Poker Champ Joe Hachem Wins Tax Break Too

In a development sure to make all professional poker players green with envy, Joe Hachem has learned that he does not have to pay income taxes on the money he won at the 2005 WSOP. Hachem took home $7.5 million for outlasting 5,600+ people in the main event of the World Series of Poker this year.

As the Lebanese-born Hachem officially resides in Australia, he is subject to their tax laws. According to the Australian Taxation Office…

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Poker jargon:

SIDE POT - When an active player runs out of money during the course of a hand, the remaining players participate in a second or SIDE POT for the rest of the hand. Additional side pots are possible if several players run out of money at different points in a hand.
TAPPED [OUT] - Out of money. Can refer to a player running out of money in the course of a hand, thus still active for the main pot; or can refer to a player who has lost his bankroll and can no longer play.
FAVORITE - Before all the cards are dealt, a hand that figures to be the winner. Ant: UNDERDOG.
OVER - A term used in describing two pair or a full house. "Kings over tens" means two pair, kings and tens. "Jacks over", also "Jacks up" describes a hand that is two pair: Jacks with an unspecified lower pair. Also used to describe a full house, distinguishing the three of a kind from the pair. The hand J-J-J-A-A could be described as "Full house, Jacks over Aces".
FLAT LIMIT - A variant of fixed limit where all bets are the same amount.
ON TILT - Playing worse (usually, more aggressively) than usual because a player has become emotionally upset.

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