nice GP payout in Canada

[beertapper]

Florida is not common pool for Canadians. In today's (apr 21) 9th race at Gulfstream Park, the exacta payout in Canada was almost 3x the size of the official payout !!
$2 exacta: $4,530.20 vs $1,562.20

well, its a bit less after you factor exchange rates... but still !

[Dave Schwartz]

But even with the exchange rate, you make it up with no taxes, right?

[banacek]

But even with the exchange rate, you make it up with no taxes, right?

No taxes, that's correct.

Now about exchange rates - say you get 20-1 on a horse. Bet $2 Canadian get $42 Canadian. Bet $2 U.S. get $42 U.S. Bet 2 yen get 42 yen. Exchange rates don't come into it.

[Zman179]

Not too often that a superfecta pays less than the trifecta; but, it paid $1787 less than the EXACTA! :bang: :faint: :lol:

[Edward DeVere]

Question about gambling in Canada: Say a bettor's sole support is his gambling, and say he makes $150,000 in a year. Does he actually pay no taxes?

[46zilzal]

Question about gambling in Canada: Say a bettor's sole support is his gambling, and say he makes $150,000 in a year. Does he actually pay no taxes?
NADA, Zero, 0, nothing, zip, on lottery winnings as well.

[banacek]

NADA, Zero, 0, nothing, zip, on lottery winnings as well.

I had thought that if gambling was your sole source of income then Revenue Canada considered you a professional gambler and you'd have to pay taxes. Haven't hit that point yet, so I'll probably never know!

[beertapper]

NADA, Zero, 0, nothing, zip, on lottery winnings as well.

yup, the gov't tried to nab some big rollers before, but it was thrown out of court..

[46zilzal]

A friend who is a medical sales rep, hit the old Sweep 6 here. Collected about $160,000 an did the smart thing: bought a house and resold it a few years later for a sizable profit.

The trick is, have a regular lightweight job to report to the Revenue boys. The rest is up to you and the parimutueal clerk.

[HuggingTheRail]

Thank goodness we are common pool with almost everyone now...nothing like betting a 7-2 shot with 3 MTP, and then seeing that he goes off at EVEN here in Canada.

I realize it works both ways...for every payout in Canada that was smaller, there is probably one that was larger...but it certainly added a further uncertainty to payouts, not to mention the smaller pools are mkore easily swayed by a wager

My best separate pool story...

Sitting at Hastings one Sunday afternoon. Was in between bets with my major wagering account...and I also had a small voucher, just to do $2 "time killer" bets. Emerald Downs was joined in progress....with 3MTP for Race 4. I bet $2 to show on some Hastings shipper. He came 1st, and my $2 was the only winning show bet...the other $47 in the show pool was bet on the chalk who finished OTM. I swept the pool...got a whole $38+ for my $2.

That said, I sure am glad we bet common pool now...

[jma]

Sitting at Hastings one Sunday afternoon. Was in between bets with my major wagering account...and I also had a small voucher, just to do $2 "time killer" bets. Emerald Downs was joined in progress....with 3MTP for Race 4. I bet $2 to show on some Hastings shipper. He came 1st, and my $2 was the only winning show bet...the other $47 in the show pool was bet on the chalk who finished OTM. I swept the pool...got a whole $38+ for my $2.

That said, I sure am glad we bet common pool now...

That's funny. That's a bridgejumper story, but with a very small bridge. It's also the first story I've ever heard of someone winning the entire show pool. I hope I can do that at Saratoga sometime. :)

[BillW]

That's funny. That's a bridgejumper story, but with a very small bridge. It's also the first story I've ever heard of someone winning the entire show pool. I hope I can do that at Saratoga sometime. :)

Try Saratoga harness :lol:

[Zman179]

NADA, Zero, 0, nothing, zip, on lottery winnings as well.

True, but the Canadian takeouts are killer; yet, they're less than in Pennsylvania. Hit a big trifecta at Pocono or The Meadows with a 35% takeout, then watch the IRS take 28% of it. Yeesh! :eek:

Otherwise, separate pools are generally not a good thing. True, there are anomalies that happen from time to time like what happened at Gulfstream, but more often than not it is negative.

[point given]

Florida is not common pool for Canadians. In today's (apr 21) 9th race at Gulfstream Park, the exacta payout in Canada was almost 3x the size of the official payout !!
$2 exacta: $4,530.20 vs $1,562.20

well, its a bit less after you factor exchange rates... but still !

The few times i wagered in Canada, I noted that usually the bettors followed the betting of the home track pool in the canadian pools. The exceptions were the long shots who usually went off at significantly higher odds than in the US pools. This is an instance of that. What other tracks are not in the common pool in canada ? Kind of funny that Stronach, a canadian, who is the big cheese of Gulfstream/Magna, is not in the canadian common pool.

[maxwell]

Florida and New Jersey ... but not for long. I think it's great.

[beertapper]

and California just became common pool in late Dec i think... about time !


Florida and New Jersey ... but not for long. I think it's great.