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- While there’s no way to skirt the legal tax requirement, Betway has taken it upon themselves to fund the 6% betting tax on your behalf. This means that your potential returns on horse racing bets won’t be touched and you can see exactly how much Betway will be paying on your horse racing betslip.
www.betway.co.za › blog › july-2023
Jul 7, 2023 · While there’s no way to skirt the legal tax requirement, Betway has taken it upon themselves to fund the 6% betting tax on your behalf. This means that your potential returns on horse racing bets won’t be touched and you can see exactly how much Betway will be paying on your horse racing betslip.
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Betway is returning the winning tax on all horse racing bets. That means when your chosen horse first crosses the finish line, your winnings will be completely tax-free! No 6% horse racing tax at Betway!
We pay your 6% tax on winning horse racing bets for you. ... Add more legs to your horse racing bets and boost your win up to 300%. ... Betway Pay: BETWAY. EasyLoad ...
No horse racing tax for Betway customers in South Africa. Punters are often frustrated at having to pay horse racing tax, especially when all other forms of betting, including lottery games in South Africa are tax-free!
Betway Tax Scratch is a feature that will automatically pay back the 6% winnings tax on horse racing back into your account on all horse racing events – letting you enjoy all the latest derbies and events while getting a full return on any betting wins. .
Under the new regulations, the IRS will consider the inclusion of a bettor's entire investment in a single pari-mutuel pool when determining the amount reported or withheld for tax purposes, as opposed to only the amount wagered on the correct result.
The new horse betting tax rules now count the entire amount of money you bet into a single parimutuel pool as your original wagering amount for tax purposes. Before, the IRS only counted the base bet amount when calculating its 300-1 reporting and withholding thresholds.
