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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You might look into the laws in Nevada, I think they legalized Nevada based wagering syndicates a few years ago? Might be of interest if the collective has permanence.
