..

Do I Have to Provide My Social Security Number to NYRAbets.com?

Written by:
Guest
Published on:
May/31/2018

The official Belmont Stakes betting partner this year is NYRAbets.com and it is important to know that they will require you to provide your social security number when signing up.  Racebooks like Americas Bookie do not require you to provide a social security number.  SCROLL DOWN FOR MORE


CLAIM YOUR SIGNUP BONUS UP TO $1500 HERE

Additionally you will be required to claim all winning with the IRS using NYRAbets.com, something else that is not a requirement with the international racebooks, though certainly encouraged.  W2-G Summary Statements are mailed to your address on file. W2-G Summary Statements for 2016 will be mailed to you on or before January 31, 2017.

9.  Tax Reporting and Withholding

By law, any wager which results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), if the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager, which results in proceeds of more than $5,000.00, is subject to reporting and withholding, if the amount of such proceeds is at least 300 times as large as the amount wagered.

If you are subject to IRS reporting or withholding requirements, we will send you a Form W2-G summarizing information for tax purposes following the winning wager, less any applicable withholding, being deposited into your account.

IRS W2-G Withholding Policy: Any winning wager or groups of identical wagers (same track, race, pool and winning numbers) whose individual odds are 300-1 or greater and whose winning dollar value either individually or when added together exceeds $5,000 (minus the amount of the individual winning wager(s)) is subject to an IRS withholding tax at the rate of 25 percent.

NYRAbets may also withhold any and all applicable state or local taxes as required by applicable law.

Payouts

Over the years, receiving payments via an international racebook to the U.S. could take a few days longer than with the U.S. licensed establishment.  Thanks to bitcoin and other cryptocurrencies, this is no longer the case. 

HOW TO USE BITCOIN AND OTHER CRYPTOCURRENCIES FOR BETTING HORSES ONLINE

The online betting site will simply have you send them the special address/token obtained from the Bitcoin wallet or exchange.

You would select either SEND (to deposit funds) or RECEIVE (to withdraw funds).

Some exchanges allow customers to link directly with their bank accounts or PayPal.  The Bitcoin can be converted into the currency of your choice then transferred into your account in as little as 24 hours. 

You will want to verify all your information (including personal identification) with the exchange prior to sending and receiving funds.  Typically they will suggest setting up an authenticator on your mobile device for added security.

- Aaron Goldstein, Gambling911.com

Horse Racing News

France Go de Ina Payout Odds to Win the Belmont Stakes

France Go de Ina Payout Odds to Win the Belmont Stakes

Japan's entry France Go de Ina would offer a payout potential of $300 on every $10 bet with a win at the Belmont Stakes. 

Overtook Payout Odds to Win the Belmont Stakes

Overtook Payout Odds to Win the Belmont Stakes

Overtook would offer a payout potential of $200 on every $10 bet with a win at the Belmont Stakes. 

Rock Your World Payout Odds to Win the Belmont Stakes

Rock Your World Payout Odds to Win the Belmont Stakes

Rock Your World would offer a payout potential of $90 on every $20 bet with a win at the Belmont Stakes. 

Horse Racing Odds – 2021 Belmont Stakes Longshots

Horse Racing Odds – 2021 Belmont Stakes Longshots

The third jewel of horse racing’s Triple Crown takes place Saturday with a field of eight horses set to take their shot in the Belmont Stakes. Opening odds for the 153rd edition suggest a wide-open field, which in turn can lead to an upset special. The number of longshots is diminished by the small field, but like we saw in the Kentucky Derby and Preakness Stakes, anything can happen.

Can I Bet on NYRABets.com From Oregon

Can I Bet on NYRABets.com From Oregon

NYRABets.com is available in the state of Oregon.  Other options for betting on the Belmont Stakes and all other races include BetUS, which will NEVER report your winnings.

Syndicate