Here are the important parts:
Important: "on a single ticket."Quote: Federal Register 31.3402(q)-1(c)(1)(ii)
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.
The second part says that the new rule applies to determining when a win is reported to the IRS under the 300-1 rule.Quote: Federal Register 31.3406(g)-2(d)
(2) A gambling winning (other than a winning from bingo, keno, or slot machines) is a reportable gambling winning only if the amount paid with respect to the wager is $600 or more and if the proceeds are at least 300 times as large as the amount wagered.
(3) Special rules. For special rules for determining the amount of the wager in a wagering transaction with respect to horse racing, dog racing, and jai alai, or amounts paid with respect to identical wagers, see 31.3402(q)-1(c).
I thought about that, they'll have to find something else. Some of those old guys might not hear about this for weeks, the cashers might still make some money just going to the cashier and putting on a show.Quote: sixsisters
Gee I know a couple of guys that make a poece of changes cashing for a fee. Bur this is GREAT for horse players REALLY