For those of you that are confused… The horse paid $163.60 to win on a $2 win wager. They bet $300 to win (that’s 150 $2.00 win tickets) on the horse Multiply $163.60 x 150 = $25,540 Now, don’t forget Uncle Sam scams the bet for 9k plus (37% - GULP-yup) So they’ll win about 16k after it’s all said and done…
37% is almost 38%, or slightly more than 36%. Even in casual math, it's not anywhere near half. However, there is no justification for the government's cut here.
I think a lot goes back to the Great Depression. Betting on horse racing was illegal until the Depression when the government was looking for income. One caviot to allowing betting again was that it be heavily taxed. See the book Seabuscuit.
I work at a horse track in Indiana. There were two brothers who split a ticket and they hit the 1 dollar superfecta,of course the ticket cost them a little over 1 thousand dollars,but still. The 1 dollar super paid over 321 thousand dollars.
I was praying for The Lord to bless the right horse to win. I even prayed for a longshot to win, even the longest shot. Thank You Lord for blessing Rich Strike to win The 148th Kentucky Derby. Yes! he had divine help. I didn't bet at all, I just wanted to watch a fantastic race, with a winner nobody would think could possibly win. Totally Amazing! God is Great! Congratulations to the family on their win!
Congratulations! I'm sorry the government has to pick your pocket for 37% when they had nothing to do with your decision and the luck that came with it. Have fun!!
@@realtruth2817 Obvious you are not a tax specialist or accountant. Of course they are required to pay INCOME taxes on gambling winnings here like any other. Taxed at their regular income tax rate BUT they can also deduct all their losing wagers this year before applying their tax rate which is likely 25 or 28%. Also will pay state income tax.
1:12 - As you can see this family place a LOT of bets on the Derby but the largest was on Rich Strike. And they can write off the other losses before paying taxes.
That was a nice win..Congrats on the pick you struck it Rich! I almost picked Rich Strike, they made it seem like there was really no chance, I mean no chance.. Smile Happy , Happy Jack, Summer is Tomorrow Simplification were calling my name.. In two weeks maybe the family can do it again and again... 80 to 1 (TBA)---Preakness Stakes then Belmont Stakes. Good luck!
Taxes are calculated at YOUR regular tax rate. And all losses can be deducted. The fact they have an on-line account tells me this isnt the only bet they make.
Beautiful Horse...hope he wins if they decide to race him in the Preakness...but if they should decide to skip that shorter race and just go for the longer Belmont Stakes.. if that would offer Strike a better chance...that's OK too! Whatever is best for their handsome boy!
@@tbessy1963 LOL, you are very foolish. We already have horse racing, Jai Alai and Lotto. We have a GREAT Governor and we have a GREAT CHRISTIAN Country. F J B & all socialists/communists!!
I’m in FL and just bet online now. Less distractions and if I want to go to a track I’ll go to Tampa Bay Downs or Gulf Stream. Religion or no religion. Why bring that into this and stop generalizing. Catholics gamble and have no problem with it. Don’t know those that object to race betting and none of my business anyway. Governor who?!
Great story and congrats to the whole family! Heartwarming doesn’t even cover how cool that is. I also live in Indiana and won with my bet. But my wager wasn’t random. I can read horses.
Ok. Who do you think will win the Preakness? If u win I will write you again and praise you! If not you are spewing nonsense and I will not bug u. Ok… who will win? Horse Whisperer. BTW I win most of my bets for the Winning horse. Won 5 races yesterday online out of 6. I look at the horse right before the race and if one smiles, winks and looks at me while the horse hops… that’s my winning horse 🐎 Good Luck everyone!!!
@@justhere3794 The only horse I would say truly loves to run is Creative Minister. That being said, I am not convinced he can beat the racing machines that are Epicenter and Early Voting. As much as I would like the filly to win, I don’t think Secret Oath will have the stamina back. I think I would have waited until the Belmont with her.
Gambling is Fully 37% taxible...but if you win big on the Stock Market Casino its taxed either at 20%, 15% or 0%. Same type of gambling betting on a horse or betting on a stock not the same gambler.
I thought they were betting on the horse because that was the dads name (Rich Strike) or maybe the dad always talked about striking it rich. No just some random winner. No big story here.
Wow that's a great story!!! I wish the family a safe and fun vacation. Mathematics has never been my strength. Did I do the math right? 37% of $25,000 Are the taxes $9250? $15,750 is an Amazing gift, but the tax % is darn near criminal. I'm in Illinois, Michael Madigan and his cronies destroyed racing in Illinois. Arlington Park (International racecourse) is closed forever. It was home to the very first $1M race. He didn't want machines at racetracks. Probably because he couldn't collect taxes on slot machines. If this tax dollar amount is correct(?) He is more corrupt than I had even imagined. Well, makes sense, Chicago is not called "The Windy City" because of the wind conditions.
it's not always taxed. Some, apparently new teller at the OTB place I was at this weekend...handed someone over $4800 cash off of a pick 3 winner-- from one single ticket. lol.
