How to make Deposits:
Red Mile accepts cash, cashier’s checks, money orders, or wire transfers for deposits. Additional deposits to your Bet Race account may be made any one of the following ways:
- In person by visiting Red Mile Mutuel Department.
- By mailing your cashier’s check or money order to Red Mile Mutuel Department.
- By wire transfer.
- To wire transfer money simply wire the money to:
Whitaker Bank,Turfland Mall, Lexington, KY 40504
Call 1-866-238-7223 for Routing and Account Details
**Make sure to have the wire made payable to LEXINGTON TROTS BREEDERS ASSOCIATION
Then fax verification of the transfer from your bank to The Red Mile Mutuel Department at (859) 259-2748.
Please remember to include your name and account number on all deposits.
How to make Withdrawals:
Withdrawals may be made one of two ways.
In person cash withdrawals by visiting Red Mile Mutuel Department. Red Mile reserves the right to limit the maximum cash withdrawal to $5000.00.
Over the phone check withdrawals by calling 1-866-Bet Race, and giving your account number, password, and amount of withdrawal to the Bet Race operator.
The Bet Race operator will verify sufficient funds exist for the withdrawal. Withdrawal requests received Monday-Friday prior to 1:00 PM (EDT) will be processed and sent out the same day. Weekend requests will not be processed until the following Monday.
Please remember you will be required to supply your account number and your password in order to withdraw from your account!
Tax Information, History Statements & W-2G
Winning wagers are reportable to the IRS and a W-2G (Income through gaming) form must be generated when the winnings are $600 or more AND at least 300 times the amount of the wager.
If the winnings are at least 300 times the wager and pay $5,000 or more (less the amount of the wager), Federal Income Tax must be withheld at a rate of 25% and Kentucky state income tax must be withheld at the rate of 6%. Federal and State withholding percentages will automatically be deducted from your account. Transaction, Wagering, Balance, and End-of-Year Statements will be made available at year’s end.
IRS Withholding tickets are automatically credited to your account just like any other winning wager. At the end of the year, you will be sent a copy of all your W-2G withholding forms.
Bet Race and RedMileBets Account Holders shall not make wagers from their account while residing or located in a Non-Wagering jurisdiction in which pari-mutuel wagering is forbidden. In particular, account holders may not place wagers while residing or located in Alaska; Georgia; Hawaii; Mississippi; Missouri; Nebraska; Nevada; New Jersey; New York; North Carolina; Puerto Rico; South Carolina; US Virgin Islands; Utah; and Canada. Placing an account while in one of these jurisdictions may result in the criminal prosecution of the account holder.
Red Mile Account Wagering is subject to all rules and regulations concerning customer disputes as defined by the Kentucky Horse Racing Authority. To ensure accuracy, Red Mile Account Wagering will maintain voice recordings of all phone account wagers, complete records of all customer transactions, and provide (upon request) an account statement of each deposit, withdrawal, debit, and credit transacted during the discrepancy period. In terms of phone wagering, the voice recording of the account holder’s acceptance of the wager shall be deemed the actual wager.
To ensure quality customer service, Red Mile Account Wagering will address disputes immediately upon receipt. For immediate response to any discrepancies, please contact our Office during business hours at:
(859) 255-0752 ext. 227