No kidding about hating the horseplayers. How does it work on a football betting site? If you bet $200k on a football season and break even, the IRS says you won $20,000. Is that right? There are some bettors on these football sites in for a very rude surprise. How are the football betting sites handling it? I never thought in a million years that I would give up horseracing, but they are simply making it untenable. This is truly killing the golden goose when you think about all the others (and their tax dollars) that rely on horseracing not going down. Casinos get to have you play in chips which basically nets all transactions and reduces the "taxable" base. Why not move to chips instead of cashing betting? Am I missing something here? I would love nothing better than for somebody to tell me I am full of it and wrong here.