November 3, 2011

Question on Tax Laws and Gambling

By admin

I’m pretty ignorant to the tax laws, but I’m curious: Is money made in online poker (offshore) taxable?

Answer 1:

While I can’t guarantee I’m right, I’m pretty sure that any income made overseas by a U.S. resident is subject to U.S. Federal Income tax.  If you pay taxes to the foreign country, you might get an offset to that amount, but I doubt you’re paying any Costa Rican taxes at the Planet or Paradise Poker sites.


Answer 2:

It is defiantly taxable, but the US Gov’t has no idea that you earned the income – so they put the responsibility on you to report it in “other taxable income not reported” – this is were they get you for tax evasion (But don’t worry – that only holds true if it is over 10% of your AGI “adjustable gross income”)

Answer 3:

The short answer:  Yes.  If you are residing in the US, it doesn’t really matter where you earn the money.  It’s taxable. If you are a US citizen who lives abroard (or is physically present in the foreign country for a substantial part of the tax year), then foreign income is excludable.

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November 3, 2011

Riverboat Poker

By admin

So it seems that Riverboat Poker on the Iowa/Illinois poker in the Quad Cities is nearing its end. I have been corresponding with several friends who are still employed in the poker rooms on both the Isle of Capri (formerly Lady Luck) in Bettendorf, and The President in Davenport.  For quite a while the rumors that IOC was closing the room have been unsubstantiated.( read : HOPE beyond hope they dont…) I just got back from my former stomping grounds and heard first hand from several VERY reliable sources, the “facts”.
Expect the closing shortly (30-90 days).  The slot machines are coming.  Sad. Any hope that the action would continue at the Prez if IOC closed its room have also been dashed.  The Old president is due for mandatory dry-dock soon, when the smaller replacement boat is brought in, there will be no poker room. Additionally, it is rumored that IOC has made a bid to purchase the Prez, some say it is a done deal. So what are the odds that IOC reopens a room on the Prez?

Answer 1:

I started playing casino poker about a year ago and visited the Lady Luck and President 2-3 times a week.  There was a game every night, and tournaments were decent.  However, over the last 4 months the rooms have really slowed down.  I started playing at Meskawki about 3 months ago and love it.  No bad beat rake, very well run tournaments, solid dealers.  Plus they spread 4-8 every night instead of the 3-6 and 2-4 crap in Davenport. You should give Meskawki an honest try…they have a great pot limit holdem game on Friday nights and a 4-10 half kill Omaha game that goes most nights. On a side note, I did return to the President on Sunday for one last night before I venture out to Seattle next week and walked down to find one table of 1-4 Stud at 6 p.m.  I think that’s a definite sign that Poker is about history in Davenport.

Answer 2:

I wasn’t knocking Mesquaki at all.  I’ve played there numerous times.  I started dealing Poker on the President, about 8 years ago or so.  You should have seen the action then…13 games going almost 24/7, with lists as long as your arm, for a year, then it started to slowly dwindle to what remains.  It hasn’t been “good” for a long time. Limited player base, excessive drop/jackpot, and Chicago action are the culprits in the demise of the action in the QC’s.  I moved on and went to Harveys in Council Bluffs to help open the room there. It lasted about 18 months before things started to go downhill, and I moved here to Arizona.  The keys to the success of poker here in Phoenix/Scottsdale is the HUGE player base, and the fact that POKER is i major part of the Casino Operation (2nd behind slots, which are limited, of course).  BUT, there is no internal competition between other, more profitable, table games here…No house banked games…hence no Blackjack, Craps, or Roulette.  The fact that poker was so
much less profitable than those house banked games is why poker took a distant
5th out 5 in terms of importance to the house in the Midwest. Poker was doomed
from the start. Best of luck to you and Mesquaki.  I think that room is going to be better than it is, with the increase in players that it will surely soon see.

Answer 3:

Nope, grew up in Des Moines….and I agree about the player base…you would think that with the growing popularity of poker that those two rooms would be able to survive but oh well.  I didn’t mean to imply that you were knocking Mesquaki.. Was just suggesting to others an alternative when the Riverboats shut down their rooms…

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November 3, 2011

Ban Internet Gambling?

