Bettor wins $524,966.50 on 50 cent wager.

[clockwise1965]

According to CBS sports:

A undisclosed bettor at Gulfstream park in Florida. Picked the winning horses in the early pick 5.

The bet paid $524,966.50 on the 50 cent wager.

Nice hit!

[Hman]

Saw that story

Jeeez can you imagine

[clockwise1965]

Saw that story

Jeeez can you imagine

Unreal Hman. I can't pick the winner in one race.

[Hman]

Unreal Hman. I can't pick the winner in one race.

LoL heard that

[DroopyDog]

would like to know how many 50 cent tickets they had, could have been one of those groups attacking a carryover ?

[dhristov211]

so rake was 150k

and then he pays 250k tax lol

[milwaukee mike]

so rake was 150k

and then he pays 250k tax lol

not in florida, no state income tax, so he would pay at most around 150k in tax

gulfstream was crazy in those 1st 3 races... 70-1 then 30-1 then 35-1

even the daily double paid $3k

[pologq]

wow that is crazy luck

[cincinnatikid513]

not like he bet just .50 cents, likely spent hundreds or even thousands on a ticket probably needed a few all's for the first 3 races

[Bcatswin]

Seen it as well. Crazy shit.

[BeatTheJerk]

not like he bet just .50 cents, likely spent hundreds or even thousands on a ticket probably needed a few all's for the first 3 races

Don’t hate on a winner, speculative assumptions.

[cincinnatikid513]

Don’t hate on a winner, speculative assumptions.

could of been a group of people, just dont' want people to think he spent exactly 50 cents that's not likely

[icon]

not like he bet just .50 cents, likely spent hundreds or even thousands on a ticket probably needed a few all's for the first 3 races

exactly. only horseplayers understand this. sportsbettors thinking you could bet so little to win a lot

Don’t hate on a winner, speculative assumptions.

no chance, ZERO, that he only spent $0.50 to win half a mil.

I have placed a $0.20 wager that won $5800 but it was a fluke and it was a superfecta where I played my "numbers" 4-8-1-5 and they happened to hit. I've done this once in the last 30 years.

[biggie12]

lol, some of you guys

[trytrytry]

if his ticket in total was about $1800 which it was to have that then no taxes!

less than 300-1 on the total ticket basis, new parimutual law couple years ago.

[jjgold]

He just bet numbers

only way in horses

[johnnyvegas13]

Wow

As far as long shot odds go this will b tough to beat

Ironic it would happen now

[blackbart]

syn dicate

[milwaukee mike]

if his ticket in total was about $1800 which it was to have that then no taxes!

less than 300-1 on the total ticket basis, new parimutual law couple years ago.

that's the law on when they issue you a w-2g form

whether or not you get a form, it's your responsibility to pay taxes... and in a high-profile situation you're probably not gonna get away with it

you think it's a good idea to have $500k run through your bank and report no income?

[trytrytry]

that's the law on when they issue you a w-2g form

whether or not you get a form, it's your responsibility to pay taxes... and in a high-profile situation you're probably not gonna get away with it

you think it's a good idea to have $500k run through your bank and report no income?

I would of course refer to a real tax person but this is the new law that came in late 2017 related to what triggers a w-2g in horse racing

As of September 28, 2017 TVG updated and began following new regulations for IRS reporting. Many subscribers’ benefit from this update, meaning many winnings that were once reportable are no longer needed to be reported. The previous reporting rules were based on the base wager amount and not the total cost of the ticket.

The new IRS rules are as follows:

Only When a wager pays more than $600 at odds of 300 to 1 or greater based on total of all wagers placed into a particular pool of wagers:

▶TVG will mail an IRS form W-2G to the subscribers’ for each qualifying wager.

▶W-2G forms are generated automatically when the subscriber meets the reporting criteria.

▶Copies are sent to the IRS and to each subscribers’ state of residence.

When a wager pays out $5,000 or more with odds of 300 to 1 or greater based on total of all wagers placed into a particular pool of wagers:

▶25% of the total payout is withheld and remitted to the IRS in the subscribers’ name.

▶W-2G forms are generated automatically when the subscriber meets the reporting criteria.

▶Copies are sent to the IRS and to each subscribers’ state of residence.

Example: If you create a $1 P6 ticket where the total cost of the ticket is $50 with all of the horses they have selected. The race goes off and you WIN!! You make out big and win $1000 on the wager. The Winnings are only 20:1 based on the cost of the ticket, there would not be reporting to the IRS therefore you do not receive a W2G.

If the Example wager were to make $50,000 in winnings that is 1000:1 you would see that 25% of the winnings would be remitted to the IRS and you would receive a W2G form to report on their taxes

Some states have additional taxes:

[milwaukee mike]

yes that's the law on REPORTING and withholding, not taxability.

what if you're a dentist and you collected $500,000 from patients during the year? i sure as heck don't issue my dentist a 1099 form reporting my payments to him... but he better claim it as income

[Art Vandelay]

not in florida, no state income tax, so he would pay at most around 150k in tax

gulfstream was crazy in those 1st 3 races... 70-1 then 30-1 then 35-1

even the daily double paid $3k

Probably played his house # to hit all those crazy longshots. Whatever it takes, right!