Aussie poker king wins in tax stakes
Australian world poker champ Joe Hachem’s lucky streak has continued, with news he won’t have to pay income tax on his $10 million winnings from Las Vegas because he was pursuing a hobby, not working.
The Melbourne father of four toppled American and European poker heavyweights by blitzing the World Series of Poker in July.
Hachem’s lawyers said the Australian Taxation Office had found their client was not in the business of playing poker…
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Poker talk:
- RAISE - To wager more than the minimum required to call, forcing other players to put in more money as well.
- POSSIBLE [STRAIGHT/FLUSH] - Up cards that quite possibly could lead to a straight and/or a flush.
- MUCK - [1] A collection of face-down cards near the dealer composed of discards, i.e., folded hands, burns and discards for drawing purposes. [2] To throw one's cards into the muck, thus folding.
- RAINBOW - In flop games, a flop in which no two cards are of the same suit. "The flop was A 9 7 rainbow."
- HOUSE RULE - Rules and interpretations (e.g., use of wild cards, or rules on having to show beaten hands) that are specific to an establishment or even tables within the establishment.
- COLD CALL - Calling both a bet and raise at the same time, as opposed to calling a bet then later calling a raise made after the call.
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