Gambling Feed

Historic Saratoga Race Track main stands as depicted on a 1907 postcard. (Scanned by Dave Parker; available via Wikipedia Commons) Remember Tax, the horse that ran in this year's Kentucky Derby? The 3-year old gelding didn't fare so well at Churchill Downs, coming in 14th. He did better in another Triple Crown race, coming in 4th in the Belmont Stakes. On Saturday, July 27, Tax finally notched another win. Tax pulls off the upset in the G2 $600K Jim Dandy! pic.twitter.com/AAmPOqwBiz — TVG (@TVG) July 27, 2019 He took the Jim Dandy in Saratoga Springs, New York. It was Tax's... Read more →


I admit it. I'm freaking out with this pre-All Star break slump that the Houston Astros are experiencing. My only consolation is that my pain is all emotional and psychic, not monetary since I don't bet on sporting events. I, however, apparently am in the minority. Now that sports gambling is legal, it's going gangbusters in the states where it's been approved. N.J. bettors take over: That's definitely the case in New Jersey, the state responsible for the Supreme Court ruling back in May 2018 that overturned federal law outlawing sports wagering in most parts of the United States. The... Read more →


James Holzhauer's epic winning run on Jeopardy finally came to an end, leaving him with winnings of almost $2.5 million. The take fell just short of the television game show's record winnings, but neither Holzhauer nor the tax collectors who'll get a nice chunk of the cash are complaining. James Holzhauer finally learned you can't win 'em all. It's been a good week for gamblers. For tax collectors, too. A 66-year-old North Carolina retiree came forward to claim the $344.6 million Powerball drawing, which he won thanks to numbers from a fortune cookie. A yet-to-be-announced lottery player in San Diego,... Read more →


Photo by Fisherga via Flickr CC The Preakness, the second leg of horse racing's Triple Crown, is Saturday, May 18. As a former Maryland resident, the 144th running of the race the Black Eyed Susans will be somewhat bittersweet. It could be the last time the legendary race will be held at Baltimore's Pimlico Race Course. It also will not lead to a Triple Crown winner. Preakness problems: Country House, the eventual Kentucky Derby winner after Maximum Security, who crossed the Churchill Downs line first, was disqualified, will not run in this year's Preakness. By opting out of the Baltimore... Read more →


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... Read more →


Tax working out this week in front of Churchill Downs' iconic Twin Spires. (Photo courtesy @DeanDorton via Twitter) The first time I bet on a horse I was just 9. My family was vacationing in Ruidoso, New Mexico, and my dad put $2 on the quarter horse I selected the day we visited Ruidoso Downs. I can't remember why I chose that horse in that race, but I do remember it won. I also remember the last time I bet on a horse. It didn't win, but I do remember why I picked it. It had the same name as... Read more →


Michael Cohen (left) and Tom Arnold run into each other in New York City in June 2018. (Photo via Tom Arnold on Twitter) Michael Cohen, Donald J. Trump's former attorney and previously self-described fixer, is heading to federal prison in a couple weeks. But in a recent conversation with actor Tom Arnold, Cohen said he didn't commit all of the crimes for which he will do time. Specifically, according to the story on the telephone discussion that the Wall Street Journal broke, Cohen says he's not guilty of tax evasion, one of the charges for which he's going to jail.... Read more →


Photo by Will Keightley via Flickr CC Afraid you'll face an Internal Revenue Service audit? Don't bet on it, says a veteran oddsmaker. The tax audit odds for 2019 will be approximately 1 in 172, says SportsInsider.com's James Murphy, a sportsbook consultant and specialist in novelty betting odds. 25% of filers worry about audits: That slim audit possibility, however, didn't seem to affect folks who participated in a LexingtonLaw survey conducted before this tax season started. The Salt Lake City-based law firm found that a quarter of Americans are afraid they'll be audited. Older filers are more worried. Thirty-three percent... Read more →


March Madness is heating up. We're down to the Elite 8. I usually don't pay too much attention to college basketball, or college sports in general. I follow the professional games because I like to yell at the players, and I feel much more comfortable cursing guys who're pocketing beaucoup bucks instead of unpaid college athletes. I am in the minority, even in my house. The hubby has been sneaking some TV time watching the NCAA men's basketball championship tournament, though truth be told that's mainly because our alma matter, Texas Tech, is doing pretty well. Only the ELITE remain!#MarchMadness... Read more →


UPDATE, Thursday, March 28: Well, I'm not the new Powerball multimillionaire. The lottery jackpot, which hit $768.4 million before the drawing last night, is going to the lucky person who bought the winning ticket in New Berlin, Wisconsin. But save this post. There will be other chances to win! Yes, I bought a ticket for the March 27 drawing of the $750 million and counting Powerball lottery. Yes, I know the odds of winning the jackpot, which is the fourth largest Powerball prize in U.S. history, are about 1 in 292 million. I know many of my hardcore personal financial... Read more →


