The NTRA is continuing efforts to what it hopes will be a successful finish on new tax reporting and withholding rules while working with the industry to make sure it will quickly transition to the new rules.
While wagering on U.S. races in 2016 was flat--up less than 1% compared with 2015--bettors continue to support a reduced Thoroughbred racing product.
Total handle eked upward, while race days continue to decline.
The Department of Treasury and Internal Revenue Service took a big step toward changing rules on withholding and reporting in respect to pari-mutuel winnings Dec. 29.
The National Thoroughbred Racing Association and its Washington, D.C., lobbying firm are playing the waiting game regarding tax changes that would allow pari-mutuel bettors to keep more of their winnings.
One of the highlights of the National Thoroughbred Racing Association annual report for fiscal year 2015-2016 is the feedback generated in its efforts to update rules on reporting and withholding of big pari-mutuel winning tickets.
The Racing Medication and Testing Consortium (RMTC) announced Aug. 9 that Pennsylvania has become the 10th state to pass the National Uniform Medication Program (NUMP) in its entirety.
If the recommendations are put in place, thresholds for reporting and withholding purposes on many winning exotic bet pari-mutuel wagers would be increased.
Industry efforts to change how threshold levels for tax reporting and withholding on winning pari-mutuel wagers are defined continues to pick up momentum in Washington, D.C.
The National Thoroughbred Racing Association announced April 28 its board of directors had approved the association’s audited financial results for the fiscal year concluding Jan. 31, 2016, which showed positive net revenues.
Reaction from horse industry on death of Ogden Mills "Dinny" Phipps.
Using the recent accreditation of Fair Grounds Race Course & Slots by the NTRA Safety and Integrity Alliance as an example, NTRA president Alex Waldrop said the industry can work with regulators to improve the sport.
The takeaway from a session on daily fantasy gaming at the Association of Racing Commissioners International conference March 23 in New Orleans? Racing regulators need to be prepared for a changing gaming landscape.
The board voted to revise thresholds for three medications on the list of controlled therapeutic substances, and recommended expanding an out-of-competition testing program that would include a list of prohibited substances.
Despite more than 2,300 fewer races compared with 2014, commingled pari-mutuel handle on United States races inched up 1.18% to $10,676,223,640 in 2015. It is the first year-over-year increase since 2012.
American Pharoah's Triple Crown sweep, culminating in his breathtaking victory in the Belmont Stakes presented by DraftKings (gr. I) that ended a 37-year drought, was honored Dec. 24 as the "Sports Story of the Year" by AP.
Provisions backed by the NTRA that offer relief for H-2B visa employers such as horse trainers are included in the budget and tax legislation agreed to Dec. 16.
Provisions tied to depreciation of racehorses for tax purposes is included in a federal tax-extender package, the National Thoroughbred Racing Association said Dec. 16.
- By Tom LaMarra
- Horse Health, Northeast Region, Midwest Region, Southeast Region, Southwest Region, West Region, Kentucky, Mid-Atlantic Region
The RMTC, which met Oct. 13, cited progress in state-by-state adoption of components of the National Uniform Medication Program and also added four drugs to the list of controlled substances.
In an Aug. 29 Blood-Horse magazine story, National Thoroughbred Racing Association president Alex Waldrop and other industry leaders assessed the work of the NTRA Safety and Integrity Alliance.
The Louisiana State Racing Commission Aug. 24 adopted the Controlled Therapeutic Medication Schedule of 26 commonly used substances.
National Thoroughbred Racing Association officials reinforced the organization's impartial position on potential federal drug oversight in a legislative briefing with horsemen, owners, and horseplayers at Del Mar Aug. 21.
State-by-state efforts to bring about uniformity in medication policies and drug testing aren't sufficient to move the Thoroughbred industry forward speakers said Aug. 9 at The Jockey Club Round Table conference.
The National Thoroughbred Racing Association will host a legislative briefing open to industry stakeholders and other interested parties at 2 p.m. PDT, Aug. 21 in the Del Mar Turf Club Director's Room.
The United States Senate Finance Committee completed its work on a tax extender bill in a July 21 markup session and approved the resulting document by a 23-3 vote, the National Thoroughbred Racing Association reported.
In its annual report released July 15, the NTRA noted strides it made in the past fiscal year to work with horseplayers to improve horse racing.
