The state of New York is home to some of the most famous horse racing tracks in the world, such as Belmont Park, Saratoga Race Course, and Aqueduct Racetrack. With such a long history of horse racing, it is no surprise that betting on the ponies is a popular pastime in New York. But is horse betting legal in New York?
Overview of Horse Betting in New York
Horse betting is legal in New York, however, the state does have some restrictions on how and where it can be done. In order to legally bet on horses in New York, you must be at least 18 years of age and place your wagers at an authorized off-track betting (OTB) facility or at one of the state’s three horse racing tracks.
Types of Horse Racing Bets
There are a variety of ways to bet on horses in New York. The most popular type of wager is the straight bet, which is simply a bet on which horse will finish first. Other types of bets include the exacta, trifecta, and superfecta, which involve picking the top two, three, and four finishers, respectively. There are also daily double, pick three, pick four, and pick six wagers, which involve picking the winners of multiple races.
In addition to betting at the tracks and OTB facilities, New Yorkers can also place wagers on horse races online. However, in order to do so, they must sign up with one of the state’s licensed online horse racing sites. These sites are regulated by the New York State Racing and Wagering Board and must adhere to the state’s laws.
Taxes and Deductions
Any winnings from horse betting in New York are subject to a 4% state tax. In addition, bettors can deduct their losses from their winnings as long as they can provide proof of their wagers.
In conclusion, horse betting is legal in New York and is regulated by the state’s Racing and Wagering Board. There are a variety of ways to bet on horses in the state, including at the tracks, OTB facilities, and online. Any winnings from horse betting are subject to a 4% state tax, and bettors can deduct their losses from their winnings as long as they can provide proof of their wagers.