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Yearly Statements Available

Posted On : 2017-01-10

2016 Yearly Account Wagering Statements are available, please call 631-853-1000 extension 3524

New IRS Regulations

Posted On : 2017-10-02

NEW IRS REGULATIONS

GOOD NEWS FOR BETTORS!

 

 EFFECTIVE OCTOBER 11, 2017 AT SUFFOLK OTB:

IRS rules require winnings of $600 or more to be reported if the winnings are at least 300 times the amount of the wager.  Winnings of $5,000 or more (or $600 if the customer fails to provide a social security or other taxpayer ID number) where the winnings are at least 300 times the amount wagered, are subject to 25% tax withholding.  These thresholds will remain unchanged. 

Under the new regulations, ALL wagers placed on a single wagering pool on a single ticket or wagered from a single wagering account will count towards the “amount of the wager” for the purpose of triggering tax-reporting or automatic withholding requirements.  Previously, only the amount wagered on the actual winning combination was considered to be “the amount of the wager”, no matter how many combinations a player may have wagered in that pool.  

For example, if a player wagers a $1.00 triple wheel and the cost of the wager totals $48.00, under the new regulations the wager would have to pay off at $14,400 or greater to trigger any reporting or withholding requirements ($48 multiplied by 300).  Previously a win of only $600 would be reportable for this same scenario.

Account Wagering Customers:

You are in the best position to benefit from these new regulations, because all wagers on a single pool from a single wagering account will be combined for purposes of determining the amount wagered regardless of when or where the wager was placed.

Branch Customers:

For wagers paid for with cash or a voucher (whether from a teller or a machine), only winning wagers for the same pool and on the same physical ticket will be combined for this purpose.

 

 

Night Time Thoroughbred Racing

Posted On : 2017-01-13

Effective, December 13, 2015, we will no longer accept wagering on any Thoroughbred race track after 7:00 p.m. Sunday through Thursday.