The U.S. Treasury Department and the Internal Revenue Service announced Monday that they will formally adopt modernized regulations for horse racing regarding the withholding and reporting of pari-mutuel proceeds. The National Thoroughbred Racing Association has long pressed for these updated regulations that will allow horseplayers to keep more of their winnings, thereby increasing the amount wagered on U.S. pari-mutuel racing by as much as 10 percent annually, or upwards of $1 billion, according to independent estimates. The new rules were posted late Monday afternoon as a Public Inspection Document. They are scheduled to be officially published in Wednesday’s edition of…

Could we see Atlantic City horse racing on the beach? The centuries-old Il Palio event held in Siena, Italy may get a variation in that theme in New Jersey, as was first reported here on this blog last month. On Monday, legislation to permit the horse races on the Atlantic City beach cleared an Assembly committee. The bill (A-4149) would authorize the New Jersey Racing Commission to grant “a special permit to a running race permit holder that leases a state-owned racetrack, to hold or conduct a special running race meeting on the beach.” Assemblyman John Burzichelli, D-Gloucester, said the…