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Creator Wins 148th Belmont Stakes in Photo Finish

gambling tax refundCreator upset the field and won the 148th running of the Belmont Stakes on Saturday, June 11 by a nose, capturing the third leg of the Triple Crown and $800,000. For the fifth time in the last eight years, a different horse has won each leg of the Triple Crown this year. Nyquist won the Kentucky Derby on May 7, while Exaggerator won the Preakness Stakes on May 21.

Canadian and other non-U.S. residents who watched the race at Belmont Park in Elmont, New York and won a significant amount of money ($1,200 or more) need to remember that their winnings are subject to a 30% withholding tax by the Internal Revenue Service (IRS). Refund Management Services (RMS), though, can help you reclaim a portion or all of your winnings withheld by the IRS.

Belmont Park

Belmont Park, located on Long Island in Elmont, New York, is one of the most storied racehorse tracks in the United States. The 445-acre facility first opened its doors in 1905 and today, you can enjoy thoroughbred racing throughout May and June and into July. Live racing resumes again in September and October. With an attendance capacity of more than 100,000, the Belmont Park grandstand is the largest in Thoroughbred racing.1

Belmont Park is best known for being the home of the Belmont Stakes. First run in 1867, the Belmont Stakes is the oldest of the Triple Crown events. The Belmont is also one of the oldest stake races in North America.

The Belmont Stakes has been run at Belmont Park since 1905, save for 1911 to 1912 when gambling was banned in New York State, and 1963 to 1967 when the grandstand was being rebuilt.

The Belmont Stakes, considered the toughest leg of the Triple Crown, is where championship horses are made. While 12 horses have won all three legs of the Triple Crown, 11 horses have failed to win the final stage after winning the Kentucky Derby and Preakness.

That’s because the Belmont, which is run on dirt, is a long, gruelling 1.5-mile (2 km) race. And it is referred to as the Test of Champions. The Kentucky Derby is 1.25 miles (2 km) and the Preakness 1.19 miles (1.9 km).

Since the newly constructed grandstand was completed in 1968, Belmont Park has seen thousands cheer on Secretariat (1973), Seattle Slew (1977), Affirmed (1978), and American Pharoah (2015) to Triple Crown glory.

The Belmont Stakes has also dashed the hopes of I’ll Have Another (2012), Big Brown (2008), Smarty Jones (2004), Funny Cide (2003), War Emblem (2002), and Spectacular Bid (1979).

In addition to the Belmont Stakes, Belmont Park hosts a number of other key races including the Jockey Club Gold Cup, Woodward Stakes, Suburban Handicap, Acorn Cup, Met Mile, and Empire Classic Handicap.

Two important races for fillies, the Mother Goose Stakes and the Coaching Club American Oaks, are also run at Belmont Park. Notable turf races at Belmont Park include the Bowling Green Handicap, Man O’War Stakes, Flower Bowl Invitational Stakes, and Joe Hirsch Turf Classic Invitational.

2016 Belmont Stakes

This year, Creator won the 148th running of the Belmont Stakes with a come-from-behind victory over Destin, winning by a nose in one of the closest finishes in Belmont Stakes history.2

With a total purse of $1.5 million divided among the top eight horses, the Belmont Stakes pays out more than any other Triple Crown race. Creator received $800,000; Destin got $280,000; third-place Lani received $150,000; eighth-place Cherry Wine received $30,000.

By comparison, Exaggerator, who won the Preakness, took home $900,000. The Preakness also has a $1.5-million purse, but it is only paid out to the top five finishers. The Kentucky Derby is the most lucrative Triple Crown race for the top finisher; winner Nyquist took home $1.6 million.

Without the chance of another Triple Crown winner, attendance at the 2016 Belmont Stakes was down over last year where attendance was capped at 90,000. This year, paid attendance was 60,114 3

Sources from all handles on Belmont Stakes Day (13-card race) came to $99.41 million. On-track wagering was $11.6 million, while off-track betting totalled $87.7 million. The total handle for the Belmont Stakes itself was $52.18 million.

Last year, when American Pharoah won the Triple Crown, the all-source handle was $135.79 million, with on-track wagering of $16.9 million. Wagering on the Belmont Stakes race was $82.43 million.

Pari-Mutuel Betting

With pari-mutuel betting, you wager amongst each other on the same event. At a casino, you bet against the house. Because you are betting against everyone else, the payout changes based on the number of total bets.

As a result, the odds will change as more and more people place bets. This means that by gate time, chances are the odds will be different from when you first placed your bet—higher or lower.

Belmont Stakes Winnings Subject to 30% Withholding Tax

If you are a Canadian or non-U.S. resident and won a significant amount of money betting on the Belmont Stakes while at Belmont Park, or betting off-track while visiting the U.S., your winnings could be subject to a 30% withholding tax.

But if you live in a country like Canada, which has signed a U.S. tax treaty, you may be eligible for a refund.

There are a number of countries that currently do not have a U.S. tax treaty. However, if you reside in any of the following countries, you could still be eligible for a refund: Australia, Bahrain, Barbados, Brazil, China, India, Indonesia, Israel, Kuwait, Mexico, Malaysia, Monaco, New Zealand, Norway, Saudi Arabia, Singapore, South Korea, Switzerland, Taiwan, Thailand, and the U.A.E.

To see if you meet the criteria and are eligible to get some or all of your withholding tax back, contact Refund Management Services (RMS).

RMS Is the Easiest Way to Get Your Withholding Tax Back

If you visited the U.S. and had 30% of your winnings withheld by the IRS after betting on the horses or winning on the slots at a casino, on a game show, or playing bingo, gambling tax refund experts at RMS can help you reclaim a portion or all of your taxable winnings.

Founded by a Canadian Chartered Accountant in 1998, RMS is the most reliable and experienced wagering, gaming, and casino tax refund provider for non-U.S. residents. Only RMS has the One Simple StepTM process. Our customer service agents take care of the rest.

Once you provide us with complete documentation, your claim will be processed and we will submit it to the IRS. Even though it can take a minimum of one year for the IRS to review the claim and for us to receive the refund, it’s worth the wait—RMS has never been refused an eligible refund!

Contact RMS today by calling our toll-free number at 1-888-272-5559 or by e-mailing us at [email protected].

Sources:

1. History Belmont, New York Racing Association web site; https://www.nyra.com/belmont/information/history-belmont/.
2. Race Results, New York Racing Association web site; https://www.nyra.com/belmont/results/20160611/#Race_11.
3. Attendance, Handle Decline At Belmont With No Triple Crown Chance, paulickreport.com, http://www.paulickreport.com/news/the-biz/attendance-handle-decline-belmont-no-triple-crown-chance/.

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