does anybody know what % the US tote takes out of the pool...just curious

That depends on the state the race is run in, and even the type of bet. Generally, the state gets 1/2 the takeout, so it's yet another (ugh) tax. The track gets the rest, and the breakage. (rounding of payouts to the nearest dime) Typically, the takeout(vigorish, scrape, juice) is a really high 18-25%, with the 25% usually reserved for exotics like trifectas, pick 6, superfecta, etc. Tough enough to beat the races, but one has to beat the taxman too. If you score over $600 on a bet, the taxman requires you to document it, and pay federal tax on it too!.
Our tracks are run for profit, unlike your system, so admission, parking and food and drink concessions are also expensive. Private bookmakers are illegal in most states...guess the government doesn't like competition stealing our money. HAHA.

Hope this answers your question.

Regards,

Glenn

[ This Message was edited by: TheAvenger on 2004-03-17 11:59 ]

[ This Message was edited by: TheAvenger on 2004-03-17 12:00 ]

[ This Message was edited by: TheAvenger on 2004-03-17 12:38 ]

It is not cheap to go to the track here....but i will say we get to keep what we win......your tax system sucks.....if you win over $600 you have to pay tax....what about what you lose...can you claim it on your taxes.
I had relatives go to Las Vagas on holiday and won $3000 on the pokies....and when they went to collect they got like $2000 the cashier told them the rest was for uncle sam....gees they can shove that idea

Pokies - weapons of mass destruction!

:lol:

Yes, but do they really exist...heard Latham is seeking total 'abolution' of all pokies from the Eastern states...

Yes, you may deduct gambling losses from your federal U.S. taxes, but only to the extent that you have winnings to offset. What a crock. There are so many different taxes that we pay on a daily basis, i.e. sales tax, gasoline tax, cigarette tax, liquor tax, excise tax, city tax, use fees, even our utility bills have several taxes added. Totalled up, we pay out 50% or more of our income in taxes, which is just totally insane. I'm lucky to have a good income and have the ability to make frequent wagers on horseracing. I'm sure it's only a matter of time before the U.S. government finds a way to tax my Australian punts.

Glenn

[ This Message was edited by: TheAvenger on 2004-03-18 03:46 ]

[ This Message was edited by: TheAvenger on 2004-03-18 04:29 ]

Glenn, The lifestyle is good though, right? And I guess it is a matter of time before the US dollar becomes strong again so that when you visit you will be able to buy Tassie!!! He he...

What about setting up an account in Aussie and working from over there? Is that possible or even legal? Or maybe get someone to set things up here for you?

Good luck with the punting anyway and hope you followed L & L's advice (I didn't mmm!!!)