Betting on horse racing is one of the oldest and most popular forms of gambling. Horse racing has been a part of American culture since the colonial era, and has become an iconic pastime. Virginia is one of the few U.S. states that still allows legal wagering on horse racing, and this article will explore the legalities of betting on horse racing in the state.
Gambling Laws in Virginia
Gambling laws in Virginia are fairly strict. All forms of gambling, including horse racing, are considered illegal unless specifically authorized by the state. However, Virginia does have a few exceptions that allow for legal gambling in the state, including betting on horse racing.
Legal Horse Racing Betting in Virginia
The Virginia Racing Commission regulates and permits legal horse racing betting in the state. Virginia has several horse racing tracks, including Colonial Downs, a thoroughbred track located in New Kent County. The Virginia Racing Commission also allows off-track betting and advance deposit wagering (ADW) on horse racing.
Types of Legal Bets
The types of bets that can be placed at a Virginia horse racing track are:
- Win: Betting on the horse to win the race.
- Place: Betting on the horse to finish either first or second.
- Show: Betting on the horse to finish either first, second, or third.
- Exacta: Betting on two horses to finish first and second in a specific order.
- Trifecta: Betting on three horses to finish first, second, and third in a specific order.
- Superfecta: Betting on four horses to finish first, second, third, and fourth in a specific order.
- Daily Double: Betting on two horses in two different races to win.
- Pick 3: Betting on three horses in three different races to win.
Advance Deposit Wagering
Advance deposit wagering (ADW) is a form of legal online horse racing betting in Virginia. ADW allows bettors to place bets on horse races without having to be physically present at the track. Betting sites like TVG, TwinSpires, and BetAmerica are legal and regulated by the Virginia Racing Commission.
Age Requirements for Horse Racing Betting
The minimum age for legal horse racing betting in Virginia is 18 years old. Anyone under the age of 18 is not permitted to place bets at a horse racing track or through an online ADW site.
Taxes on Horse Racing Winnings
Any winnings from legal horse racing betting in Virginia are subject to taxes. All winnings over $600 are reported to the IRS, and the bettor is responsible for paying taxes on the winnings.
Horse Racing Tracks in Virginia
Virginia has several horse racing tracks that offer legal betting on horse racing. These include:
- Colonial Downs in New Kent County
- Lone Star Park in Fort Worth
- Mountaineer Park in Chester
- Pocono Downs in Wilkes-Barre
- Saratoga Race Course in Saratoga Springs
- Santa Anita Park in Arcadia
- Sunland Park in El Paso
Conclusion
In conclusion, betting on horse racing is legal in Virginia. The Virginia Racing Commission regulates and permits legal horse racing betting at tracks and through advance deposit wagering sites. The minimum age for legal horse racing betting in Virginia is 18 years old, and any winnings are subject to taxes. Virginia has several horse racing tracks that offer legal betting on horse racing.