The NTRA promotes regulation on pari-mutuel betting
The National Thoroughbred Racing Association (NTRA) urges new regulation on pari-mutuel betting.
US.- National residents will be able to support the National Thoroughbred Racing Association (NTRA) proposal on pari-mutuel regulation via its new system. The main target of the organisation is to update the current 40-year-old legislation on racing and betting industry.
The residents’ petitions will be directly sent to the United States Treasury Department through NTRA system at https://www.ntra.com/comment. The gaming bill will establish further regulation on withholding and reporting of pari-mutuel winnings. According to the national association, the legislation would improve the percentage of winning bets for multi-horse and multi-race exotic games. Furthermore, the operating companies and the government would generate greater incomes related to the racing sector.
“With horseracing’s all-important Triple Crown season fast approaching, the NTRA urges Treasury and the Service to adopt the proposed regulations as final regulations as soon as it is administratively feasible. Horseplayers, tracks and other industry stakeholders, including governments, are eager to begin reaping the benefits that will result from these updated withholding and reporting rules,” stated NTRA President and CEO Alex Waldrop.
The Treasury Department and the Internal Revenue Service (IRS) have shown interest in approving a new regulation on pari-mutuel betting last December 30, when they released the “Withholding on Payments of Certain Gambling Winnings.” Under the statement, the amount of the wager includes the entire amount deposited into a specific pari-mutuel pool by an individual.
