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.
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…
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 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.
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!
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.
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!
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.
@@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).
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.
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
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 !
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
![Eminem - Houdini [Official Music Video]](http://i.ytimg.com/vi/22tVWwmTie8/mqdefault.jpg)
Such a great story, until the very last sentence. Government always has to take the fun out of everything!
37%? What the living hell. The government takes almost half?!!!
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 pay 39% income tax.
somebody has to pay all the freeloaders out there
Have you ever figured out ALL the taxes you pay in a year. Would make you sick. Federal, State, Gas, on all the goods you buy, on your home. UGG!!!
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…
Probably deduct another 16k for past and future bets that don't work, leaving them even Steven
Uncle Sam has been stealing for years.
This govt has to support everybody. There's an awful lot of people heading our way....
@@piggylover4808 GYHOOYA When since Ellis Island opened were a lot of people NOT headed our way?
@@thinkbeforyouvote Enjoy supporting illegals...that's the difference
Congratulations to the family! Enjoy yourselves!
37% in taxes??? WOW
Sneaky grimey uncle Sam. Always gotta have its hands everywhere
why is the tax on the winnings over a third come on uncle Sam
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.
So messed up that the govt has to come in & take 37% right off the top. $9300 just gone.
We have to pay all the people that don't work somehow
More than likely they will get half that back when they do their tax return.
@@1STGeneral exactly. It's frustrating
@@1STGeneral says the Russian posting from a troll farm basement.
How do you think the Govt pays all the entitlements?
That’s a great story 🙏🏻❤️
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!
@Keef Dichards God sees everything and he is always listening.
God’s miracle in real-time. .
@@MT-if1jr Yes, Absolutely!
yes ! Lord God, Amen 🙏🏻🙏🏻✍
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!!
You can always join the Free Town Project and move to Grafton, NH, if you think taxes are "picking" people's pockets.
@@mulondokalemera7531 It is picking pockets when they send 40 fucking billion to another country when our own is in a massive recession.
False...They pay ZERO tax on that.
@@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.
They don't have to pay taxes unless the odds were over 600 to 1
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!
I’m guessing they’ll retire rich strike to stud
@@mrp1924 It's possible.
Oh yeah
Think so
congratulations whoop whoop that is awesome way to go!
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’s not a lot dummy
There you go, 37 % for Biden to send to Ukraine. And 10 % will come back for the big guy.
Congratulations to the family, touching story.
Fuck you. Take you politics and shove them up your ass comrade.
Don’t forget hunters cut
a couple of little kids won on this horse also - one has cancer. happy kid now.
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.
Tax rate is absurd. Criminal. What did the government do to deserve any of that money?
Not a damn thing! They take our hard earned money to fund bullshit projects
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!
Naturally, they're going for the Triple Crown!
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.
MD resident following the triple crown for 50 year. I have seen amazing horses but nothing like this is badass
37%?! What a bummer! Congratulations! Great story ♥️
Such a beautiful story
Congratulations 👏🎉
Enjoy Hawaii 🙂😁
Great run
This is a beautiful story.
Golly gee how much did you bet what was the wager was it to win place or show thanks for the help
Lovely family.
I believe the feeling! My dog Molly passed away on the 8th. I bet her last year and she won!!
Congratulations 👏👏 🙏🇺🇸
LOVE Horse racing, we need more tracks in Florida!!
Your Governor wouldnt allow it! Isn't that against your Christian conservative religion?
@@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?!
No you don't. Gulfstream and Tampa Bay Downs should be good enough.
@@johnspinelli9396 too far away, we need a great ,track between Orlando & Daytona.
Wonderful Win. GOD Bless. Aloha...😋
Taxable my ass.37%.What thieves.
Congratulations!
Would have loved to see that ticket?
God told me Rich Strike was going to win, a lesson I needed to learn.
Congratulations on the big win…. Thanks to Richie
Thank you
37 percent tax , that’s isn’t right I.R.S. !
You see the Southern border? You wonder why it’s 37%? I’m shocked that it’s not more than that.
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.
You can read horses they should make a movie called The horse whisper for you LOL
@@lawrencewagner2333 LOL….anyone can do it if they study equine body language and communication!
A good jockey helps too!!!
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.
Does the IRS share in the losses ?
