Big payout question

[vacationofwealth]

Just curious for those of you that have had monster scores. I have had a couple over 5k scores in my life where they take away the 25%. But lets say you hit a pick 6 or a jackpot bet over 100k with an ADW. When you win such a massive amount do they just put it in your account and allow you to ach it or wire it to your bank account. Do they call you or email you. Or is it just ho hum ho hum you hit a pick 6 they take out the withholdings and hope you wager it. Silly question, just curious.

Was the arlington park jackpot 5 bet on track yesterday. Any news on who or how it was hit?

[wiffleball whizz]

To add to this question in I hit a 230k pick 6 at Belmont by betting at borgata in Atlantic city who gives borgata back the 230k that they paid out....Belmont? I should know this but I really never got a straight answer...

[Stillriledup]

To add to this question in I hit a 230k pick 6 at Belmont by betting at borgata in Atlantic city who gives borgata back the 230k that they paid out....Belmont? I should know this but I really never got a straight answer...

Yes, all these ADW's "settle up" at some point, Belmont will eventually owe Borgata that money.

[Ocala Mike]

ww, a "settlement" process occurs after every racing day among all betting venues. For example, if there was only one winning dollar bet on a P/6, ALL the venues who had no winners basically get to keep their commissions and breakages (if any), and funnel all the losing money into the venue that has to pay it out.

When I worked at the track (NYRA mostly) as a pari-mutuel tax examiner, there was a "settlement figure" compiled every day between NYRA and the OTB's. Needless to say, almost every day the "swing figure" meant that the OTB's had to enrich NYRA's coffers, as their bettors lost pretty consistently vis a vis the on-trackers.

[Ocala Mike]

As far as vacationofwealth's question is concerned, I'm pretty sure your account won't even be credited unless and until they have a signed W-2G in their hands.

[Stillriledup]

ww, a "settlement" process occurs after every racing day among all betting venues. For example, if there was only one winning dollar bet on a P/6, ALL the venues who had no winners basically get to keep their commissions and breakages (if any), and funnel all the losing money into the venue that has to pay it out.

When I worked at the track (NYRA mostly) as a pari-mutuel tax examiner, there was a "settlement figure" compiled every day between NYRA and the OTB's. Needless to say, almost every day the "swing figure" meant that the OTB's had to enrich NYRA's coffers, as their bettors lost pretty consistently vis a vis the on-trackers.

Are you saying that all ADWs and tracks settle up daily? Are ADWs and tracks 'wiring' money between bank accounts on a daily basis, or, is this done weekly, bi-weekly? Seems excessive if its done daily, but, i don't know for sure if it is. Also, there's no bank wiring on weekends, so that's a factor too.

[Ocala Mike]

The accounts are calculated on a raceday basis. The actual logistics of the money moving is another story, and probably does not happen on a daily basis.

When I worked for NY State, for example, we checked NYRA's tax due figures on a daily basis with their accountants, but the law required them to actually transmit funds twice a week.

[wiffleball whizz]

ww, a "settlement" process occurs after every racing day among all betting venues. For example, if there was only one winning dollar bet on a P/6, ALL the venues who had no winners basically get to keep their commissions and breakages (if any), and funnel all the losing money into the venue that has to pay it out.

When I worked at the track (NYRA mostly) as a pari-mutuel tax examiner, there was a "settlement figure" compiled every day between NYRA and the OTB's. Needless to say, almost every day the "swing figure" meant that the OTB's had to enrich NYRA's coffers, as their bettors lost pretty consistently vis a vis the on-trackers.


Wow awesome explanation.....I guess this explains any issues about that thanks...

Daily settle ups seem like that can be a lot of work....imagine after derby day and breeders cup day with huge exotics and whatnot

[Ocala Mike]

Daily settle ups seem like that can be a lot of work




It was a lot of work for humans doing it with sharp pencils and adding machines. When everything got computerized, NY State decided that rather than train the cadre of examiners in place at all the tracks in the state, they would just let everybody go and put their trust in computers. This was in 1991.

Of course, that led to things like the P/6 scandal by the Drexel boys and the NYRA underpayment scandal of a few years back. Me, I landed on my feet and stayed with the state in another capacity for a few more years until retirement.

