What would you rather?

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I'm wondering what would be the best offshore site for betting on horseracing. Figuring the site doesn't report winnings for taxes, which would be better:

1. A site which offers full payoff (meaning they don't limit payoffs at like 300 to 1), for straight bets, exactas and trifectas, but no rebate.

OR

2. A site with rebates ranging from 3-6% of each bet, but caps on exacta and trifectas at 600 to 1. What if the cap was raised to 1000 to 1 for exactas and trifectas?
 

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