Sometimes real opportunity on the betting line. Herd mentality probably extra strong to bet only favorites this race. Sometimes that dark horse that caught your eye gets a bad gate position. I like betting on the longer shots, but only across (win, place, show).
Easy to say after the race but i looked at Rich Strikes speed figures and his workouts leading up to the race and he had a decent chance. He was way too big a price at 80/1 thats for sure.
How did the winnings come to that amount? $300 at 80 to 1 is 24,300. Yet it says 24,540. Also it says $2 win on same horse under it, yet that's $0 return, how?
Okay- I’ll spell it out for you. The horse paid $163.60 to win. That’s on a $2 win bet. They had $300 to win (or 150 times) on the horse. Multiply $163.40 x 150 = $25,540.00
They don’t know what their talking about. Horse racing taxes are only taken out after the winnings exceed 300 to 1 odds. And that’s on exotic wagering. A win bet is a straight bet and it’s not taxed at all no matter what the odds are or the return on investment. I played a $448 dollar pick 6 ticket and got a return of 55k. Took home every penny. The return on investment was less than 300 to 1
So how this work. I won this horse. I was the only one in caesars palace that one. I have it on video. I also have a voice text I sent to myself on November 25th saying the longest odds would win the Kentucky derby. Weirdly this info was downloaded to me I don't know how. I have the vid proof text proof and all.
First of all, if they were all individual tickets, they would not have to pay a cent in taxes. Besides, it’s less than 300 to one meaning no Taxes needed
The gods must be crazy! On their intuition, they bet on Rich Strike, not on the basis of careful review of Rich Strike performace record. Epic n Zandon hv better track record leading up to the Derby, .. hence not logical to bet on RS but it worked for them! The racing gods must be crazy! No other theory.
the trainer and the jockey both knew that Rich Strike had a shot. He even had a best track time the week of the Derby, but it took a miracle to get him in the race. Everything came together for R.S. to win that race. And now they are showing their class by skipping the Preakness because it's not the horse's usual rest between races. Watch out for him in the Belmont !
My husband Willie Joe Graham senior was murdered at Elkhart general hospital in the ER by the attending physician and training nurses they murdered him when he was still conscious let me know he wasn't never coming home where do you get murdering monsters at like that after torturing him for 8 hours and didn't you trifling Mennonites from Goshen came to supposed to be helping me with my grief but what they were doing was stealing his medical records for what why didn't I just let him come home I don't understand there was never supposed to take him away
@@jaysantos536 37% is what the commentator states and it is correct for the USA. In the United Kingdom there is no taxation on anything you win from betting online or in an actual casino, or bookies. but do not let this persuade you to be a gambler in the UK as the bookies ARE taxed
I didn't know that the IRS charges 37% on race track winnings. I'll bet there is a special secret lower rate for the wealthy who bet successfully. I do know pedigrees of Thoroughbreds and Rich Strike has a nice pedigree for the distances of the Triple Crown races. His dosage profile shows he MIGHT make the Belmont 1 1/2 miles, but his dosage index shows the Derby and Preakness distances may be best for him. Lots of speed influences in his pedigree, yet his Beyer numbers are not that high. I am thinking that it is because one of the races he ran was on turf, definitely NOT to his liking.
Hannah do you actually believe. there is a secret tax bracket for rich people - seriously ? How would they do this - Im here to tell you that when it comes to money - everyone who wins over 600+ $ pays 37% -until the greedy Dems changed the law you could take your losing tickets and offset the loss oh well - Hannah please start using your brain -try to embrace this : common sense - and remember - a poor man isn't going to create any jobs- the rich does - it's a simple fact
@@davidrice3337 If you think it is the "greedy Dems," think again. It is ALWAYS the greedy Republicans, if you want to get political about it. It is my personal experience that it is ALWAYS the Republicans who want to take peoples' money from them and give it to the rich. It is also most of the Republicans in the Senate and Congress getting the dark money laundered from Russia, and a large number of Republicans who tried to overturn the government when President Biden legally and fairly won the 2020 election. If you deny that then you are stupid and gullible like trumpers tend to be. Also too lazy and stupid to think for yourselves if you want a person to be President who has a large number of times, indicated he intends to be a dictator, and someone who admires the likes of Putin and Kim Jung Un, and wants to be like them in the amount of power he might hold.