An effort that began in the Mid-Atlantic region more than two years ago has made "significant progress," according to the Racing Medication and Testing Consortium.
The United States Department of Treasury and Internal Revenue Service were told June 17 that current regulations related to the tax withholding and reporting of pari-mutuel winnings are "unfair and totally burdensome."
Alex Waldrop, president and chief executive officer of the National Thoroughbred Racing Association, will address proposed changes to regulations on the taxing of pari-mutuel wagers at a June 17 hearing in Washington, D.C.
After a slow start that required a push for broad industry participation, the NTRA June 3 said more than 11,600 comments were submitted to the United States Department of Treasury on wagering tax changes.
With American Pharoah attempting to complete a Triple Crown in the June 6 Belmont Stakes (gr. I) at Belmont Park, industry leaders talk about what the first Triple Crown sweep since 1978 would mean for the sport.
Jeff Burch has been named senior vice president of NTRA Advantage, the National Thoroughbred Racing Association's group purchasing arm.
The National Thoroughbred Racing Association is urging horseplayers and other industry stakeholders to submit comments in support of modernization of gambling withholding and reporting to the U.S. Department of Treasury.
The National Thoroughbred Racing Association said its fiscal year that ended Jan. 31 produced net revenue of $190,340, the third consecutive year in which revenue outpaced expenses.
The National Thoroughbred Racing Association continues to move forward on work to reform tax rules on withholding and reporting with respect to pari-mutuel winnings and is calling for industry support of these efforts.
The executive committee of the Racing Medication and Testing Consortium (RMTC) has approved a uniform testing threshold of 110 parts per billion (ppb) in blood for the naturally occurring amino acid gamma-aminobutyric acid.
Racing industry officials said they again expect to see federal legislation filed this year that would authorize the United States Anti-Doping Agency to oversee equine medication and drug testing procedures.
The board of directors of the Racing Medication and Testing Consortium (RMTC) today announced that a uniform threshold for cobalt regulation in the U.S. was approved at its March 24 meeting at Gulfstream Park.
Sunland Park Racetrack & Casino earned reaccreditation from the National Thoroughbred Racing Association's Safety and Integrity Alliance, the NTRA announced March 19.
- By Frank Angst
- Thoroughbred Racing, Handicapping, International, Southeast Region, West Region, Kentucky
While it's difficult to determine if their efforts are making much of a dent in illegal bookmaking in the U.S., federal law enforcement officials have been busy the past few years prosecuting these sports wagering operations.
The National Thoroughbred Racing Association has unveiled its federal legislative agenda for the 114th Congress, including tax matters, internet gaming, immigration, and racehorse drug and medication regulation and testing.
National Thoroughbred Racing Association officials met with a representative of the United States Department of Treasury Jan. 28 to discuss the racing industry's efforts to alter the pari-mutuel withholding tax structure.
Bryan Pettigrew has been named to the position of Breeders' Cup senior vice president, marketing and sponsorship, it was announced Jan. 20. Pettigrew, who will be based in Lexington, will begin his duties Feb. 2.
Churchill Downs Inc. announced Jan. 16 that Mike Ziegler has been named to its new post of executive director of racing. Ziegler will assume his position Jan. 26 and will report directly to CDI president Bill Mudd.
The NTRA, Lockton Insurance Brokers, and Burns & Wilcox Brokerage have completed development of a new jockey accident coverage insurance program for racetracks that aims to offer enhanced coverage.
The nonprofit Thoroughbred retirement center Old Friends will be presented the Special Eclipse Award at ceremonies Jan. 17 at Gulfstream Park in Hallandale Beach, Fla.
The industry's Racing Medication and Testing Consortium plans to reorganize its own Scientific Advisory Committee but does not plan to merge with the Association of Racing Commissioners International.
Capping an extraordinary career as one of North America's premier race track announcers and one of the most popular personalities in Thoroughbred racing, Tom Durkin will be honored with the Eclipse Award of Merit.
The Association of Racing Commissioners International has asked that the industry's Racing Medication and Testing Consortium be merged into a new RCI scientific advisory board.
The National Thoroughbred Racing Association announced Dec. 5 that the NTRA Advantage program has surpassed the $700 million mark in sales of goods and services since the inception of the group purchasing arm in 2002.
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