Posts Tagged ‘work’

Question by Kobe Loves YOU: how do poker tournaments work?
What are buy-ins and how do you know how much you win? Also, who do you play?

Best answer:

Answer by want deny
you all bring to the table a certain amount of money

the total combined amount is how much you win

you play whoever you want

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Question by Nicolas: How do taxes work for online poker tournaments?
I am an online poker player and I have made a good amount of money online or at least I’d like to think so… I am a little worried about taxes.

I only play poker tournaments, absolutely no cash games. Would taxes apply to the amounts I cash out and the amounts I deposit?
I make at least 5-10 deposits and 5-10 cashouts per month. When I mean cashout, I mean asking a check from the poker website.
I forgot to mention that I live in California (United States)
Example: I deposit $ 150… Lose that. Deposit $ 150 again. I get to $ 600 and Cashout. Deposit $ 150 again. etc….

At the end of the month I have $ 2000 in cashouts and $ 1000 in deposits. Are the cashouts my wins and what I’m supposed to tax?

Best answer:

Answer by Dan H
“There are several cases in law that would suggest that betting and gaming (and poker, as a game of skill) are tax free occupations.”

I think it is tax-free in the UK, but not in the States.

Edit: In that case it seems to be more complicated.

http://www.onlinepokerfaq.com/guide/us-taxes.html

http://answers.yahoo.com/question/index?qid=20071217133348AAPgx2X

Sorry I don’t have time do more than send you the links.

What do you think? Answer below!

Question by mgord67: Do poker/casino/sportsbook affiliate sites work?
I’m building an affiliate site and need some feedback.
I’m using yahoo sitebuilder and have been working on it for about a week now in my spare time. How does it look so far? I know I need more content, any suggestions? I know there are a lot of sites like this out there. Anyone have one thats been working good for them? This started as just a hobby, a way for me to refer my friends to places I already play, but once I joined the affiliates I realized that where I play is just the tip of the iceberg to all that is out there. Any comments, suggestions or even criticisms welcome.

http://www.gordscafe.com

Best answer:

Answer by Bonus Galore
they sure do. check out my site and you’ll know they do.

http://www.bonusgalore.com

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Question by Tim M: How does Vegas casino poker work?
Going to Vegas for the first time. Looking forward to playing some hold ‘em. However, I have NO IDEA how it works not the rules of the hand but the buy-ins and pay outs. For EX one of the casino sites say for no limit hold ‘em $ 80 buy in $ 1000 in chips. OK so what does that mean? Obviously they are not going to give me $ 1000 for $ 80.
Just a little confused on how it works. Can you cash out at anytime for games like that? I know sounds dumb but never been to Vegas to play real poker.

Best answer:

Answer by answers
$ 80 buy in $ 1000 chips – that’s a tournament. And no – you can’t cash out anytime….gotta win the tournament or at least last long enough to make the money!

Any other cash game – if you buy in for $ 100 they give you $ 100 in chips. And you can leave whenever you want.

They will refer to them as $ 1/$ 2 or $ 2/$ 5 (or much higher!) which is referring to the small blind/big blind structure.

And the cash games can be limit or no-limit.

When you get to the poker room there will be someone you check in with, they will tell you what games are being played and which have open seats.

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Question by Good guy: Do I have to enter a tournament to play poker at a casino or how does it work? Do I need an appointment?
Is it like blackjack, where you walk to the table, sit down and change some money for chips?

Best answer:

Answer by bluffraise
yes if you play cash games, you basically walk in and buy in chips…

most casinos also host tourneys where you show up at a specific time and buy into the tourney…

What do you think? Answer below!

Question by coachnellie: How do rebuys work in poker tournaments?

Best answer:

Answer by Eilrama B
Every tournament is different, some allow you to buy back in at full rate, while others allow you to buy back in, but you only get 1/2 of the chips you normally would have. There is also typically a limit on the number of times you can buy back in, and it’s only until a certain amount of either time or number of people eliminated that you can rebuy.

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Question by Slick1: My friend at work keeps playing poker at the casino?
My friend at work keeps playing poker at the casino.. He asks if i can cover his night shifts sometimes because he is hot playing poker and gives me 0-0 to cover his 4-5 hour shift at work when he is not there.. Should i keep doing this to make money off of him?? Would you guys do it if your boss never found out?

Best answer:

Answer by Summer
i would do it. why not? your making money! money is not the easiest thing to come by. get it while you can!
Summer

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Question by John: How do payouts for online poker work?
I’m under 21, but over 18 and I’m looking to join an online poker site. If I deposit money into an account through my debit card, how would I withdraw money? Would this be electronically or through something like a check? And can I do this if I’m under 21?

Thanks, I appreciate it!

Best answer:

Answer by Mick Shrimpton
Most sites are 18+. It’s 21+ here in the States at real money casinos because of alcohol. If you are able to use your debit card in the first place, you can take a payout by check. The checks come from their third party payment processors. I have a list of methods that I’ve personally used at http://dagus-statistics.com/funding and http://poker-lobby.com if you need an alternative. Good luck.

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Question by Jessica D: Does any online poker site still work with US residents?
I want to play online poker, I live in US and would even be willing to open overseas account to play online poker. Can this be done and if so, how?

Best answer:

Answer by Shocker Of Minds
Try full tilt poker they should do it
Oh and good luck

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Question by beatzscientifik: How do taxes work for winnings from online poker/gambling sites based outside the US?
If you win ,000+ from an online poker/gambling site based outside the US, is there any way to cash out the money without having to pay taxes? If not, can someone explain how taxes would work?

Best answer:

Answer by snwbrder0721
You may want to contact a tax specialist or CPA, but my understanding is that since online gambling is illegal your only option for taxes is to report it under “other income earned” on a tax form. It’s like a catch 22 since it’s illegal earnings, but yet the government also wants to tax those illegal earnings. I’ve heard advice of getting an account with an offshore bank and taking out cash from an ATM so that it’s not as tracable if you were audited. You might lose a % with fees and such, but your best bet may be to keep it in cash so there aren’t as many paper trails to follow. If you do end up paying taxes on it you would pay in the high bracket like a lottery winner, upwards of 35% I believe.

My advice, if you’re really making that kind of money you’re either good or lucky. In either case look into a trip to Vegas and keep everything legal so you can enjoy your winnings to the fullest without worrying about the FBI knocking down your door.

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