Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board

Go Back   Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board > Thoroughbred Horse Racing Discussion > General Racing Discussion


Reply
 
Thread Tools Rate Thread
Old 09-19-2018, 07:10 PM   #1
porchy44
Registered User
 
porchy44's Avatar
 
Join Date: Nov 2006
Posts: 733
How do tracks and ADW Transfer money among themselves ?

We know pools are commingled. Say you hit a 10,000 trifecta at Podunk downs. How do tracks and ADW's distribute money among themselves ?
porchy44 is offline   Reply With Quote Reply
Old 09-19-2018, 07:43 PM   #2
lamboguy
Registered User
 
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,662
they settle up within certain time frames, most likely with ach or bankwires
lamboguy is offline   Reply With Quote Reply
Old 09-20-2018, 04:00 PM   #3
toddbowker
Todd Bowker
 
Join Date: Oct 2005
Posts: 152
There are two components to the settlement between the bet taker and the pool operator (in most cases a track where the race was run). The bet takers pay a host fee to the pool operator, and then they also compensate for the money room shift in whichever direction it flows. The two figures are added together and paid as one lump sum.

Typically that happens monthly, but if amounts aren't that large they can roll over. There are some tracks that just settle at the end of the meet. Surprisingly much is still done by passing checks through the mail, although there are some pool operators that ACH or wire transfer funds.
toddbowker is offline   Reply With Quote Reply
Old 09-20-2018, 09:12 PM   #4
Robert Fischer
clean money
 
Robert Fischer's Avatar
 
Join Date: Sep 2006
Location: Maryland
Posts: 23,513
Quote:
Originally Posted by porchy44 View Post
We know pools are commingled. Say you hit a 10,000 trifecta at Podunk downs. How do tracks and ADW's distribute money among themselves ?
And if you do play/hit big through an ADW, unless you have your own loophole, expect to be paying taxes.

Anything over 10K is supposed to be an auto CTR.

Even if they give you a break somehow, if you put a 10K check into the bank it will trigger a CTR and probably a short interview. If you try to avoid that (or just happen to win 9K this week and 2k next week) you will almost certainly get a 'SAR' (only slightly better for your than SARS virus if you think you are tax exempt).

Same thing with a voucher at a simulcast. Supposedly you could juggle a little more there, but I would never advise it.

In just the recent past, W-2Gs have been greatly reduced, but in case you plan on doing some big action play, have a plan.
__________________
Preparation. Discipline. Patience. Decisiveness.

Last edited by Robert Fischer; 09-20-2018 at 09:13 PM.
Robert Fischer is offline   Reply With Quote Reply
Old 09-21-2018, 02:49 PM   #5
SG4
Registered User
 
Join Date: Jan 2015
Posts: 915
Quote:
Originally Posted by Robert Fischer View Post
And if you do play/hit big through an ADW, unless you have your own loophole, expect to be paying taxes.

Anything over 10K is supposed to be an auto CTR.

Even if they give you a break somehow, if you put a 10K check into the bank it will trigger a CTR and probably a short interview. If you try to avoid that (or just happen to win 9K this week and 2k next week) you will almost certainly get a 'SAR' (only slightly better for your than SARS virus if you think you are tax exempt).

Same thing with a voucher at a simulcast. Supposedly you could juggle a little more there, but I would never advise it.

In just the recent past, W-2Gs have been greatly reduced, but in case you plan on doing some big action play, have a plan.



Just curious, is the C in CTR for cash? So if you're using checks, wires etc why would that trigger anything? Those methods leave a paper trail, I thought the whole idea of needing to be questioned about cash transactions was the reason of no paper trail.
SG4 is offline   Reply With Quote Reply
Old 09-21-2018, 04:33 PM   #6
Robert Fischer
clean money
 
Robert Fischer's Avatar
 
Join Date: Sep 2006
Location: Maryland
Posts: 23,513
Quote:
Originally Posted by SG4 View Post
Just curious, is the C in CTR for cash? So if you're using checks, wires etc why would that trigger anything? Those methods leave a paper trail, I thought the whole idea of needing to be questioned about cash transactions was the reason of no paper trail.
riding on fumes for today, about to cook some shrimp and go to sleep. Can't go in depth.

did realize the search engines mainly show CTR as 'click through rate' (an online advertising acronym)

-

CTR = 'currency transaction report'

SAR = 'suspicious activity report'
'structuring' = a guilty until proven innocent crime/accusation used to prevent people from working around the CTR and justify a SAR

this wiki page does a decent job of introducing/covering:
https://en.wikipedia.org/wiki/Bank_S...action_reports
__________________
Preparation. Discipline. Patience. Decisiveness.
Robert Fischer is offline   Reply With Quote Reply
Old 09-23-2018, 07:05 PM   #7
Robert Fischer
clean money
 
Robert Fischer's Avatar
 
Join Date: Sep 2006
Location: Maryland
Posts: 23,513
I guess it's not that interesting.

Just wanted to inform / dispel the myth that avoiding taxes was very easy.


I suppose you could juggle multiple vouchers at large enough OTB or Simulcast Track and make small occasional "cash-outs' and keep cash at home or something. Can't draw attention to winning/cashing out frequently, and it's good to tip the tellers a single and be friendly.

I strongly advise you to pay taxes, and that is why I am "clean money". Always follow the rules and understand the tax rules in order to properly pay your taxes.
__________________
Preparation. Discipline. Patience. Decisiveness.
Robert Fischer is offline   Reply With Quote Reply
Reply




Thread Tools
Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

» Advertisement
Powered by vBadvanced CMPS v3.2.3

All times are GMT -4. The time now is 11:18 AM.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Copyright 1999 - 2023 -- PaceAdvantage.Com -- All Rights Reserved
We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program
designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.