Wagering 2018-11-05T10:51:36+00:00
Race*Post Time Wagering Format
11:15pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, DOUBLE, PICK 3, PICK 4, SUPERFECTA
21:45pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, DOUBLE, PICK 3, SUPERFECTA
32:15pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, DOUBLE, PICK 3, PICK 5, SUPERFECTA
42:45pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, DOUBLE, PICK 3, SUPERFECTA
53:15pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, DOUBLE, PICK 3, PICK 4, SUPERFECTA
63:45pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, DOUBLE, PICK 3, SUPERFECTA
74:15pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, DOUBLE, PICK 3, SUPERFECTA
84:45pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, DOUBLE, SUPERFECTA
95:15pm WIN, PLACE, SHOW, EXACTA, TRIFECTA, SUPERFECTA
TAKEOUT STRUCTURE
17%WIN, PLACE AND SHOW
19%EXACTA, DOUBLE
25%PICK 3, PICK 4.
25%TRIFECTA . SUPERFECTA
15%PICK 5

$1.00 minimums on all wagers except, $.10 Superfectas, $.50 Pick-3’s, $.50 Pick 4’s, $.50 Pick 5, and $.50 Trifecta’s.

A wager on a horse race is very different than many other forms of gambling. Horse racing payoffs are calculated on a Pari-mutuel basis. Basically this means that the house (the racetrack) does not care who wins a given race. The odds on each horse to win are determined by what proportion of the total money wagered is placed on that horse. The racetrack handles the money, keeps a percentage or commission, and calculates the horses’ odds based on the public’s preferences. The remaining money is then paid back to the players who hold winning ticket.

IMPORTANT WAGERING INFORMATION

PRO GAMBLER
NEW IRS RULES

This memorandum will briefly update the TRA2020 participating tote vendors on the final regulations issued by the Department of Treasury for IRS Gambling Winnings Tax Reporting and/or Withholding as reportable by W-2G, expected to be published in the Federal Register on September 27, 2017.

Background
The NTRA has been working with the Department of Treasury to have the reporting and withholding rules updated to reflect the amount bet into a pool by a bettor rather than simply the base amount of the wager. This effort culminated with draft rules published for a period of public comment ending on March 30, 2017.
The change formalizes the base amount of the bet for calculation of the 300-1 winning threshold for reporting and withholding. The rules are updated to include not just the amounts bet as part of that transaction string, but other bets into the same pari-mutuel pool on the same ticket. If the customer is betting electronically, the entire electronic record of bets through one account into the same day/track/race/pool are aggregated for the 300-1 calculation.

NTRA Update

The final regulations are scheduled for publication in the Federal Register on Wednesday, September 27, 2017. The NTRA press release can be seen here: https://www.ntra.com/wedidit and the full text of the new rule can be seen here: https://s3.amazonaws.com/public-inspection.federalregister.gov/2017-20720.pdf
The new reporting and withholding rules under the final regulations must be implemented no later than November 14, 2017. However, payers have the option to start using the new rules as of September 28, 2017.

Highlights

1. The 300-1 threshold for reporting winnings will be calculated based on the total amount bet on a single physical ticket in a single pool/event/race/day. The regulations do not limit the number of bets that can be listed on a ticket.

2. The 300-1 threshold for reporting winnings will be calculated based on the total net amount bet (gross bet – cancellations – refunds) through a single electronic account on a single pool/event/race/day. The regulations do not limit the number of bets that can be included on the electronic record in the account.

3. After winnings are determined to be reportable on the 300-1 threshold and if the winnings exceed $5,000.00, the withholding provision of 25% of the winnings is applicable.

4. The payee must declare if there are identical tickets, i.e.: bets on the same pool/race/event/day, that are winning bets, require the same occurrence or non-occurrence of the same event. The payer may rely on the statement from the payee.

