Tax Law Demands a Quarter of Poker Winnings
Casinos and card rooms paying out tourney winnings are going to have a new job - holding back taxes, thanks to the new tax code that will go into effect in March of next year. The new code will require these establishments to hold back 25% of the winnings of any poker player if they make $5,000 or more for tax purposes. This is a US tax law and only applies to card rooms and casinos on US soil…
Related Poker News:
- WPTE 2008 First Quarter Loss Widens
- Prince Edward Island Gets Poker Tables
- PartyGaming Grows in First Quarter
- WPTE Third-Quarter Earnings: Lipscomb Disappointed
- Playtech’s fourth quarter revenues double
- PokerTek Narrows Losses in First Quarter
- World Poker Tour Enterprises, Inc. Posts Profit in 3rd Quarter
- 888 Holdings’ 2nd Quarter Grows Despite Stagnant Poker Earnings
- Poker subsidiary drives revenue for Lakes
- WPT Enterprises releases financials for 2006 and 4th quarter
- 888.com Rakes in Strong Fourth Quarter
- World Poker Tour Inc Hits First Profitable Quarter
Poker lexicon:
- MANIAC - A player who bets, raises and reraises without regard to the quality of his hand. Most often found in flop games.
- FULL OF - Describes a full house. "Fives full of queens" is 5-5-5-Q-Q.
- CRYING CALL - A call made with little chance of ultimately winning, but marginally better than an immediate fold.
- IMPLIED ODDS - A refinement to POT ODDS which includes money not yet in the pot. Considers the potential extra bets and winnings made when a player forms a very good hand.
- QUARTER - [1] Twenty-five dollars, often symbolized by a green casino chip. [2] To divide half a pot between two tying hands. In split pot games, a player who "ties" another player for their half of the pot is said to be "quartered". One might say "I didn't bet my A-2 because I figured I'd get quartered".
- STEAM - Playing wildly, calling and raising a lot, because one is upset. Compare: ON TILT.
RSS feed
