Offshore there are no state to state restrictions. For example if you are a New Jersey resident you can not have an off track betting account out of state. The problem is that there are no otb's in New Jersey. So in effect a New Jersey resident is lock out of horse racing unless he goes to the track. As far as rebate is concerned you would be surprised how fast the numbers add up. The strongest part of wagering offshore is the fact that your wagers are not comingled. at some smaller tracks a $20 wager will effect an exotic pool.Thank you
haha,Yes tcbets is right....
But do the math if you think that your bet is gonna affect pool...
Using that as a selling point only works with rookies
Heres an article I found today-misses a few like TVG/brisbet
Want to bet online? Go for the ponies
It's legal in Pa. Even a bill gaining steam in Congress wouldn't touch it.
By Don Steinberg
Inquirer Staff Writer
Who's your favorite in the Kentucky Derby this afternoon? Have you gone to the Internet to place your bet yet?
Whoa, hold your horses. Maybe you thought Internet gambling was illegal.
It is, pretty much, and Congress is moving to clamp down on it even more - unless you count betting on horse races as gambling. Betting all you want on the ponies, through a convenient Web site near you, is perfectly legal in Pennsylvania and many other states - though not New Jersey - and it will continue to be even if the toughest antigambling legislation now in Congress becomes law.
At sites such as youbet.com, eBetUSA.com, phonebet.com, and xpressbet.com, you can set up an Internet gambling account, use a credit card to fill it with cash - usually there's a $25 minimum - and in minutes be wagering on live races at dozens of horse and dog tracks around the country.
The sites offer simulcasting, so you can watch your pony run in real time. It's like having an off-track-betting shop in your house.
Penn National Gaming Inc. of Wyomissing, which owns Penn National Race Course and Pocono Downs, is among the leaders in online race wagering. Its subsidiary, eBet USA, operates off-track betting at its own site and at playboyracing.com under an arrangement with Playboy Enterprises. Since September, it also has had a marketing arrangement with Yahoo under which, at horseracing.sports.yahoo.com, eBet USA has offered interactive wagering, and Yahoo provides live race videos.
Yahoo yesterday altered its horse-racing page to minimize the presence of eBet. The move to distance itself from a controversial business recalled a situation two years ago when Yahoo, after it had quietly begun a revenue-sharing deal on the sale of adult videos, undid the deal under public pressure.
Yahoo spokesman Dan Berger said phasing out the eBet link "was basically a product decision. We felt we needed to modify the content."
For gaming companies such as Penn National, revenue from Internet betting is "not meaningful" yet, said Michael Tew, vice president of gaming research at Bear Stearns & Co. Inc., but might be some day.
"It's just another distribution mechanism for the racing industry, to generate a high-margin source of revenue," he said. "It's basically free money. The races are already taking place."
But why, as the government crackdown on Internet gambling intensifies, is online thoroughbred wagering poised to flourish?
No U.S. company operates an online casino of any kind for use within the United States. MGM Mirage in September got an online gambling license in the Isle of Man, and from that outpost it offers online gambling to 10 countries, but not to Americans.
The Federal Wire Act of 1961 makes it illegal to transmit gambling information within the country, and the U.S. Department of Justice has argued that the law, created during the telephone age, covers the Internet. In 2000, a federal court in New York sentenced the first person to be tried for taking bets from the United States via the Net.
A bill gaining steam in Congress would make it more difficult for unregulated offshore Web sites to cater to U.S. gamblers, by blocking U.S. credit-card companies from processing offshore gambling payments. The bill, called H.R. 21, has more than 30 sponsors and is set to soon be reviewed by the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security.
But it wouldn't halt betting on horse races.
"If you can do it legally now, you can do it legally after H.R. 21 is passed," said Bill Tate, chief of staff for the bill's main sponsor, U.S. Rep. Jim Leach (R., Iowa).
What horse racing has that casinos don't is a preexisting, legalized system for placing bets without showing up in person. Race tracks can set up off-track-wagering facilities and bet-by-phone systems known as "account wagering."
Greenwood Racing Inc., owner of Philadelphia Park and several Turf Clubs around Philadelphia, has a service called Phonebet. Magna Entertainment, which owns the Meadows near Pittsburgh and other tracks nationwide, has XpressBet.
