Legal sports wagering = more Kentucky Derby options
Saturday, May 04, 2019
OK Tax and tax fans, have you placed your Kentucky Derby bets yet?
By now, you know that tax, in addition to being the main focus of my professional writing life also is the name of a horse entered in today's 145th Run for the Roses at Churchill Downs.
Betting basis: Is Tax a good bet? Depends on what you want to get out of it.
If you have some spare dollars and just want a souvenir betting slip, then go for it like my tax (and Tax) Twitter pal Jeanne.
It was definitely kismet that I was in Vegas. Go Tax! pic.twitter.com/scpzGyRy9i— Jeanne W. (@JLWCPA2) May 4, 2019
But if you really want a thoroughbred who'll pay off today in the premier Louisville, Kentucky, horse race, then no, Tax is not the pony to pick.
That's not just my amateur racing fan advice. Nicole Schiveley, in her analysis for Twin Spires, the official online wagering site of Churchill Downs and the Kentucky Derby, says:
Tax flies under the radar and grabs a piece
Why is no one talking about how well this horse looks in the morning? On the muscle and happy to be doing his job, Tax is going unnoticed by most — and that's fine with me. At morning-line odds of 20-1, the son of Arch seems a very live longshot.
He drew post 2, but if Haikal scratches, he will move to the third gate from the inside. This small change in position will only help him, since he prefers to be forwardly placed. He breaks well enough to get clear of traffic early. His mental maturity will come into play, allowing him to sit back, relax and let others do all the hard work up front.
Is Tax a win contender? Probably not.
But with a ready-to-rumble appearance in the mornings and double-digit odds, he’s worth a shot.
More ways to wager: So how can you put a bet down on Tax or any other horse in today's Kentucky Derby?
It's gotten easier to do so since the Supreme Court of the United States decided last May that states can decide to offer sports betting within their borders.
The American Gaming Association created the map below showing which jurisdictions have taken advantage of their new betting — and revenue — options.
As the map guide notes:
- 8 states, shown in dark green, have live legal single game sports betting,
- 4 states and the District of Columbia, shown in light green, have passed sports betting bills or ballot questions, but the approved betting mechanisms are not yet operational,
- 20 states, shown in dark blue, have active sports betting legislation under consideration,
- 9 states, shown in light blue, tried to enact some sort of sports betting, but the legislative effort failed and
- 9 states, shown in gray, have no sports betting bills under consideration.
Shout outs all around: Since this is one of the biggest sports and betting days, especially when you consider that the National Hockey League (NHL) and National Basketball Association (NBA) playoffs are underway, the betting insights of Schiveley and the AGA mapmakers get a combined Saturday Shout Out.
I hope all your bets pay off.
So does Uncle Sam. Remember, he gets a cut of your winnings, regardless of whether you placed legal or under-the-table wagers.
That's why all you sports gamblers and tax collectors get honorary shout outs today, too.
And just in case Tax comes up big for you — he could, as he's slipped to 35-1 as post time nears — remember that my earlier post has the federal tax reporting and paying details.
You also might find these items of interest:
- Are you ready for some legal Super Bowl betting beyond Nevada?
- It's Vegas, baby, for the NFL's Oakland Raiders and new NHL team
- Professional gamblers' deductions narrowed a bit under new tax law
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