By admin

‘m surprised that not more has been said about the proposed legislation to ban all internet gambling.  From what I’ve read, there are more than enough votes for this bill, but there is a disagreement about whether horse racing should also be included.  The dispute about horse racing is the only thing right now preventing this legislation from being passed. The internet gambling ban will force ISPs (internet service providers) to restrict our ability to access gambling sites. My question is will this kill all internet gambling– whether it be sports books or poker sites–or are there
ways around such restrictions?







 
Answer 1:

Assuming you refer to S.692 aka HR3125 (the Kyl Bill, aka The Internet Gaming Prohibition Act of 2000), this is not as devastating to thee industry, though this is the one in more immediate danger of becoming a law.   This act applies only to the online casinos, and has no penalties or restrictions against the act of gambling online itself — it merely restricts the right to operate a gambling business online. Of more dire consequences if passed is HR4419, aka “The Internet Gaming Funding Prohibition Act”, introduced May 10th.  This bill applies to the gamblers themselves, somewhat indirectly.  It makes it illegal to use a credit card, OR a check, OR any legal tender, to buy cyber-chips at an online casino!   S.692 has passed the Senate, and could be voted on in the House this week.  Tell your Congressman to vote no. HR4419 has been referred to committee (Banking and Finance), and is not scheduled for any House vote soon.  If your Congressman is on the Banking and Finance committee, tell them to oppose HR4419.

Answer 2:

You are reading out of date reports.  As I understand it, the Kyl bill makes it illegal for a US citizen to operate an online wagering site. What I don’t understand is why would this be needed? Haven’t they already prosecuted Americans for operating offshore sports betting facilities?

Answer 3:

Yes, and then they lost at federal appeals.  Some Dallas bookies were convicted of operating a gambling website out of the Bahamas. Monies were not collected in the US; they were sent to Canada for deposit in a bank there and drawn on by the Bahama book (much as Planet Poker works).  The Fed Circuit Court said that the deposit of money was not a bet, they overturned the convictions.

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October 11, 2011

“Winner’s Guide to Texas Hold’em Poker” by Ken Warren

By admin

I picked up suject book used mainly because it was in it’s third printing.  Does Ken Warren understand low stakes Hold’em?

Answers:

He might but he doesn’t understand how to calculate odds very well… Although many of his thoughts are ok.. He makes many errors in his calculations of how much a hand is favored over another. And, Caro made mistakes in his odds calculations in Super System.  So what? Yes, he does understand low-limit poker.  A couple of the sections aren’t well written and might be misleading, but overall it’s a good book.  It’s the only book on the market that specifically targets the most common spread limit structure 1-4-8-8 with 1/2 blinds. The odds mistakes aren’t really important.

I’m beginning to understand and utilize many of the important aspects needed for a strong game.  I still have not found the best place to learn to calculate odds.  Someone posted something a day or two ago that was helpful.  It explained how you use odds to decide if your hand merits a call.  More information like that and how to calculate odds is what I’m looking for. This was the first poker book I ever purchased. It produced a remarkable improvement in my game. I’ve gone on to read several others that have added to my arsenal of knowledge. If Warren’s book is the first book you’ve studied than it should produce similar results.
The fact that you purchased a poker book and want to improve your game by studying is what produces advances in your play. BTW, I’m been reading Carson’s digital book and I’m finding parts to be very interesting and enlightening.

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October 11, 2011

What is Straddling?

By admin

There’s a website article somewhere I read about whether or not it is a good idea to “straddle” but I have no idea what that is.  Could someone help me here?





Answers:

Straddling is like posting a voluntary blind twice the size of the big blind.  In a 4-8 game, the small blind is $2, the BB is $4, and a straddler might put up a straddle of $8.  In essence, it’s like raising the blind before looking at your cards. Some (most?) rooms rule that a straddle is live, meaning that the straddler has the option to raise when the action comes back to him (just like how the blinds have the option to raise).