There was national anthem controversy at Super Bowl LIII, but it wasn't about what the players did during the song. It was about how long it took Gladys Knight to sing the Star-Spangled Banner and how it affected the associated prop bet. If you did come out on the winning side of the song, here's how to report that and other taxable gambling income. There's no disagreement that Gladys Knight's Star-Bangled Banner was magnificent. However, gamblers had some issue with how long the song lasted, which was one of the prop bets wagered on the game and its ancillary events.... Read more →


Will youthful enthusiasm prevail over old age and treachery? That's one of the things, although not in exactly those words, that you can bet on in connection with Super Bowl LIII. (Photo courtesy NFL.com) Los Angeles Rams head coach Sean McVay, at right in the above photo, turned 33 last month. He's the youngest coach to take a team to a Super Bowl. Across the field (and at left above) will be Bill Belichick, a veteran of National Football League championship games as the New England Patriots head coach. He's twice as old as McVay. If the Rams win Super... Read more →


Super Bowl Sunday is the single largest betting day of the year. And now, Nevada is no longer is the only state where bettors can place legal sports wagers. A historic Super Bowl LIII will finally kick off in Atlanta late Sunday, Feb. 3, afternoon. It's the is the first National Football League championship game where legal sports gambling has expanded beyond Nevada. Bettors now also can head to casinos or other betting establishments in Delaware, Mississippi, New Jersey, New Mexico, Pennsylvania, Rhode Island or West Virginia to put their money down on the NFL's biggest game. You can bet... Read more →


Whew! We made it through 2018, the first full year that the latest major tax law changes were in effect. Now we're about to see, depending on when Congress and the White House can agree to get the government (including the Internal Revenue Service) fully operational, if we can deal with the first tax filing season under those laws. But before we get lost in the intricacies of the Tax Cuts and Jobs Act (TCJA), I'm taking this one early day in 2019 to look at the six tax stories that turned out to be big deals last year. These... Read more →


The Dallas Cowboys, in white uniforms during a game with Detroit at Jerry World a few years ago, are heading back to the NFL playoffs. The Pokes last won a post-season game in 1996, when they ultimately won Super Bowl XXX. Will they change their dismal playoff run in 2019? (Photo by Kay Bell) National Football League fans in Texas are pretty happy this final regular season game weekend. Both the Houston Texans and Dallas Cowboys will play the post-season, with the Pokes actually winning their division. Go figure. I haven't been paying as close attention to the NFL this... Read more →


The only thing better than winning the humongous Powerball jackpot, now at $620 million and growing, or the ginormous, largest ever Mega Millions prize of $1.6 billion $1.6 billion — yes -illion with a B — is owing as little tax as possible. When someone finally hits the two national lotteries' winning numbers, the winner most likely will take the big winnings in a lump sum rather than in equal payments over 30 years. That's $354.3 million in cash all at once for one Powerball winner. A single Mega Millions winner will net $904 million in quick cash. The U.S.... Read more →


The Powerball and Mega Millions jackpots already are close to a combined $600 million. As the drawing times near, more people will play, creating even larger eventual jackpots. Of course, the chances of winning both drawings — roughly 1 in 75 quadrillion (that's 15 zeros) by one estimate — is even more minuscule than the general winnings odds of either alone. Still, millions of us will buy lottery tickets. Full disclosure: I'm one of them. Don't judge me. But don't call me either if I win! In fact, whoever wins Mega Millions major jackpot on Tuesday (Oct. 2), which as... Read more →


There won't be many bets on the Dallas Cowboys to win the Super Bowl next February. Odds makers say that possibility is a 30-to-1 longshot. I'm a fan of the 'Boys and I think that's being way too optimistic! (Cowboys playing Detroit Lions in Dallas by Kay Bell) Professional football fans are ready for some football as the NFL's 2018 season kicks off tonight. And the league itself may finally be ready for some legal gambling on its sport. The reason is, of course, money. Billions in betting-related revenue: National Football League could pocket an added $2.3 billion a year... Read more →


New York Giants fan chow down at a pre-NFL game tailgate party. (Photo by Ben Vardi via Wikipedia Commons) College football begins in full force this Labor Day weekend. The professional pigskin players kick off the 2018 season on Thursday, Sept. 6. That means crazy body paint, tons of tailgating and betting. Yes, although professional sports leagues and especially the National Collegiate Athletic Association (NCAA) hate to admit it, gamblers put down billions on games every year. Most of those wagers have been, and will continue to be, placed illegally despite the May 14 decision by the Supreme Court of... Read more →


New Jersey Gov. Phil Murphy (D) places the state's first legal sports bets on June 14 at Monmouth Park Racetrack. (Screenshot from AP coverage. Click image to view full video.) New Jersey's governor put his money behind the Garden State's new sports betting option. Now he's paying for that. New Jersey started taking bets on sporting events on June 14, a month after the Supreme Court ruled in the state's favor and three days after Gov. Phil Murphy signed the law making his and, N.J. establishments hope, millions of other such wagers legal. The debut of the new sports betting... Read more →