignores the actual cost of the wager to the customer who typically purchases multiple combinations in the same wagering pool at a cost that far exceeds the cost of purchasing the single winning combination. Thus, Treasury is causing the horse industry to over-report and excessively withhold from customer’s gambling winnings with the practical effect of removing money from circulation on race day when those winnings could be re-bet multiple times resulting in more winnings for horseplayers, higher revenue for tracks and increased tax receipts for government. 



Today: Keith is counting on you

Keith Chamblin needs your help with “U.S. Department of the Treasury: When reporting/withholding winnings, clarify that the entire amount wagered into a pool by an individual will be used to determine whether the winnings are at least 300 times the amount of the wager.”. Join Keith and 7,874 supporters today.