Waldrop to Speak Before Treasury, IRS

National Thoroughbred Racing Association President and Chief Executive Officer Alex Waldrop has been invited to speak at a June 17 hearing conducted jointly by the U.S. Treasury and the Internal Revenue Service to address issues regarding the withholding and reporting of winnings on pari-mutuel wagers. Waldrop’s appearance is part of an ongoing effort by the NTRA to help modernize IRS regulations by redefining the “amount of the wager” to include all of a bettor’s investment into a single pari-mutuel pool, and not simply the base amount of the winning combination. 

“The antiquated way that our industry must report and withhold winning wagers is costing the horse racing industry hundreds of millions of dollars in lost handle every year and driving high-end players away from the game,” said Waldrop. “Our goal at the hearing will be to explain to Treasury and the IRS how their misguided polices not only cost our industry in the form of fewer jobs and lost revenue but also result in reduced tax receipts for the federal government as well.” 

A 90-day public comment period concluded June 2 during which organizations representing every sector of the Thoroughbred, Standardbred and Quarter Horse industries submitted letters to the Treasury Department in favor of the undertaking. Some 11,665 comments were also submitted by horseplayers, fans and other industry stakeholders.