Tax software companies' free filing tactics help stall IRS reform bill
Most small business owners happy with new tax law

Legal sports wagering = more Kentucky Derby options

KY_Derby_ROSES_1_Craig-Duncan_English-Wikipedia-CC_cropped
In a few hours, we'll find out which thoroughbred will be wearing this year's coveted Garland of Roses. (Photo by Craig L. Duncan via English Wikipedia [CC BY-SA 3.0])

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.

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.

State-Gaming-Map-5.1.19-01-01-1536x878_American-Gaming-Association

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:

Advertisements

 

 

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)