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Originally Posted by Jeff P
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Jeff,
Given my example below wouldn't it be better to scrap the 300-1 requirement in favor of a net win requirement?
Let's see. A whale bets $5000 on a P-6 and only gets back $150,000. He has won $145,000 but because of the new proposed rule there is no reporting requirement because the bet wasn't over 300-1 on the total amount bet. That is absurd. You on the other hand could hit a superfecta by betting only $1 and get back $5,002 and have to face reporting and withholding.
