Arizona is home to some of the most beautiful natural scenery and vibrant cultures in the United States. But for those who enjoy the thrill of betting on horses, it can be a little confusing to figure out what is and isn’t allowed in the Grand Canyon State. So, can you bet on horses in Arizona?
The short answer is yes, you can bet on horses in Arizona. The state offers both pari-mutuel wagering and off-track betting. However, there are some restrictions and regulations that must be followed.
Types of Horse Betting in Arizona
Pari-Mutuel Betting
Pari-mutuel betting is the most common type of horse betting in Arizona. This type of betting is available at the state’s two racetracks, Turf Paradise and Rillito Park. In pari-mutuel betting, all of the wagers placed on a particular race are pooled together and then divided among the winners. The odds are determined by the amount of money wagered on each horse.
Off-Track Betting
Off-track betting (OTB) is another type of horse betting available in Arizona. OTB is available at four locations: Arizona Downs, Apache Greyhound Park, Yavapai Downs, and the Hacienda Race Track. OTB is similar to pari-mutuel betting, but the bets are placed at a central location rather than at the track.
Legal Requirements
Anyone over the age of 21 can bet on horses in Arizona, but there are some legal requirements that must be followed. All wagers must be placed through an authorized agent, and all winners must be paid out through an authorized agent. Additionally, all betting transactions must be reported to the Arizona Department of Racing.
Taxes on Winnings
All winnings from horse betting in Arizona are subject to a 5% withholding tax. This tax is deducted from the winnings before they are paid out to the winner. Additionally, all winnings over $5,000 are subject to a federal income tax of 24%.
Conclusion
In conclusion, you can bet on horses in Arizona. There are two types of betting available: pari-mutuel betting and off-track betting. All bets must be placed through an authorized agent, and all winners must pay taxes on their winnings. With the right knowledge and strategy, horse betting in Arizona can be a fun and profitable activity.