Forum: HoseHeads Sprint Car General Forum (go)
Moderators: dirtonly  /  dmantx  /  hosehead

I am sure this has been discussed here before but I couldn't find anything in the search.

How are the winners paid? Also how are taxes handled on this?

probalby depends on who is doing it.

I've seen a tax form you have to fill out by KRCO 50/50 winners.   KRCO has a state gambling license.  

I've seen 50/50 paid out in cash and via check.

I've also seen cash only with no tax forms at some tracks / venues.

Those that are doing it right have tax forms.

     The determining factor is probably the state laws. For example,South Dakota has video lottery machines everywhere. The laws used to be like this, I don't know if they've changed: If you cash out $600, you fill out a tax form. If you cash out $599.99 you don't. The 50/50 drawing at Husets Speedway, that I've never won after trying for 32 years is paid in cash.

Here in Iowa its 5% over $600.00 Plus an additional 25% if it is over $5,000.00...  I believe the other 50 of the 50/50 is takes it tax free, if they are a non profit.  Wish the govt would keep their greedy paws off things like this.... I already paid income tax on the $1.00 I spent to purchase the 50/50.  But I suppose they (the govt) need the money to feed the "bears".....  as they have grown accustomed to the food...

Seen one small one paid in cash once. cant say about most of them, my guess would be cash.

Regardless of whether you get paid in cash or check, tax form or not, taxes withheld or not, it is up to you to report this to Uncle Sam. Be sure to keep detailed records of all the losing tickets you buy over the year to use as a deduction. Dont forget now. =

This won't help explain how it works in Kansas but one year on the final night of the Midget Nationals at Belleville oh about 5 years ago on the way in my buddy asks "so what is your strategy on these 50 / 50 deals?". So I said "I'm not sure you want to follow mine because I've never won but tonight I'm only buying tickets from her" (and I pointed to the cutest 50 / 50 girl there). And so it went the rest of the night: I would buy $20 from her then he would buy the next $20. They call the numbers and by then he's pretty faded (a lot of beer and he's a major lightweight). I'm going through my tickets and quickly figure out that he likely has the winning ticket. "Brian - give me your tickets!" I go. "You just won this effing thing!". "Huh?" he goes. "Get up there before they call another number!". It was around $1500 winners share which would have paid for my entire trip. He took half in check and half in cash (wtf?). When he came out of the office he handed me a beer and I said "you're damned right you're buying the beer the rest of the night!". Mother effer if I had just bought $10 more tickets that one time I woulda  won but that's the closest I ever got!

Yes, be sure and be honest about your winnings to Uncle Sam.  Taxing the winnings from 50/50's is just another way our Government gives us middle class, "The Shaft".  Same as, in the tips we give to waiters and others.  Also, taxes or not, I wish the Chili Bowl would bring back the 50/50.  Does anyone remember the amount that was won the last time they had it?  That must have been 10 years or so ago.

I always have to write down my numbers in big print before it gets too dark to see them!

Juat for laughs the 50 50 wasnt claimed at a cfl football game in edmonton a few years ago. Winner would have taken about 35g. So they started the next gamewith the oldinclaimed pot at 70g and it was over 200 000 take home if memory is straight.

Even though I may not know you, I 
care what most of you think!

Tax free in canada btw

Even though I may not know you, I 
care what most of you think!

at last years king royal on saturday night the 50/50 payout was near 26K!!!!

Ascot was the greatest of all time..

West Capital wasn't half bad either..

Life is good...

Don't spread that around up there! If a pol hears that, they will be demanding a fair share for the kids/whatever/etc.etc.

There is a Junior hockey team in Manitoba that sells 50 50s in thier lobby before you get to the pay gate. In the playoff season bingo players stop in for 50 50 tickets on their way to the hall and check their numbers on line in the morning. The club makes a lot of money from people who don't even watch their games.

Even though I may not know you, I 
care what most of you think!

1) Everytime i think about how much tax I already pay (In the GTA) i get nauseous. There was an article on the front page of last Thursdays Toronto Sun that said Canadian's are already paying around 45% of our income in taxes. I'm assuming that's when you factor in everything including gas etc. It's unbelievable and it just keeps getting worse. I'm sure that eventually they'll figure out a way to tax 50/50 too.

2) I believe that the WoO weekday show winners purse is still only 6000$ (So sad but that's for another discussion) so I bet there are lots of WoO races where the 50/50 winner is leaving the track with more than the race winner. 

The WoO result page shows the cadh winnings with each finishing position. Udually 10g for first 5500 for 2nd

Even though I may not know you, I 
care what most of you think!

Where's Sprint Car Corini? 

10,000$ to win is for a standard weekend  show. They changed the weekday show purse a few years ago to 6000$ to win. As far as I know tha has not changed.

As far back as I can remember the WoO always payed a minimum of 10k to win and 800$ to start. Obviously there are lots of races that pay more but that was the minimum purse for a WoO race. Then a few years back they dropped it to $6000 to win and 600$ to start for stand alone weekday shows.  Pretty embarrassing money for the top sprint car series in the world, especially since the costs have gone crazy. 

This is from a PennLive article from 2014: 

Speaking of the drivers, it's time for the WRG to take are of the guys that put the butts in the seats and stop paying them chump change.

The days of getting paid $8,000 or $10,000 to win a stand alone midweek show are apparently over. Danny Dietrich got a measly $6,000 for the win at Lincoln, a number that has the old guard miffed.

I just hate to see the sport go a little backwards as far as purse, Steve Kinser said at Lincoln Speedway Wednesday. We are running here for less purse in front of a full grandstand. That doesn't make sense to me.

It doesn't make sense to me, either.

Or the fans.

More money means more interest. That is why races like the Kings Royal and Knoxville Nationals are jammed packed every year. Fans want to see someone win more in one night than most people make in a year.

Patrons flock to these events. They pay the bills by forking over $30 and sometimes $40 a night. They deserve the best product available.

The World Racing Group can provide that with a couple slight alterations. A couple small changes that would make every event special.

Has been a long time for the Chili Bowl. Not sure when they stopped but I remember one way back -1998 I think where a guy won something like $8000 . They interviewed the guy and he put up like a $1000 for tenth place in the feature or something like that. This also was a race where the race winner won less than the raffle winner.

On July 14 of this year at the Edmonton Eskimo football game the winning ticket was worth $435,919.50  it was a two week combo.  The game this past weekend was $175, 645.  Tickets are $5 each, 3 for $10 or 10 for $20.  We Canadians love to gamble as I type this directly across the street from a Casino and a Horse Race Track, lol....

You don't pay ANY tax on lotto or 50-50 wins in Canada or Health care for that matter, lol.....