Straddling is something i encourage, but don’t do.  =)  I MIGHT do it if I knew it would loosen the game up (it often does if you get a couple guys in a row to follow).  Two nights ago a guy straddled two rounds in a row and got AA BOTH TIMES.

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October 11, 2011

Poker Short Handed Question

By admin

I’ve been playing in some short handed games lately at Canterbury-mainly because i usually get there around last call and play late.  Some questions:

1.  What are some ways i can maximize my potential against fish?  I understand that pairs go way up in value with less and that draws are much worse.  I also know to play aggressively, but by how much?  With 4-5 players, should I raise preflop with A-big card?  Pocket pairs?  I’m just not sure how much I should lower my standards.  Axo playable?

2.  How do I defend against a good player?  I know I “should” switch tables but I want to get better at poker and that involves playing against good opponents.  I already consider myself a big enough player at the table, but I ran into a guy the other day who BLEW ME AWAY.




Answers:
First of all, define short-handed.Second of all, it seems to me that there are two different strategies against fish- one advocates sitting tight and playing tight, and the other is, well, a bit more vague.  It sort of seems to advocate jumping in there, but being an expert.  Go figure.  I’ve been up against this question for a few weeks.

As mentioned, there are two schools of thought.  (Pardon the pun). You can play like a rock.  Classically tight-aggressive, predictable and mathematical.  Someone who has read S&M cover to cover.  You can add considerable

flair to this basic strategy, but ultimately a rock will never be the best player in the cardroom.

The other style is what I would call ‘fastplay’.  I personally have switched from a computer-like rock to a fastplayer in the past six months, and I can’t recommend it highly enough.  What’s critically important for fastplay is that you learn tells and how to read people.  You must be highly, highly aggressive.  I could describe fastplay a number of ways, but essentially it’s like this:

From the moment your opponent picks up his cards to about the time the turn card hits, you are attempting to work out what cards he has, and more importantly, how he’s going to play those cards.  It’s a lot easier to do this when you’re the one doing the betting and he’s the one doing the calling.  Personally, I wear a cap and prescription sunglasses, and stare at their faces throughout the entire hand (thought they wouldn’t realise it).  So that what HE has is more important than what YOU have.  If you know he has a made hand AND will call to the river, you

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October 11, 2011

Book Review – Poker, A Guaranteed Income For Life

By admin

I’ve read about this book by Frank R. Wallace. It seems to be geared toward house games. Will reading it be of any major help in the casino?

I dont think that it would be of much help for playing in a casino game. Although there are sections on playing, much of the book is dedicated to the ‘business’ of poker, or making money playing poker as a sort of semi-professional hobby.

I thought some of the sections on money management, game selection/management were interesting, but the stuff on legal issues is dated. There is some good historical material as well and decent probability tables of various  sorts.






The book is strongly geared toward house games and all kinds of manipulative ways to extract as much money as possible, over the long run, from the people in the games. As an example, he encourages playing crazy wild card games because players will not understand the games as well and give up more of their money.

This book is almost more of a business administration guide to poker than a how-to-play book. As far as guaranteeing an income for life, well, this book did not help me nearly as much as Jones, Sklansky or Malmuth have.

This is actually a fascinating book because of its insight into utter ruthlessness. It’s not a how to, but it does have useful insights into the treatment of long-suffering fish (stroke them when they’re down, praise them for their rooling suckouts) and control.

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October 11, 2011

Texas Hold-EM Playing

By admin
Any suggestions for playing in a Hold-EM tough aggressive game? I play in a 20-40 and a 30-60 game. Whoever first comes in ALWAYS comes in for a raise. In these games I play the same way. If I’m going to play I come in for a raise. Suggestions?





Answer 1:
Why not limp in on occassion and keep them guessing… Also do they usually have a big hand when they raise? All you can do is make sure you only call them with a big hand also
Answer 2:
There are some people that come in with almost anything for the raise. Some of the players I know what they play ut it is still tough as a raise does not mean a premium hand or then again it might.
Answer 3:
if you know its tough.. walk.. if theres no other game.. which may be the case.. put them off of their game.. make them unsure.. raise when you shouldnt raise.. make them go after you.

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