Is it possible to earn 300k in one year at the track?

[setup]

Originally Posted by rrpic6

RR

PS. Just be prepared for the IRS to be on your ass until the end of time. I just sent in my "proof" for my 3rd audit in 12 years.

Clearly, irrefragable evidence that you are a winner. In fact, if the IRS were to see this, it would surely be all the 'proof' they require. You should've posted before going through the hassle of sending in your proof.

[bob60566]

Originally Posted by rrpic6

It is possible to make 300K in a year, but highly doubtful to keep that kind of average profit. You'd have to have a few really big hits on the biggest days of the year, Ky. Derby, Breeders Cup, etc., where the pools are enormous. Hitting a few Pick 4's, Supers, or a Pick 6 on those days can get you to 300K a lot faster than WIN betting.

RR

PS. Just be prepared for the IRS to be on your ass until the end of time. I just sent in my "proof" for my 3rd audit in 12 years.

There is the point did the original post mention the the fast way to make money forget 300k and in my opinion Exoticts.

Mac

[rrpic6]

Originally Posted by setup

Clearly, irrefragable evidence that you are a winner. In fact, if the IRS were to see this, it would surely be all the 'proof' they require. You should've posted before going through the hassle of sending in your proof.

The IRS seems to think that a person can't have two "jobs". Its easier to comprehend that I just show up at a race track and sign other people's W2-G's. Its now nice to print out my bets from Twinspires or Xpressbet. Most IRS Agents are just drones. I've been audited from the same office, Holtsville, New York all 3 times. Even after my first case was settled, a new Agent, a few years later, tries to open a new case with a new year...BLAH...BLAH...BLAH!

RR

[bob60566]

Originally Posted by setup

Clearly, irrefragable evidence that you are a winner. In fact, if the IRS were to see this, it would surely be all the 'proof' they require. You should've posted before going through the hassle of sending in your proof.

The purpose of this thread how you get there and your setup on wagering.

Mac

[sonnyp]

a few years ago, guys were betting 30-40 million each thru the windows in vegas each year.

our illustrious government decided their actions were illegal, made a federal case out of it, conducted raids with assault weapons and ICE plastered all over their bullet proof vests. people took felonies and some went to jail. these were not gun toting drug lords, they were horse betters.

the race books now are ghost towns. its almost like our factories and the gibson guitar deal. seems as though a thriving endeavor exists, the government finds a ridiculous law or reg to use and down goes everything and everybody.

meanwhile what do they accomplish in washington? absolutely nothing,

[Valuist]

Originally Posted by Robert Goren

Where does it say that the system player is limited to only playing the win pool with picks. He could key it in exacta, tris, doubles, and pick 3s. If you have something good, there many ways to milk it.

Absolutely. And most rebate shops will give a much higher rebate to exotics. Granted the takeout is higher, but if a player is good, the bigger their advantage is relative to the complexness of the wager.

[rrpic6]

Originally Posted by bob60566

The purpose of this thread how you get there and your setup on wagering.

Mac

Sorry to hi-jack this thread, but making 300K and the IRS go hand in hand. I almost considered moving to Canada or Australia a few years ago. Looks like others feel the same way.
http://finance.yahoo.com/news/tax-ti...204320491.html

RR

[windoor]

Originally Posted by Dave Schwartz

With $200 per horse, 3 times per day, 5 days per week, you wager $3,000 a week.

To make $6,000 per week you'd need a 200% advantage.

I think you may be missing the point.

If two tracks would yield 20 plays a week and return 1K profit.
what if you played 10 or 15 tracks a week, but kept the wager the same.

Now there are not that many tracks running this time of year, and that is a major consideration, and there are still small pool that would affect even a $20 wager.

On the other hand, if you had more that one method, some nearly as good???

I just see possibilities.

And for the record, I have never earned anywhere near this amount in a single year. Yet

Regards,

Windoor.