Odds can change after the race has begun. This is due to the technology involved in the transferring of wagers from simulcasting partners around the country. Money is transferred in regular intervals from simulcast sites to the host, thus updating the odds periodically. The moment the race locks, no more wagers can be placed on that race, but the money that was wagered previous to the race locking begins to be transferred from simulcast outlets from around the country. This large influx of pre-lock money may cause a fluctuation of odds while the race is underway. Under no circumstances will the tote system accept any wagers made after the race is locked; only the transferring of wagers made before the race is locked will be accepted.

UNDER NO CIRCUMSTANCES WILL DELAWARE PARK HONOR ANY CLAIMS OR ACCEPT ANY RESPONSIBILITY FOR INACCURATE TICKETS OR INCOMPLETE TRANSACTIONS THAT MAYBE THE RESULT OF MISCOMMUNICATION, MISUNDERSTANDING, ERROR, OR ANY OTHER CAUSE. SHOULD YOU ENCOUNTER ANY DIFFICULTIES WHILE WAGERING ON ANY SELF SERVICE MACHINE, YOU MUST REMAIN AT THE MACHINE IN QUESTION UNTIL HELP ARRIVES. IF AT ALL POSSIBLE HAVE SOMEONE GET HELP FOR YOU. I

IMPORTANT WAGERING INFORMATION

In the event that the Host Track does not receive data transmission of wagers into any Pick N Pools or any Carryover Pools, all wagers will be refunded, no exceptions.

Explanation of Net Pool Pricing

Traditionally prices on pari-mutuel pools in the U.S. have been calculated under the Standard Pricing model, by dividing the gross amount of winning bets into the net pool. The net pool is the total amount of wagers reduced by the commission rate, or take-out. This process returns a fair price provided all wagers were made using the same commission rate. Not all international jurisdictions, however, are allowed by local law to wager into U.S. pools using the local commission rates, and must use the standard commission rate for their locality. They have, therefore, been forbidden from commingling wagers into U.S. pools and alternatively created their own local pools on U.S. races. To accommodate multiple commission rates, the Net Pool Pricing model was created. Under the Net Pool Pricing model, the payouts are calculated by dividing the net amount of winning bets, rather than the gross amount, into the net pool.

Delaware Park, with the approval of the Delaware Racing Commission, is pleased to implement the Net Pool Pricing method to calculate pari-mutuel payoff beginning the 2006 racing meet. Net Pool Pricing allows each jurisdiction participating in a pari-mutuel pool to offer commission rates different than the host track should they elect or be regulated to do so. For example, if a jurisdiction is obligated to use a higher commission rate than the host track, they will have proportionately less weight in the commingled pool than wagers with a lower rate. Therefore, jurisdictions using a higher commission rate offer a lower payout to their customers and the remainder of the network is unaffected. This also would work in the opposite manner should the participant use a lower commission rate, and their respective prices would be higher than the host track.

For most pools and payouts, if all localities were using the same commission rates (and the vast majority do even with internationally commingled wagers), the prices would be identical under both the Standard and Net Pool Pricing models. In any multiple winning runner pool (Place, Show or any other pool in which a dead-heat creates two or more different payouts), the Net Pool model distributes the same amount of winnings slightly differently. This is a function of allocating the profits to the different winners based on their NET winnings rather than their GROSS winnings. The total amount of monies paid out will not change, but the effect, in these cases, is that the favorites will pay slightly less, while long shots will pay slightly more. An additional result of the Net Pool pricing model is that one can no longer accurately calculate the payouts using only the information available on the tote board. This is true for all pools, including the Win pool, because one must know the commission rate of the wagers on each runner in each pool to determine the true NET pool and NET winning wagers. The tote odds continue to be accurate because tote has all of the necessary information to properly calculate and display the current odds and payouts.

Net Pool Pricing has been used in the pari-mutuel industry since the Breeders’ Cup was held at Woodbine in 1996. Many U.S. racing jurisdictions, including New York, Kentucky, and Illinois, have implemented the Net Pool method over the past year to accommodate commingled wagers originating in Canada . Those wagering on Delaware Park races will benefit from the larger pools generated by allowing more jurisdictions to commingle wagers. Larger pools provide better wagering opportunities and more stable pools and pricing.

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