IdaBet Adopts New Tax Rules On Opening Day

Thursday, September 28th, IdaBet.com is happy to announce that we will implement the updated IRS tax rules concerning the withholding and reporting of pari-mutuel winnings. These new rules have been long in coming but will have a positive impact on our valued IdaBet.com players by taking into consideration the entire amount wagered on a single pool as compared to only the amount wagered on the winning result.

The current regulation that requires winnings to be 300 times the wager before they are reported or taxes are withheld, will remain the same, thereby allowing IdaBet.com players to keep more of their winnings.  This is great news for our horse players!

Under the new rules, as an example, a player wagering $50 into a single pool would need to win $15,000 from that pool, before taxes were withheld from their winnings. Under the previous tax code, a player may have had taxes withheld on as little as $5,000 in winnings, depending on the amount they wagered on the winning combination.

Our players are our priority and always come first.  Being able to offer our valued IdaBet.com players the ability to start wagering under this new regulation on the very first day possible is another shining example of why it pays to play with IdaBetcom.  Where you wager matters now more than ever and IdaBet.com remains the best value with industry leading rewards and customer service second to none.

Thanks for choosing IdaBet.com!