I have promised a near friend, I will leave these boards, as least for a time until I can get my head around some personal problems.

It has been most enjoyable, and I have met a few, that I would call my friend. I have had a pleasant stay.

Wish you all good health and luck at the track.

Much thanks.

[bob60566]

Originally Posted by rrpic6

Sorry to hi-jack this thread, but making 300K and the IRS go hand in hand. I almost considered moving to Canada or Australia a few years ago. Looks like others feel the same way.
http://finance.yahoo.com/news/tax-ti...204320491.html

RR

You are 100% correct in this regard and you are not hijacking the thread could you tell us how you acheive this over time.

Mac

[Dave Schwartz]

I think you may be missing the point.

If two tracks would yield 20 plays a week and return 1K profit.
what if you played 10 or 15 tracks a week, but kept the wager the same.

It appears that most of this ruckus was begun because of a few outlandish comments you made. I thought you said that YOU could make $300,000 per year from one track, playing spot plays - 20 bets per week.

Perhaps I am missing the point.



I wish you well.


Regards,
Dave Schwartz

[Greyfox]

Originally Posted by sonnyp

a few years ago, guys were betting 30-40 million each thru the windows in vegas each year.

our illustrious government decided their actions were illegal, made a federal case out of it, conducted raids with assault weapons and ICE plastered all over their bullet proof vests. people took felonies and some went to jail. these were not gun toting drug lords, they were horse betters.

,

They sound more like money launderers than horse bettors to me.

[Robert Fischer]

Originally Posted by windoor

...

...

The third:

Now what would happen if he found a way to test and use his method for every track in North America. Maybe instead of two tracks, he can find twenty. Maybe some do not work quite so well and the win percent or average odd drops a little. Maybe some are not good at all, and will not show the consistency. Maybe some perform even better.
...
Windoor.

Windoor this is a key step.
Expansion

international racing plays a key role

[pondman]

Originally Posted by windoor

Do you believe a seasoned pro being very selective in his plays can consistently maintain a 25% hit ?

It's a little on the low side for a win better, but if you were restricting yourself +4-1 odds, you should be okay. I don't think you can do +100k without taking longer prices with a 25%.

So let us say with careful consideration and much research, this player can maintain and average odd of 4 to 1.

I wouldn't touch anything at under 4-1. I don't get excited until 8-1. Why waste your money? It important to be a contrarian, which in my own words means dump speed ratings. Bet only when you've got good margin. This might be 25 times a year. If the margins are high enough this could be enough to change a persons life.

Now what would happen if he found a way to test and use his method for every track in North America
.

I have a dozen successful cluster methods, all at different tracks. Each take a different set of variables. I've yet to find a generalization.

[Robert Goren]

There is no doubt that the computers that the IRS use to trigger possible audits will red flag income from horse racing betting. My sister-in-law, a retired IRS agent, told me so. Fortunately not every return tagged by the computer gets a full audit. I am not saying this right, but if you are winning horse player you need to be prepared to deal with them. They have their own rules and those rules have strange logic to them to say the least, but if you know what they are, it can be followed pretty easily.
As for whether gambling income should be taxed, you should talk to your congressman about that. No one in the IRS has the power to change tax law, they only collect the money.

[Robert Fischer]

Originally Posted by Robert Goren

There is no doubt that the computers that the IRS use to trigger possible audits will red flag income from horse racing betting. My sister-in-law, a retired IRS agent, told me so. Fortunately not every return tagged by the computer gets a full audit. I am not saying this right, but if you are winning horse player you need to be prepared to deal with them. They have their own rules and those rules have strange logic to them to say the least, but if you know what they are, it can be followed pretty easily.
As for whether gambling income should be taxed, you should talk to your congressman about that. No one in the IRS has the power to change tax law, they only collect the money.

Is this just one of those things that goes down as a cost of doing business?
For example(from rrpic6's example ) if you hire one of the tax professionals from the Holtsville office to assist you...