Refund Management Services (www.RefundManagement.com), the number-one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, comments on data showing U.S. thoroughbred wagering increased in 2015 for the first time since 2012. Refund Management Services (RMS) also explains that non-U.S. residents who wager on horse races while visiting the U.S. could have 30% of their winnings taxed by the IRS.
According to recent data, wagering on thoroughbred racing increased in 2015 by 1.18% to $10.67 billion. This increase marks the first annual gain since 2012 and is just the second increase in U.S. thoroughbred racing since 2006. The increase comes as the number of purses declined 1.6% to $1.09 billion. The number of race days in the U.S. also declined 4.4% to 4,754. (Source: “Despite Fewer Races, U.S. Wagering Increased in 2015,” Paulick Report, January 5, 2016; http://www.paulickreport.com/news/the-biz/economic-indicators-a-mixed-bag-for-2015/.)
“This annual growth is a positive trend and shows that horse racing is an exhilarating, fun sport to watch and wager on,” says Brooke Sacks, vice president of marketing and business development, at Refund Management Services. “With American Pharoah winning the Triple Crown for the first time in 37 years, 2015 was also a great year for thoroughbred racing.”
American thoroughbred racing also got a boost when American Pharoah was named 2015 Sports Story of the Year and was unanimously awarded both the 2015 Horse of the year and three-year old male honours. (Source: Shulman, L., “American Pharoah Unanimous Horse of the Year,” Blood-Horse, January 16, 2016; http://www.bloodhorse.com/horse-racing/articles/97137/american-pharoah-unanimous-horse-of-the-year.)
“When non-Americans visit the United States and bet on horse racing, they need to understand that their winnings are subject to a 30% withholding tax by the IRS. That’s because those winnings are considered income by the IRS,” Sacks advises. “But, if you live in a country, like Canada, that has signed a U.S. tax treaty then you may be eligible for a refund.”
Some of the countries that do not have a U.S. tax treaty, but may still be eligible for a refund, include: 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. However, based on a recent court case, winners from these countries may qualify for a refund if they meet certain criteria.
Founded and owned by a Canadian Chartered Accountant, Refund Management Services (RMS) is the most reputable casino and gaming tax recovery service in the industry. As registered agents of the IRS, RMS helps Canadians and other non-U.S. residents recover all or a portion of their taxes up to three years after their winnings have been withheld. With the expertise in gaming-related tax laws, RMS understands all the IRS requirements to ensure that any entitled refund is successfully recovered. RMS only gets paid for successful gambling tax refunds. RMS is a member of the Better Business Bureau and the Las Vegas Chamber of Commerce. More information on RMS can be found at www.RefundManagement.com.