Where's the best state for an online player to live?

[gopony]

Availability of tracks, taxes and any other issues that are pertinent to a full time player.

[Lefty]

Right now, the best place for an online player to live is out of the states. Too bad our govt doesn't wise up in this respect.

[JustRalph]

In Canada, you don't pay taxes on your winnings.

That could be huge!!

If you just want to be around the business/tracks etc

Lexington would be pretty damn nice !!

[gopony]

In Canada, you don't pay taxes on your winnings.



Yeah, I've also been thinking about that.
1) How would I live there legally.
2) I'm from the south. I don't know squat about dealing with snow and low temperatures. But I hear they have good hockey teams there.
3) What is the cost of living.
4) Not paying taxes on winnings. They've got to charge some taxes don't they. Or do you mean they don't withhold money from winnings.

[bobbyb]

GoPony

Answers

1. If you have the $ you can. Most US citizens purchase cottages, open land (Trailer) etc. Travel back and forth - time restrictions don't seem to apply.

2. Snow and Low Temps - try Montana - Warmish today, an hour N of Toronto - around 35 degrees F

3. Hockey - yup - you can bet that thru Pro-Line Legally along with 90% of other Major Sports - Winnings - Tax Free - (every snacks store/gas bar whatever, will take your plays - seems like over a million places...... :ThmbUp: )

4. Cost of Living - tough question, but 60% of my neighbors (in my little neck of the woods) are US citizens (?)

5. There is NO TAXES on winnings EVER incl racing.....nada :cool:

need more info - pm me

bobby

[stu]

Let's start by limiting the options to states which TVG allows signups since they have exclusives and you will want access to everything. Then let's list the state income tax percentages (http://www.taxadmin.org/fta/rate/ind_inc.pdf).

California - 1% to 9.3%
Florida - No State Income Tax
Idaho - 1.6% to 7.8%
Kentucky - 2.0% to 6.0%
Louisiana - 2.0% to 6.0%
Maryland - 2.0% to 5.5%
Massachusetts - 5.3%
Montana - 1.0% to 6.9%
New Hampshire - Tax is limited to dividends and interest income only
North Dakota - 2.1% to 5.54%
Ohio - 0.618% to 6.24%
Oregon - 5.0% to 9.0%
Virginia - 2.0% to 5.75%
Washington - No state income tax
Wyoming - No state income tax

Now let's take the 3 states with no income tax and list the Federal Cost of Living Index (lower the better http://www.top50states.com/cost-of-living-by-state.html).

Florida - 103.6
Washington - 104.4
Wyoming - 100.9

The answer then is Wyoming.

[gopony]

Thanks bobbyb and stu.

So Wyoming or Canada. Appreciate the help.

I've been contemplating where to go and when. First half of 2009 looks like it may be the year.

bobbyb, I probably will be getting in touch with you.

It's probably going to be one of those things where I just pack my bags and go.

[Lefty]

You don't pay taxes on gambling winnings in Canada but they sure tax the hell out of everything else.

[jballscalls]

Sounds like Europe is the worst place, did u see how much they took out of that kid that won the world series of poker?? like 70 percent LOL

[NoCal Boy]

Last I checked TVG had exclusives on Turfway (which ends in March, 2009), Turf Paradise (which I believe ends in May, 2009) and Los Al (which ends in 2019). The likelihood that TVG will ever get another true exclusive for TV and Wagering is next to nil so it is irrelevant where TVG operates unless you are addcited to the quarters on Los Al. and Japanese racing as well.

That being said, I suspect TVG will be operated much better by Betfair (or CDI or Youbet for that matter) once it is sold.

Let's start by limiting the options to states which TVG allows signups since they have exclusives and you will want access to everything. Then let's list the state income tax percentages (http://www.taxadmin.org/fta/rate/ind_inc.pdf).

California - 1% to 9.3%
Florida - No State Income Tax
Idaho - 1.6% to 7.8%
Kentucky - 2.0% to 6.0%
Louisiana - 2.0% to 6.0%
Maryland - 2.0% to 5.5%
Massachusetts - 5.3%
Montana - 1.0% to 6.9%
New Hampshire - Tax is limited to dividends and interest income only
North Dakota - 2.1% to 5.54%
Ohio - 0.618% to 6.24%
Oregon - 5.0% to 9.0%
Virginia - 2.0% to 5.75%
Washington - No state income tax
Wyoming - No state income tax

Now let's take the 3 states with no income tax and list the Federal Cost of Living Index (lower the better http://www.top50states.com/cost-of-living-by-state.html).

Florida - 103.6
Washington - 104.4
Wyoming - 100.9

The answer then is Wyoming.

[stu]

If we assume exclusives go away, we can add the three other states that have no state income tax: Alaska, Nevada, and Texas.

Their cost of living indices are:

Alaska - 123.7
Nevada - 107.4
Texas - 88.9

Wyoming is now 2nd choice to Texas.

[miesque]

This is an interesting topic and I would just like to point out that simply looking at income tax rates for a state can be deceiving if you actually plan on living in that state, what is important is a combined index of income, sales and real estate and here is a link to one

http://money.cnn.com/galleries/2007/pf/0704/gallery.tax_friendliest/8.html

In addition there are other taxes to take into account when looking at tax burden. For example, if you smoke like a chimney, you need to factor in that you are paying twice as much for a pack of cigarettes in NYC then you would if you lived in a state such as Virginia which has relatively low tobacco taxes (Philip Morris is based in the capital of Richmond). Also it depends where in the tax bracket you are because some states have a flatter tax structure then others.

Lastly, while this is strictly discussing online horseplayers, but if you did actually want to visit the track a few times a year and wanted options within a days drive certain states are better then others if you wanted to factor that in at the margin.

[jballscalls]

An advantage of living in wyoming as a horseplayer as well, since there is nothing else to do, you can really focus on handicapping and playing the horses and avoid distractions such as entertainment, high end cuisine, and liberals.