These companies and others present their Web sites merely as new ways to access their bet-by-phone accounts. Regulators have no problem with that.
"You're still using your [phone] account; you're just accessing it by your computer rather than a telephone," said Daniel C. Tufano, chief administrative officer of the Pennsylvania Horse Racing Commission.
There are restrictions. New Jersey doesn't permit off-track betting yet, so Internet wagers there are off-limits. And because of a Pennsylvania law that stops track operators from poaching one another's customers, if you live within 35 miles of Philadelphia Park in Bensalem, you can't use rival Penn National's eBet USA service to bet on the Derby; you have to use another.
Tracks have reciprocal agreements for off-site wagers, so a $2 bet on the Derby via the Internet goes into the actual pool at Churchill Downs in Kentucky.
"It's not a side bet," Tufano said. "That would be called bookmaking."
But do the math if you think that your bet is gonna affect pool...
Using that as a selling point only works with rookies
Heres an article I found today-misses a few like TVG/brisbet
Want to bet online? Go for the ponies
It's legal in Pa. Even a bill gaining steam in Congress wouldn't touch it.
By Don Steinberg
Inquirer Staff Writer
Who's your favorite in the Kentucky Derby this afternoon? Have you gone to the Internet to place your bet yet?
Whoa, hold your horses. Maybe you thought Internet gambling was illegal.
It is, pretty much, and Congress is moving to clamp down on it even more - unless you count betting on horse races as gambling. Betting all you want on the ponies, through a convenient Web site near you, is perfectly legal in Pennsylvania and many other states - though not New Jersey - and it will continue to be even if the toughest antigambling legislation now in Congress becomes law.
At sites such as youbet.com, eBetUSA.com, phonebet.com, and xpressbet.com, you can set up an Internet gambling account, use a credit card to fill it with cash - usually there's a $25 minimum - and in minutes be wagering on live races at dozens of horse and dog tracks around the country.
The sites offer simulcasting, so you can watch your pony run in real time. It's like having an off-track-betting shop in your house.
Penn National Gaming Inc. of Wyomissing, which owns Penn National Race Course and Pocono Downs, is among the leaders in online race wagering. Its subsidiary, eBet USA, operates off-track betting at its own site and at playboyracing.com under an arrangement with Playboy Enterprises. Since September, it also has had a marketing arrangement with Yahoo under which, at horseracing.sports.yahoo.com, eBet USA has offered interactive wagering, and Yahoo provides live race videos.
Yahoo yesterday altered its horse-racing page to minimize the presence of eBet. The move to distance itself from a controversial business recalled a situation two years ago when Yahoo, after it had quietly begun a revenue-sharing deal on the sale of adult videos, undid the deal under public pressure.
Yahoo spokesman Dan Berger said phasing out the eBet link "was basically a product decision. We felt we needed to modify the content."
For gaming companies such as Penn National, revenue from Internet betting is "not meaningful" yet, said Michael Tew, vice president of gaming research at Bear Stearns & Co. Inc., but might be some day.
"It's just another distribution mechanism for the racing industry, to generate a high-margin source of revenue," he said. "It's basically free money. The races are already taking place."
But why, as the government crackdown on Internet gambling intensifies, is online thoroughbred wagering poised to flourish?
No U.S. company operates an online casino of any kind for use within the United States. MGM Mirage in September got an online gambling license in the Isle of Man, and from that outpost it offers online gambling to 10 countries, but not to Americans.
The Federal Wire Act of 1961 makes it illegal to transmit gambling information within the country, and the U.S. Department of Justice has argued that the law, created during the telephone age, covers the Internet. In 2000, a federal court in New York sentenced the first person to be tried for taking bets from the United States via the Net.
A bill gaining steam in Congress would make it more difficult for unregulated offshore Web sites to cater to U.S. gamblers, by blocking U.S. credit-card companies from processing offshore gambling payments. The bill, called H.R. 21, has more than 30 sponsors and is set to soon be reviewed by the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security.
But it wouldn't halt betting on horse races.
