LVDC to implement new 'bettor friendly' IRS tax regulations
October 04, 2017 9:37 AM
by Robert Mann
Nevada’s pari-mutuel horse racing wagering provider, Las Vegas Dissemination Company (LVDC), has announced it is implementing new “bettor friendly” IRS tax regulations starting today, Wednesday Oct. 4th.
An LVDC spokesman told Gaming Today via e-mail Nevada horseplayers’ wagers now are considered to be the total cost of the bet on each ticket and no longer subdivided into individual bets. The move is designed to decrease the number of “signers” by making it more difficult to reach the 300-1 threshold that requires IRS notification.
LVDC had previously told Gaming Today it would have no issues meeting a Nov. 14th deadline to make the change, but was awaiting approval from Nevada regulatory officials.