Message from DRF CEO on tax reform for horseplayers
The National Thoroughbred Racing Association and key members of Congress recently delivered a letter to the Department of Treasury in support of an important tax reporting and withholding clarification for horseplayers. The change would minimize the effect of unfair, outdated and burdensome tax regulations that tie up millions of dollars in parimutuel handle on an annual basis. This is a significant issue to racing and to all horseplayers. This issue, fairer treatment for bettors, has been championed by Steven Crist for years. Unfair takeout rules drain the sport of money and unfairly cause bettors to often pay taxes on a false basis because the total size of the bet is not considered by the IRS, only the part of the bet that yielded the winnings.
Thousands of individuals have signed a petition at Change.org to express their support for the tax clarification. We consider this a good start, but we need every fan, horseplayer and industry participant to express their support for a national regulatory change that has a positive impact on every segment of our industry.
Here’s who will benefit from these proposed changes:
1. A horseplayer who frequently places exotic wagers that potentially pay large sums.
2. A racetrack or ADW operator who may lose horseplayers to other forms of gambling that have more favorable reporting/withholding rules.
3. An owner who could benefit from elevated purse money as a result of increased wagering activity through a higher level of churn.
4. A breeder whose bloodstock values are aligned with the health of the industry.
5. A trainer or jockey whose compensation is tied to purse levels.
6. A sales company or consignor whose success depends on demand for racehorses.
7. A horsemen’s association executive representing your membership.
8. A fan who wants to see a thriving racing industry.
9. A member of a support industry whose livelihood is tied to horse racing and breeding.
I ask that each of you take a few seconds to sign the petition.
Please sign the petition right now by clicking here.
Thank you.
John J. Hartig
Chairman & CEO
Sports Information Group /
Daily Racing Form LLC