New tax rules issued for horseracing wins

LEXINGTON, Ky. (WTVQ) – The National Thoroughbred Racing Association announced a major change for the horse betting industry Tuesday morning.

The United States Treasury and Internal Revenue Service has issued updated tax rules regarding the withholding and reporting of horse race winnings.

During a press conference at their new offices in downtown Lexington– NTRA President Alex Waldrop explained how the change will benefit horse players, race tracks and the U.S. government.

“It means horse players are going to keep more of their winnings. It means race tracks will generate more para -mutuel handel. Governments will collect additional tax revenue while reducing some burdensome paperwork,” said Waldrop.

The NTRA anticipates the amounts wagered on U.S. para-mutuel racing to increase by $1 billion annually.

The new regulation will go in effect on November 14-th.