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Like the title says the laugh is on me. Today the Kentucky Derby was run. As an avid horsewoman I love to watch the Sport of Kings. Along with placing the occasional bet. I use my knowledge of horses and their riders in making those bets. I usually do pretty well at the races. One of the many things I never do is bet on the long shot. That was until today. My daughter talked me into placing a $200 bet on 80-1 longshot Rich Strike for her. As it was her allowance money that was being used I thought it would teach her a lesson about gambling. Well the lesson was on me today. The lesson is simple. Never look a longshot in the mouth. Because you could end up getting bitten.
Comments
Ouch
16000 bad lesson.
Nope, remember, they take a
Nope, remember, they take a government cut out of it INSTANTLY. So, at best, a $9,000 lesson. You can try to demand some of that money back when you file taxes, if you have enough 'losses'. So collect those betting slips for the rest of the year!
I'll get a life when it's proven and substantiated to be better than what I'm currently experiencing.
tels was right
32k win on 200 at 16:1 so a net of 16k
Stupidity is a capital offense. A summary not indictable.
I didn't run the numbers, so
I didn't run the numbers, so I was assuming it was the net at 16k. In general, they whack 45% off the top, so it'd probably be closer to 17k than 16, if it was a 32k total.
Still a lot of theft. (I'm a firm believer in that taxes are to be paid either quarterly, tax day. Not when the government says that you should pay it. You should get the full amount immediately, and pay taxes when taxes are due. )
I'll get a life when it's proven and substantiated to be better than what I'm currently experiencing.
Why I'm happy being Canadian.
No taxes on lottery / gambling wins.
Stupidity is a capital offense. A summary not indictable.
That's because the government
That's because the government owns the casinos. They get their cut up front. :)
I'll get a life when it's proven and substantiated to be better than what I'm currently experiencing.
What a twist
I guess I would be willing to learn that lesson if my daughter were going to bring home a windfall of that size.
Did you explain that there was a fee for placing the bet for her? Like a 50 percent fee? :)
Wow
That’s a lot of money. How old is she I would put most of that in a college or trust fund for her.
hugs :)
Michelle SidheElf Amaianna
That's Like
A few years ago in Australia, the Melbourne Cup (our number one race) was won by a 100-1 outsider Prince Of Penzance ridden by a female jockey Michelle Payne....a double whammy! Shock, Horror!
Unlike in the USA winnings are not taxed, so your bet here would have realised $16,000 (or $20K on the Melbourne Cup).
She's a delightful girl who stuck the middle finger up to all the male jockeys who reckoned she didn't have a chance.
Yep and I backed Prince of
As a girl who spent my 1st 16 years in Melbourne, I always have a flutter on the cup and yep and I backed Prince of Penzance for 20 each way :D
I always have money on the longshot on cup day and generally have it in a box trifecta.
I must say I was ecstatic at Michelle Paynes ride that day. :D
Amanda