"If you can do it legally now, you can do it legally after H.R. 21 is passed," said Bill Tate, chief of staff for the bill's main sponsor, U.S. Rep. Jim Leach (R., Iowa).
What horse racing has that casinos don't is a preexisting, legalized system for placing bets without showing up in person. Race tracks can set up off-track-wagering facilities and bet-by-phone systems known as "account wagering."
Greenwood Racing Inc., owner of Philadelphia Park and several Turf Clubs around Philadelphia, has a service called Phonebet. Magna Entertainment, which owns the Meadows near Pittsburgh and other tracks nationwide, has XpressBet.
These companies and others present their Web sites merely as new ways to access their bet-by-phone accounts. Regulators have no problem with that.
"You're still using your [phone] account; you're just accessing it by your computer rather than a telephone," said Daniel C. Tufano, chief administrative officer of the Pennsylvania Horse Racing Commission.
There are restrictions. New Jersey doesn't permit off-track betting yet, so Internet wagers there are off-limits. And because of a Pennsylvania law that stops track operators from poaching one another's customers, if you live within 35 miles of Philadelphia Park in Bensalem, you can't use rival Penn National's eBet USA service to bet on the Derby; you have to use another.
Tracks have reciprocal agreements for off-site wagers, so a $2 bet on the Derby via the Internet goes into the actual pool at Churchill Downs in Kentucky.
"It's not a side bet," Tufano said. "That would be called bookmaking."
Any big horseplayer must use USA betting companies, everything thing else is illegal and limited payouts. Anyone playing exactas and tris also must play in usa. The offshores are good for betting favorites, small priced stuff,ect.
Yes a lot of offshores do move money into legal tote pools in usa, do not go for the con game about that.
Yes a lot of offshores do move money into legal tote pools in usa, do not go for the con game about that.
Good morning. As far as large players are concerned the exact opposite is true. A large player is forced to go offshore. First of all large wagers move pools , so betting big dollars is counter productive. If a player is going to wager over $10,000 a day in the us that leads to forms that most people don't want to fill out. Thank you
Any wagers totaling over 10,000 in a day trigger a ctr (currency transaction report).There is nothing illegal about filling out this document, but many peoplre would rather not let the government know that they are handling over $10,000 a day in cash transactions. This is the sane form that a vegas sports book , or casino issues for these transactions. Once again you would be suprised how quickly you can churn $10,000 in a 24 hour period. Its 33 300 wagers and the next one gets the form. If you play several tracks a day for decent money, you will run up against this. Thank you
I dont know anyone who ever has had one of those (ctr) by betting at the racetrack.
Ill guarantee that the management of tracks dont even know what it is.
Makes no sense- what were you talking about? Casino transactions?
Id seriously doubt you have any 10k daily players at tc. If so Im sure theyve renogoatiated the rebate structure.
TC-its still early but who do you guys need today?
Ill guarantee that the management of tracks dont even know what it is.
Makes no sense- what were you talking about? Casino transactions?
Id seriously doubt you have any 10k daily players at tc. If so Im sure theyve renogoatiated the rebate structure.
TC-its still early but who do you guys need today?
I am not here bashing Triple Crown(They have been a phone offshore leader for years),
What I am saying it is a lot safer to play onshore for ponies and there is no way tcb that you are taking 3,000 bets to win on horses and holding the action . It would not make sense for you. Any pro race gambler is betting onshore with legal shops.
Triple Crown you are showing class here and patience which in turn will get you more customers
What I am saying it is a lot safer to play onshore for ponies and there is no way tcb that you are taking 3,000 bets to win on horses and holding the action . It would not make sense for you. Any pro race gambler is betting onshore with legal shops.
Triple Crown you are showing class here and patience which in turn will get you more customers
Sorry it took so long to respond, but as you can immagine its nuts here today. As far as ctr's are concerned all racetrack managers are aware of them . Failure to file can lead to hugh fines. This is the same form that you would fill out at a bank or other financial institution. And remember this is in a 24 hour period. As for the number of $10,000 players that we have i will say its a number above 20 but less than 1,000...WE do take wagers a tlimits that we are comfortable with. $3000 across at a major track is not unusual for us. Obviously we are not fans of pool manipulation, which is why we take less at smaller tracks.Thank you
