Laws & Blackout Days in OTB

Video Transcript

"In this segment, we're going to be covering betting state to state and some of the generic laws that are involved in that. We're here in the state of Colorado and we have certain dates that we're not allowed to take bets on different types of tracks. Like for instance, Sunday, we can take bets on the horses, but on Tuesdays, we can't take bets at all. That varies from state to state. Those races are televised, what is called a simulcast. All of the states have them, it just depends on which tracks they're taking on which days. At a certain point, if you won a certain amount of money. You will have to fill out a form for tax purposes. For example, if you place a two dollar Exacta bet on one and two and that two dollar bet on the screen shows that you're going to be getting money above and beyond six hundred and one dollars. You would have to fill out a tax form. When you place a bet, if your bet is over six hundred and one dollars, at least in the state of Colorado. Expect to fill out a tax form. You might not have too, but it's a good idea to just be prepared to have to fill out that information. If the odds on the number that you bet on are over three hundred to one, again expect to fill out the tax form. Again, you can check with your off track betting site, your on track betting site or your racing commission. Black out dates also change from state to state, county to county, depending on their regulations."