[baconswitchfarm]

Now settlements are supposed to occur every thirty days with the exchange of money. Although some tracks are known to be very slow payers.

[wiffleball whizz]

Here's another question.....say I hit a pick 6 for 230k at Atlantic city racecourse which is just a small simulcast place the whole year can I demand cash on the spot? Is there a rule that gives the track a certain Amount of time to pay out?

[cj]

Here's another question.....say I hit a pick 6 for 230k at Atlantic city racecourse which is just a small simulcast place the whole year can I demand cash on the spot? Is there a rule that gives the track a certain Amount of time to pay out?

You can demand anything you want, but you'll probably get a check.

[wiffleball whizz]

You can demand anything you want, but you'll probably get a check.

Hahahahaha I kind of figured that lolololol

This is sometimg I'll never have to worry about.... :lol:

[JustRalph]

You can demand anything you want, but you'll probably get a check.


Wiffle, take his word for it. He's the only guy I know who made a score and the track counted all the cash on the premises and didn't have enough to pay him. :lol:

[Stillriledup]

Hahahahaha I kind of figured that lolololol

This is sometimg I'll never have to worry about.... :lol:

There might actually be something in the 'rules' of wagering that the track can offer you a check if they want to, it might be in the 'contract' that you 'sign' when you make a wager.

[SharpCat]

I was at Ellis when 2 guys hit the pick 6 at Del Mar. They put in $16 and got back about $65,000 after taxes. The guys wanted cash and about 2 minutes after the irs paperwork was finished they came out and started counting out $100 dollar bills.

[wiffleball whizz]

Wiffle, take his word for it. He's the only guy I know who made a score and the track counted all the cash on the premises and didn't have enough to pay him. :lol:

Cj made a monster score and the track didn't have the cheddar to pay out Hahahahaha......let's here some more details about this.....Foxwoods Racebook I had the night of my gambling life hit the early pick 4 at Yonkers it paid 7900 then came back with the late pick4 paid 9400 which I had in full.....when I cashed they came up with all the money in about 20 minutes....I guess 25k is about the most they can pay u out in cash....

I've also heard story's of people having a score for 75k and the track tells them to come back the next day.......that I wouldn't like at all

[thaskalos]

Cj made a monster score and the track didn't have the cheddar to pay out Hahahahaha......let's here some more details about this.....Foxwoods Racebook I had the night of my gambling life hit the early pick 4 at Yonkers it paid 7900 then came back with the late pick4 paid 9400 which I had in full.....when I cashed they came up with all the money in about 20 minutes....I guess 25k is about the most they can pay u out in cash....

I've also heard story's of people having a score for 75k and the track tells them to come back the next day.......that I wouldn't like at all

An acquaintance of mine won $73,000 in one race at our local OTB. They offered him a check because they didn't have enough cash on hand to pay him off, and he refused it...telling them that he hadn't ever given THEM a check, so he shouldn't be forced to accept one. They made a phone call...and the money was delivered there in about 45 minutes.

[SharpCat]

An acquaintance of mine won $73,000 in one race at our local OTB. They offered him a check because they didn't have enough cash on hand to pay him off, and he refused it...telling them that he hadn't ever given THEM a check, so he shouldn't be forced to accept one. They made a phone call...and the money was delivered there in about 45 minutes.


That's the way to do it. I hit for $17,200 on a exact bet at Tampa at our OTB several years back. They asked me if I wanted to get paid at the window or in private. I chose private. I went to a side room which was located right next to the money room. Security was there with me then the lady working the money room brang out my cash and counted it out to me. I talked to the lady for a couple of minutes. She said they kept enough cash on hand to cover up to $150,000. She said if you hit for more than that and wanted cash they would get it but it would be a day or two.

[cj]

Cj made a monster score and the track didn't have the cheddar to pay out Hahahahaha......let's here some more details about this.....Foxwoods Racebook I had the night of my gambling life hit the early pick 4 at Yonkers it paid 7900 then came back with the late pick4 paid 9400 which I had in full.....when I cashed they came up with all the money in about 20 minutes....I guess 25k is about the most they can pay u out in cash....