🙌🏾🙌🏾🙌🏾
Congrats guys
Random, but that's a really nice tombstone!
Nice job reporting. 37% tax and the government didn’t have to pick a horse or place a bet. Outrageous.
Good 4 the under dog i love it
How much did they bet?
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.
You go mom !
Have fun , spend wisely
Nice take..spend it wisely.
Yeah...way to bum us out with the IRS reminder...lol!
Just wait until everyone else wants a slice of the pie.
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.
No ok..,.
@@oranstelly5393 no WHAT?
Gotta make a comment?
Then make one.
What u thinking about what next
IRS? Thanks for the damper, McSwine.
How much do they tax the owner and the trainer and the jockey I'd like to know
it's not always taxed. Some, apparently new teller at the OTB place I was at this weekend...handed someone over $4800 cash off of a pick 3 winner-- from one single ticket. lol.
Government will catch up to them, guarantee it. Cameras
@@dw-nb2zh LOL. No cameras at this place. Its very low budget. Pretty much just a restaurant.
Sometimes real opportunity on the betting line. Herd mentality probably extra strong to bet only favorites this race. Sometimes that dark horse that caught your eye gets a bad gate position. I like betting on the longer shots, but only across (win, place, show).
So stupid that gambling winnings are taxable
Especially when they just print more money when they want.
I agree 37 percent of there winnings going to a corrupt government
The best way to get around it is to make say 20 1$ex box bets or 2$ti win 50 times and so on - that way they can't touch it
I believe he's big time.
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.
Why did their dad pass away from?
Happy for them. No taxes on 80-1 long shot like that, I think.
But millions!!! Was lost on the favourites!
Who was on their side!!!
I once bet a horse that went off at 14 to 1...all the other horses went off at 12:45
Wow....
I picked rich strike only bet 50....but how exciting
Not true on taxes, only if $650/$1 bet.
Hurry up and spend it! Church Hill downs might revoke winnings when the drug test comes back😅
Yeah, seen some action... .
It's all about how much money you got win or lose...
So God “fixes” horse races too?
Why not?
Some times He does...😋 He IS God after all.
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.
On paper he should have been 99-1
@@normanphilp1760 how so Norm?
I would always bet on the underdog.
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
@@keeferdog5617 so 80/1 price is just a fallacy?
@@keeferdog5617 and for the $2 win they had on it that had $0 back?
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
@@keeferdog5617 be nice.
37%??? WTF!
What was Jesus backing?
Never put a large bet on one ticket, break an the government gets nothing
I won 240 on rich strike it was a 3 dollar bet that I placed thru simulcasting bet
IRS tax rate is much less than 37% at lower tax brackets.
I don't understand killing a good man what was it a damn game what was it what would you kill him
Greedy blood hungry government had to get their nasty fingers on that win too !
This is why you always bet the long shot
THE MOB (irs) ALWAYS GETS THEIR TAKE.
My daughter had a winning ticket on that horse
Why,?
Of course the thieves we call the IRS had to chime in.
F the govt. Use bookies, folks.
It’s amazing. Money you already paid tax on, you bet that money and win, and old Uncle Sam wants his cut still.
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.
GOD*
@@ramanpreciado2241 the difference between church and the racetrack ? The ones praying at the racetrack really mean it !
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 !
imagine if someone bet a chunk of their entire life savings and retirement, say 100k. At 80-1 odds, they'd have won $8 million.
You don't need to imagine, just do the math
@@quaoar213 “imagine” in a metaphorical sense.
100k on Bitcoin at start-up returns a mere $990,000,000 today.. A mere to it's value of $2,227,000,000 6 months ago.
Win bets are not taxable unless the horse is 300 to 1. You never told us what sort of bet they made.
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
Of course, don't forget to pay your Favorite Uncle....Jack*ff
$25,000-37%=$15,750. That's ridiculous the government gets to take $9,250.
Its ridiculous that so many people think the govt is their daddy.
@@loric4423 just the way the government has set up a system that is a fail.
Bastards! Should have been me but I spent my weekend allowance of Beer...Marlboros...and scratch off lottery tickets.
The Wins are taxable so I guess the Loses are deductible, right?
Yeah right never happen
Next time do 15 separate bets of $20
The Jake Barton retirement Care center that's what I heard what did you hear
37% to taxes, what a fucking disgrace