When it comes to betting, knowing the rules is just as important as picking winners. In this section, you’ll find the essentials on how wagers are accepted, how payouts are calculated, and what happens in special cases like dead heats or void bets.
What You’ll Find in This Section
What Are the Rules for Pari-Mutuel Betting in the US?
An overview of how pari-mutuel wagering works under US regulations, including pool mechanics and operator rules.
What Are the Minimum and Maximum Bets in US Horse Racing?
Learn the limits for different wager types and how tracks set their own thresholds for betting amounts.
What Happens if a Horse is Scratched? US Refund Rules Explained
See how refunds and adjustments are processed when a horse is withdrawn before the start of a race.
What Happens in a Dead Heat in Horse Racing?
Understand how payouts are divided when two or more horses finish in a tie.
What Are the IRS Reporting Rules for Horse Racing Winnings?
Get clarity on when winnings must be reported, when withholding applies, and how tax forms are issued.
💡 Did You Know? The IRS requires operators to issue a Form W-2G for certain winning bets, including single wagers that pay out $600 or more at odds of 300-1 or higher.
Frequently Asked Questions
Can I get a refund if my horse is scratched?
Can I get a refund if my horse is scratched?
Yes. If your horse is scratched before the start, your stake is refunded. If part of an exotic bet, rules vary depending on the wager type.
How are dead heats calculated in payouts?
How are dead heats calculated in payouts?
The pool for that position is split evenly between the horses involved in the tie, and payouts are adjusted accordingly.
Do all tracks have the same minimum bet rules?
Do all tracks have the same minimum bet rules?
No. Minimums can vary by track and bet type, but Win, Place, and Show wagers often start at $2.
Are my winnings always taxable?
Are my winnings always taxable?
Yes. All winnings are considered taxable income, though reporting thresholds determine when operators must withhold taxes.
What happens if I place a bet after the start of a race?
What happens if I place a bet after the start of a race?
Late bets are void and will not be accepted into the pari-mutuel pool.