Computer Player Invests $29k in Pick 6 - Takes Jackpot

[JerryBoyle]

Originally Posted by metro

That's news to me, thought the change was going from the base amount of a ticket (x 300) to the actual cost (x 300). Didn't hear anything about aggregate cost of all wagers.

I'll have to look back at my one "signer" this year.

Actually, I think I'm wrong and you're correct. https://www.rosenbergmartin-tax.com/...i-mutuel-bets/

In the case of a wagering transaction with respect to horse races, dog races, or jai alai, all wagers placed in a single parimutuel pool and represented on a single ticket are aggregated and treated as a single wager for purposes of determining the amount of the wager. A ticket in the case of horse races, dog races, or jai alai is a written or electronic record that the payee must present to collect proceeds from a wager or wagers.

That does change the withholding implications. Though if you're a team making millions, your bankroll is such a small fraction of your returns that it probably doesn't matter if you have to set aside 25% from big scores.

[metro]

Originally Posted by JerryBoyle

That does change the withholding implications. Though if you're a team making millions, your bankroll is such a small fraction of your returns that it probably doesn't matter if you have to set aside 25% from big scores.

They are surely audited every year too so it just becomes a matter of who holds on to the money/withholding until the actual tax day.

[classhandicapper]

Originally Posted by metro

iirc Oaklawn one of the few major tracks that doesn't give the batch guys access to their pools or accept batch wagering.

Why is that every time I learn some something new about Oaklawn I like it even more than that I did before? The management there must be very good. Absent some disaster, Oaklawn has a shot to become the "go to" track for serious players.

[GMB@BP]

Originally Posted by classhandicapper

Why is that every time I learn some something new about Oaklawn I like it even more than that I did before? The management there must be very good. Absent some disaster, Oaklawn has a shot to become the "go to" track for serious players.

I believe a big part of it is that its not corporately owned.

[Tom]

Originally Posted by AndyC

Is there a science to batch betting or is it just the ability to bet at the last second? How much of an advantage in a P-6 pool can a bettor derive by betting at the last second versus betting with 2 minutes to post?

I am not talking about P-6 wagers. I am talking about Win betting, where odds are changing 2-3 days after the race is run!

[Tom]

Originally Posted by classhandicapper

Why is that every time I learn some something new about Oaklawn I like it even more than that I did before? The management there must be very good. Absent some disaster, Oaklawn has a shot to become the "go to" track for serious players.

MY 2 cents - OP is the BEST tack out there - bar NONE.
And it is not even close to second place. I have not wasted my time with Aqu, GP, Tam - any other track during the winter for a few years now.

When they are selling bourbon for the price of root beer, int's a no brainer.

[AndyC]

Originally Posted by GMB@BP

I believe a big part of it is that its not corporately owned.

I am not sure what you mean by "corporately owned" but it is a subsidiary of Southwestern Enterprises Inc.

I have never gotten into racing at Oaklawn because they lack a turf course. From the looks of it they seem to be doing a great job. Could it be the favorable political environment in Arkansas allowing for both a racetrack and a casino?

[SG4]

Originally Posted by JerryBoyle

Actually, I think I'm wrong and you're correct. https://www.rosenbergmartin-tax.com/...i-mutuel-bets/



That does change the withholding implications. Though if you're a team making millions, your bankroll is such a small fraction of your returns that it probably doesn't matter if you have to set aside 25% from big scores.

My interpretation of the current tax situation is if you're betting $30,000 on one pick 6 sequence, and if it's all in the same account, no matter how many combos or denominations you enter this in as, you won't be subject to withholding or a W-2G unless your payout is coming back over $9 million (300x the investment), so I don't think tax issues are a concern of this group, until year end filing time at least.

[GMB@BP]

Originally Posted by AndyC

I am not sure what you mean by "corporately owned" but it is a subsidiary of Southwestern Enterprises Inc.

I have never gotten into racing at Oaklawn because they lack a turf course. From the looks of it they seem to be doing a great job. Could it be the favorable political environment in Arkansas allowing for both a racetrack and a casino?

interesting, I thought it was family owned. My bad.

[cj]

Originally Posted by AndyC

I am not sure what you mean by "corporately owned" but it is a subsidiary of Southwestern Enterprises Inc.

I have never gotten into racing at Oaklawn because they lack a turf course. From the looks of it they seem to be doing a great job. Could it be the favorable political environment in Arkansas allowing for both a racetrack and a casino?

Isn't that a company owned and run by the Cella family, the same family that has run Oaklawn for more than a century?

[BarchCapper]

Originally Posted by cj

Isn't that a company owned and run by the Cella family, the same family that has run Oaklawn for more than a century?

Yes, it's all Cella.

The only thing about Oaklawn under Cella family ownership that gives me any concern is the connection with CDI - since TwinSpires is the backend of Oaklawn's ADW. I would love to be able to make a gift to the Cellas of a 6-paneled photo for their office (Hollywood before and after, Calder before and after, and Arlington "before" and for "after" a photo of the CHRB meeting where CDI affirmed that they weren't going to pursue a casino license) - so that it would constantly remind them how much CDI loves racing, and how beneficial it is to have publicly traded companies owning racetracks.

[AndyC]

Originally Posted by GMB@BP

interesting, I thought it was family owned. My bad.

It can be both. Think Stronach.

[AndyC]

Originally Posted by cj

Isn't that a company owned and run by the Cella family, the same family that has run Oaklawn for more than a century?

The Cella financial empire is certainly in a corporate structure but not a public company. My comment was a response to the success of Oaklawn being that it wasn't corporately owned.

[GMB@BP]

Originally Posted by AndyC

The Cella financial empire is certainly in a corporate structure but not a public company. My comment was a response to the success of Oaklawn being that it wasn't corporately owned.

Do they or do they not have shareholders to answer to? I did not realize you were being cute with a technical play on terms.

[AndyC]

Originally Posted by GMB@BP

Do they or do they not have shareholders to answer to? I did not realize you were being cute with a technical play on terms.

Their corporation is very large and I don't know the shareholder breakdown. Typically executives and other employees are given stock options and other ownership opportunities.

I wasn't trying to be cute but certainly don't understand the anti-corporate mentality. Answering to shareholders is not a bad thing in most cases. Businesses of all types make bad decisions. Good corporate management knows that if you run a business properly the stock price will take care of itself and the shareholders will be happy.