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Old 11-04-2008, 11:13 AM   #5
BombsAway Bob
DimeSupers Really Are!
BombsAway Bob's Avatar
Join Date: Sep 2007
Location: Massachusetts
Posts: 2,085
Rep Power: 15 BombsAway Bob will become famous soon enough
It's a wonder there's any money left to churn thru the windows!
Say there's a $100,000 Pick-4 pool @ Los AL..
-25% Takeout= $75,000.. bombs win, P-4 pays +$5,300 for $1 to 14 tix
Feds pull 25% out of each winning ticket: +$1,300 withholding tax ...
Out of $100,000 bet, apprx.only $56,800 goes back to winners pockets!
(and that's if your state doesn't also hold onto a chunk on your big hit!)
RE-DICULOUS! Govt. taxes me when I earned the cash; taxed it when I bet it; THEN grabs a quarter of my score(to hold) when I finally do hit it "Big"!
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