Quote:
Originally Posted by Track Phantom
Does anyone know if a horse racing betting syndicate is totally legal?
I have about 40 people contributing to a bankroll for the Breeders' Cup that we'll be putting in large bets. If we win, I collect the money and pay out everyone their share. I'm just curious if there is anything illegal these days with doing that. Imagine hitting 4,000,000 and having to cut $100,000 checks to 40 people. That could get attention.
Not even sure who to ask.
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Might be some answers in this link. My concern with you collecting the money is the tax impact on you personally.
http://www.ezhorsebetting.com/horse-...ing-syndicate/
