Can you bet on a horse if you own it?

Regardless of the ownership percentage or interest, owners are not permitted to lay a horse they own under any circumstances, have a horse laid on their behalf or be party to the laying of a horse which they own.

racingvictoria.com.au - Prohibition on owners placing a lay bet | Racing Victoria

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All owners are reminded it is an offence under the Australian Rules of Racing to lay any horse that they own. Regardless of the ownership percentage or interest, owners are not permitted to lay a horse they own under any circumstances, have a horse laid on their behalf or be party to the laying of a horse which they own. If an owner breaches this rule, they may be penalised by a Principal Racing Authority or the Stewards. Owners may hold an account with betting exchange Betfair, but must not lay their own horse.

For your information, Australian Rule of Racing 237 states:

AR 237 Prohibition on persons laying horses

A trainer must not lay any horse that is either under the trainer’s care, control or supervision, or has been at any time in the preceding 21 days. A person employed by a trainer in connection with the training or care of horses must not lay any horse under the care, control or supervision of the trainer for whom the person is or was employed while employed and for a period of 21 days after ceasing to be employed. An owner or nominator must not lay any horse that is or may be entered by that owner or nominator or on that person’s behalf, provided that a bookmaker may lay a horse in accordance with the bookmaker’s licence. A rider’s agent must not lay any horse to be ridden by a rider for whom that person is an agent. A person who has provided a service/s connected with the keeping, training or racing of a horse must not lay that horse within 21 days of last providing that service. A person must not offer an inducement to a participant in racing with the intention of profiting from a horse not participating in an event to the best of its ability. In circumstances where it is a breach of this rule for a person to lay a horse, it is also a breach of this rule for that person to:

(a) have a horse laid on his or her behalf; or

(b) receive any money or other valuable consideration in any way connected with the laying of the horse by another person.

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What happens if you forget to report gambling winnings?

If you receive a W-2G and do not report the income on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on the unreported gambling winnings and any other unreported income.

hrblock.com - Tax Dictionary - Form W-2G, Certain Gambling Winnings - H&R Block

IRS Definition

File this form to report gambling winnings and any federal income tax withheld on those winnings. The requirements for reporting and withholding depend on:

the type of gambling,

the amount of the gambling winnings, and

generally, the ratio of the winnings to the wager.

More from H&R Block

If you receive a Form W-2G for gambling winnings, you must report the full amount of income shown on the W-2G on your tax return. The W-2G will also show any federal and state income tax withheld from your winnings. You cannot report your actual net winnings (winnings less buy in). However, you can deduct losses up to the amount of your winnings. You can itemize losses on your Schedule A, if you have receipts or other documentation to prove your losses. You cannot show a net loss on your tax return from gambling. If you receive a W-2G and do not report the income on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on the unreported gambling winnings and any other unreported income.

Learn how to handle an underreporter inquiry (CP2000).

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