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Originally Posted by jelly
20k to 22'5k is over 10% right?
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To put it another way - if you are really good horseplayer and manage an ROI of $1.10 in the 3 and up horse pools, betting that $100,000 your gross would be $110,000. If there was no takeout, your gross would be $138,678.76. This means with the old takeout on a gross winnings of $38,678.76 you paid $28,678.76 in tax (Your profit was taxed at a rate of 74.14%). With the new rake that $28,678.76 increases to $32,839.13. That's 84.9% with the new takeout. Note that the above calculations don't take into account breakage. Don't get me started on breakage
. It's a tough world out there
