Kentucky wants to tax online bets

[MONEY]

Bill to tax account wagering services introduced in Kentucky General Assembly

Bets made by Kentucky residents through account wagering services like Churchill Downs Inc.'s TwinSpires.com would be taxed a half of a percent under a bill filed Monday by House Speaker Pro Tem Larry Clark.

More... (http://www.courier-journal.com/article/20120109/BUSINESS/301090083/1037/rsslink)

[mannyberrios]

Bill to tax account wagering services introduced in Kentucky General Assembly

Bets made by Kentucky residents through account wagering services like Churchill Downs Inc.'s TwinSpires.com would be taxed a half of a percent under a bill filed Monday by House Speaker Pro Tem Larry Clark.

More... (http://www.courier-journal.com/article/20120109/BUSINESS/301090083/1037/rsslink) Dosent sound good

[Robert Fischer]

Why would the state's general fund get 15% if the purpose is to recoup lost track money?

This is goofy.

[stuball]

can these idiots think of any other ways to drive customers away
just plain stupid..

[RXB]

can these idiots think of any other ways to drive customers away


Yes, just give them time.

[PaceAdvantage]

http://xbradtc.files.wordpress.com/2010/04/facepalm.jpg

[jelly]

A Churchill Downs spokeswoman declined to comment on the bill until they had a chance to review it.




Will the Kentucky Race tracks push for a higher tax on the horseplayers of Kentucky?This could be interesting.

[Fwizard]

really....really....in other news...the Kentucky congress had passed a resolution that air use in your home when you breathe will be taxed at one penny per one hundred inhales...98% percent of this money will go in the general fund for specific silly items and the other 2% to a fund to help out of work carnival clowns...

[BIG49010]

They think racing is like Tobacco, you have to have it, so sin tax it until everybody quits!!!

When they kill the industry they believe they own, they will look back like greedy California with disbelief that players leave for greener pastures.

I just hope it will be too late for these idiots, and NY will have all the Stallions, race horses and the players!

[duncan04]

They think racing is like Tobacco, you have to have it, so sin tax it until everybody quits!!!

When they kill the industry they believe they own, they will look back like greedy California with disbelief that players leave for greener pastures.

I just hope it will be too late for these idiots, and NY will have all the Stallions, race horses and the players!


And when slots pushes racing out of NY then what? :rolleyes:

[Robert Goren]

They think racing is like Tobacco, you have to have it, so sin tax it until everybody quits!!!

When they kill the industry they believe they own, they will look back like greedy California with disbelief that players leave for greener pastures.

I just hope it will be too late for these idiots, and NY will have all the Stallions, race horses and the players!
The idea behind the taxes on tobacco is to make as many people as possible quit.
The biggest argument used back in the day to legalize Horse Race betting was taxes. To push the legalization any form of gambling is to "legalize it and tax it".It is being used to legalize online poker right now. The argument is also being made to legalize marijuana. Horse Racing is not in trouble because taxation. In the past taxes on horse racing have been a lot higher in the past than they are now. They have continually cut taxes on it in an attempt to keep it alive. The only thing that has done is to keep the industry from dealing with its real problems.

[BIG49010]

I would think Kentucky of all places, would have the lowest takeouts, taxes, etc.. on the horse racing industry, being that they are the main source of horses in the world. I

If you compare that to tobacco, where NY has $4.35 in tax on a pack of smokes, KY has 60 cents. I assume that KY, being a major growing state for tobacco, has an awful strong lobby.

I would think this issue will go away, but you never know with the great minds we have in power these days.

And when slots pushes racing out of NY then what? :rolleyes: I guess maybe Delaware!

[Robert Goren]

I would think Kentucky of all places, would have the lowest takeouts, taxes, etc.. on the horse racing industry, being that they are the main source of horses in the world. I

If you compare that to tobacco, where NY has $4.35 in tax on a pack of smokes, KY has 60 cents. I assume that KY, being a major growing state for tobacco, has an awful strong lobby.

I would think this issue will go away, but you never know with the great minds we have in power these days.

And when slots pushes racing out of NY then what? :rolleyes: I guess maybe Delaware!If you knew anything about Kentucky politics, you know that maybe a third of the state is so anti gambling that they would outlaw betting on horse racing period. Racing in that state has to put up with those people and sometimes do things that don't make a lot of sense to gamblers.
The most common mistake I see made by posters here is that they under estimate the number and the political power of the people opposed to any form of gambling including horse racing on moral grounds.

[badcompany]

The idea behind the taxes on tobacco is to make as many people as possible quit.


Funny how all these "ideas" funnel more money to politicians.

[Robert Goren]

Funny how all these "ideas" funnel more money to politicians.Actually in tobacco's case it is less money because the idea worked.

[5k-claim]

If you knew anything about Kentucky politics, you know that maybe a third of the state is so anti gambling that they would outlaw betting on horse racing period. Racing in that state has to put up with those people and sometimes do things that don't make a lot of sense to gamblers.
The most common mistake I see made by posters here is that they under estimate the number and the political power of the people opposed to any form of gambling including horse racing on moral grounds.Great points.

Here in Central Kentucky we produce roughly a third of the nation's thoroughbreds (more or less for racing and gambling), two-thirds of its burley tobacco (for cigarette smoking) and virtually all of its bourbon (not just for bourbon ball candies). We were also the proud home to Bele Breezing (http://en.wikipedia.org/wiki/Belle_Brezing).

And yet, as you explained, things like gambling and horse racing are not as 'slam dunk' supported as many might imagine they should be.

.

[FenceBored]

More from the Bloodhorse this time:
In a statement, Clark said there would be “no increase in fees or taxes to customers of ADW companies,” which indicates the ADW providers would have to pay. He also said the bill has nothing to do with expected legislation on expanded gambling in Kentucky.
Read more: http://www.bloodhorse.com/horse-racing/articles/66885/adw-tax-bill-introduced-in-kentucky-house#ixzz1j5to3vFh

Unless, of course, you're getting a rebate from your ADW in which case they'll probably reduce it by the amount they're getting taxed.

[thespaah]

Bill to tax account wagering services introduced in Kentucky General Assembly

Bets made by Kentucky residents through account wagering services like Churchill Downs Inc.'s TwinSpires.com would be taxed a half of a percent under a bill filed Monday by House Speaker Pro Tem Larry Clark.

More... (http://www.courier-journal.com/article/20120109/BUSINESS/301090083/1037/rsslink)
Is it any wonder politicians are as well thought of as used car dealers and plaintiffs attorneys?

[Dark Horse]

Is it any wonder politicians are as well thought of as used car dealers and plaintiffs attorneys?

Ah, the good old days. Nowadays it's brokers and bankers.