Caliente's Hidden Treasure...2% tax on all winnings

[3Dimes]

As someone who lived in San Diego, I'm familiar with the Caliente books.

While they pay like the Bank of America, the problem is the 2% tax on ALL winning wagers, sports or horses.

The Caliente books are for squares and morons...who else whuld accept a 2% tax on top of laying 11/10 (no reduced juice there)???

 

[SrMuny]

Small price to pay to ensure you get paid.IMO

 

[Dante]

good point muny...where does the 2% tax go??

 

[SrMuny]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Dante:
good point muny...where does the 2% tax go??<HR></BLOCKQUOTE>

Tequila production? LOL....Have no clue dante

 

[timbo37]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>where does the 2% tax go?? <HR></BLOCKQUOTE>
To the Coyotes.

 

[Dante]

 

[exilarch]

These particular Mexicans are too stupid to realize that if they taxed gross handle(much smaller percentage, of course) their business would triple, and they would be better off.

 

[WildBill]

Money bet on sports in Mexico goes to the government and they keep creeping that tax up. It was 1% when they first took sports bets and now its 2%. To their way of thinking its just taking money from gringos because Mexicans spend all their gambling dollars on $5 exactas and other exotics. The gringos bet 11/10, not the locals. That is why no one cares to lower the tax. When you hit a $500 payoff for a $2 bet, kicking back $10 doesn't seem like much. One time I was down in TJ and wanted to watch some games while waiting for some friends to meet me for dinner. They make you buy a $20 voucher on busy days and I had to bet it so I bet on a 1-5 horse to show. I won my bet and my payoff was $20.50. They took my $21 payoff and took out half of my winnings in this "insignificant" tax which isn't based on your actual net win, but is based on what you get back including your stake!

 

[Revere14]

So if I buy a ticket at -110 on an NFL game. I risk $110 to win $100. If I win, instead of collecting my $110 + $100 profit = $210, I collect $205.80, since 2% of $210 is $4.20)??

That means essentially you are paying a 4.2% tax on your winnings, not 2%. It also means you are getting -114.8 instead of -110.

Buy ticket for $114.80, win $104.36 for a total of $219.16, pay tax of $4.38 (2% of $219.16), receive $214.78 for a profit of $99.98. Yuck!

Revere14

 

[WildBill]

Well its either that or they have a 50 cent minimum for tax. As for getting paid, yeah true but you gotta get the money across the border first

 

[BillDozer]

screw that!
If 2 or 3 top reduced juice books go out of business I would quit nevermind paying over -110 for a side

 

[DickyW]

The Caliente books are for squares and morons...who else whuld accept a 2% tax on top of laying 11/10 (no reduced juice there)???

LMAO, The 2% is a SMALL price to pay to play there. If your a prop player or a Futures player you'll understand what I mean.

 

[chips]

The 2% is on the win only, not the whole stake. $110 to win $100 becomes to win $98 and the ticket will return $208. Its horrible for Joe Square but many times there is huge value there, times have changed and they are more into chasing Don Best than in the past but its not uncommon for you to take 20-25 cents better on dogs in Baseball especially when betting againsts the Braves or Yankees! Paying 2% on a win isnt so bad when you are taking +170 when the best takeback elsewhere is +145

 

[WildBill]

Good point, but I am still trying to figure out why 50% of my winnings disappeared that one time. I mean at least there was something left to call a win, but my goodness if they took out the right amount of tax that is robbery. They had dimes and nickels there too, it wasn't like he paid me 50 cents just because he had quarters. I never really bet there much in the first place, carrying cash or getting it from the ATM and betting it there doesn't exactly make me feel safe, at least not in Tijuana.

 

[3Dimes]

It's true that the mexican players are parlay players to the bone, but then so are 90% of the americans who play there.

5 teamers, 6 teamers, 10 teamers....of course they welcome that action.