I've also heard story's of people having a score for 75k and the track tells them to come back the next day.......that I wouldn't like at all

I don't know about monster score, but I was at Rosecroft playing the Friday night card from Hollywood. I hit the late P3 many times and it was a pretty big one, a signer, and they told me they couldn't pay with cash. Of course, in Oxen Hill, Maryland after 1am in the morning I didn't particularly want cash anyway.

I also had this happen once at the Cheyenne OTB, same deal, a Friday night betting Hollywood. It was just a few grand that time, but they told me I had to come back the next day if I wanted cash. I did and it was fine.

[wiffleball whizz]

I don't know about monster score, but I was at Rosecroft playing the Friday night card from Hollywood. I hit the late P3 many times and it was a pretty big one, a signer, and they told me they couldn't pay with cash. Of course, in Oxen Hill, Maryland after 1am in the morning I didn't particularly want cash anyway.

I also had this happen once at the Cheyenne OTB, same deal, a Friday night betting Hollywood. It was just a few grand that time, but they told me I had to come back the next day if I wanted cash. I did and it was fine.

Hahahahah that's great......I love having the problem that it's too much money to be carrying around or the track not having enough on hand to pay me....hope It happens tonight

[JustRalph]

To answer the original question, they take the taxes directly out of your account. Your ADW account shows your winnings minus the taxes. I have had it a few times with twinspires. They also notified my state treasurer/tax office of the winnings and I got a letter reminding me to declare the winnings on my state taxes.




Just curious for those of you that have had monster scores. I have had a couple over 5k scores in my life where they take away the 25%. But lets say you hit a pick 6 or a jackpot bet over 100k with an ADW. When you win such a massive amount do they just put it in your account and allow you to ach it or wire it to your bank account. Do they call you or email you. Or is it just ho hum ho hum you hit a pick 6 they take out the withholdings and hope you wager it. Silly question, just curious.

Was the arlington park jackpot 5 bet on track yesterday. Any news on who or how it was hit?

[jdhanover]

Why would you want cash (versus a check)? You have to sign for it anyway. If I ever am fortunate to hit a score of over about $5,000, I'd rather not walk around with the cash. Check is a lot easier to deposit too.

[thaskalos]

Why would you want cash (versus a check)? You have to sign for it anyway. If I ever am fortunate to hit a score of over about $5,000, I'd rather not walk around with the cash. Check is a lot easier to deposit too.
What if you don't want to deposit it? :)

[lamboguy]

An acquaintance of mine won $73,000 in one race at our local OTB. They offered him a check because they didn't have enough cash on hand to pay him off, and he refused it...telling them that he hadn't ever given THEM a check, so he shouldn't be forced to accept one. They made a phone call...and the money was delivered there in about 45 minutes.i had the same problem years ago on a july 4th evening at Rockingham Park. i had been waiting for this filly to run in Prarrie Meadows stake race. i bet $20,000 to show on the horse, i told the teller to keep the money handy because i was going to return to her window to collect. the horse i bet went off at 2-5 and wound up running second to a Hollendorffer horse. i went back to her window to collect my money, she told me she didn't have enough to pay me. i said what the hell are you talking about? as it turns out, the horse that i bet the show money on paid $8.80 to show. i had to come back 2 days later and got the cash.

[cj]

i had the same problem years ago on a july 4th evening at Rockingham Park. i had been waiting for this filly to run in Prarrie Meadows stake race. i bet $20,000 to show on the horse, i told the teller to keep the money handy because i was going to return to her window to collect. the horse i bet went off at 2-5 and wound up running second to a Hollendorffer horse. i went back to her window to collect my money, she told me she didn't have enough to pay me. i said what the hell are you talking about? as it turns out, the horse that i bet the show money on paid $8.80 to show. i had to come back 2 days later and got the cash.

How did a 2 to 5 shot pay $8.80 to show?

[Ocala Mike]

How did a 2 to 5 shot pay $8.80 to show?

That's what I was wondering. Was there a bridjejumper show bet on the 2nd choice or something?

[lamboguy]

How did a 2 to 5 shot pay $8.80 to show?i couldn't figure it out myself, but someone bet $150,000 on the Neil Howard horse that had been running in Kentucky, the filly i had bet on came from Woodbine. that filly had won a stake race in Woodbine and the trainer was interviewed after the race and the lady asked him whats next for her, he told her Prarrie Meadows. that's how i came up with it. back in those days there was no such thing as stable mail so you had to pay close attention.

on another note, stable mail has made things much easier these days to bet horses. Twin Spires has a terrific system for both thoroughbred and harness. it really makes life easier. you can even write brief notes.

