TwinSpires in Front of New Rules
Description:
TwinSpires.com has implemented changes that will go into effect on Thursday, Sept. 28, to coincide with modernized regulations that the U.S. Treasury Dept. and Internal Revenue Service agreed to adopt earlier in the week.
TwinSpires is the largest mobile betting operator in the United States and the official betting partner of both the Kentucky Derby and the Breeders’ Cup World Championships. Its quick compliance with the new regulations, which the National Thoroughbred Racing Association worked tirelessly to implement, will ensure as much money as possible stays within racing’s economy.
“This is a very big win for horseplayers and for pari-mutuel wagering on horse racing,” TwinSpires President Ted Gay said. “The NTRA has estimated the changes could increase wagering on U.S. horseraces by as much as $1-billion per year.”
The updated regulations keep in place the threshold of reporting to the IRS gambling winnings of 300-to-1 that pay at least $600, but change the cost of the bet from the base unit to the total amount wagered. The regulations also apply to the automatic withholding threshold of $5,000 on a 300-to-1 return.
“The reduction of wagering dollars withheld from circulation means more money for our players, which means more handle for the industry, our partner tracks, and horsemen,” Gay said. “These changes will improve the economics of the sport at every level.”
TwinSpires will continue to provide detailed accounting for all players, including issuing W2G statements when required. The changes will be implemented across all TwinSpires’ platforms, including its iOS mobile app available in the iTunes app store.
The TwinSpires App and Website offer wagering, live video, and handicapping information for all of racing’s biggest bets – as well as racing from around the world up to 21 hours/day, 365 days/year. Customers may open a TwinSpires account and wager through their TwinSpires accounts online at www.twinspires.com, via telephone by dialing 1-877-SPIRES-1 (1-877-774-7371), or via the app.