[johnhannibalsmith]

Why would you want cash (versus a check)? ...

Because I'd rather walk in for a rectal exam than walk into a bank. But, I say that knowing that I'm not representative of the majority. And for the record, I refuse all rectal exams offered. :D

[jdhanover]

Because I'd rather walk in for a rectal exam than walk into a bank. But, I say that knowing that I'm not representative of the majority. And for the record, I refuse all rectal exams offered. :D


:lol:
If I won say $50,000 after taxes, I'd rather take the one check and deposit it than carry around that kind of cash....asking for a mugging.

[speed]

Because I'd rather walk in for a rectal exam than walk into a bank. But, I say that knowing that I'm not representative of the majority. And for the record, I refuse all rectal exams offered. :D
When you hit for over $5000 and they with hold 28% right at the window, guess what, that is the rectal exam. :D

[iwearpurple]

:lol:
If I won say $50,000 after taxes, I'd rather take the one check and deposit it than carry around that kind of cash....asking for a mugging.

If memory serves me right, I believe years ago at Hollywood Park, a winner of a large pick 6 insisted on cash, and was mugged either in the parking lot or was followed and mugged later.

[takeout]

I believe he was killed.

[rubicon55]

I believe he was killed.

Was this the article you were referring to?

http://articles.latimes.com/1991-06-04/local/me-358_1_hollywood-park-racetrack

[iwearpurple]

Was this the article you were referring to?

http://articles.latimes.com/1991-06-04/local/me-358_1_hollywood-park-racetrack

That is the case I was talking about.

[1st time lasix]

At a Florida dog track in 2009 a female ticket puncher employee who hit a relatively minor score of a trifecta $$$ ---- was singled out to a thug by another employee. She ended up getting killed in the parking lot resisting the armed robbery. Disgusting.

[lamboguy]

i like sitting at home betting these days. all you need is money in your account. there were days in Vegas when i saw guys get stuck up in the parking lots after they greeted the cashier's window. Vegas was alway's a scary town to walk around in if you had a lot of money on you. it must be different today because they have the camera's everywhere now.

[precocity]

Was this the article you were referring to?

http://articles.latimes.com/1991-06-04/local/me-358_1_hollywood-park-racetrack
disgusting!!!! try that crap with me, anybody can get set up but we be packing here in texas yall! :rolleyes:

[AndyC]

As far as vacationofwealth's question is concerned, I'm pretty sure your account won't even be credited unless and until they have a signed W-2G in their hands.

You don't need to sign if you have an ADW account. They have your info and necessary paperwork before you make a bet. The account will generally be credited like any other winning bet.

[AndyC]

What if you don't want to deposit it? :)

Then just cash it at the bank. Since the IRS already knows you are a winner the only people to hide the winnings from are wives and creditors.

[judd]

Then just cash it at the bank. Since the IRS already knows you are a winner the only people to hide the winnings from are wives and creditors.


that's correct------wives:)

[magwell]

I still wonder how a 2-5 shot paid 8.80 to show , that sounds to good to....... ....

[Light]

i had the same problem years ago on a july 4th evening at Rockingham Park. i had been waiting for this filly to run in Prarrie Meadows stake race. i bet $20,000 to show on the horse, i told the teller to keep the money handy because i was going to return to her window to collect. the horse i bet went off at 2-5 and wound up running second to a Hollendorffer horse. i went back to her window to collect my money, she told me she didn't have enough to pay me. i said what the hell are you talking about? as it turns out, the horse that i bet the show money on paid $8.80 to show. i had to come back 2 days later and got the cash.

Explain how someone who bet $20K on a horse does not know what the show pay off is before going to the window. People who bet $1 to show know what the show payoff is as soon as its posted.

[davew]

Explain how someone who bet $20K on a horse does not know what the show pay off is before going to the window. People who bet $1 to show know what the show payoff is as soon as its posted.

probably assumes it would be $2.10 minimum

[Light]

Sounds like fiction to me. A bridge jumped horse pays $8.80 to show. BTW my real name is Andy Beyer.