Poker Winnings Must Be Reported to IRS
Oct. 22, 2007 (SmartPros) Starting next year, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue Service, the agency said Friday.
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Useful poker information:
- SHILL - A card room employee who plays with House money, and does not share in any of his (her) winnings or losses. Shills are used to facilitate starting games, and keeping them going. Compare: PROP.
- BLANK - Used in describing stud and Hold'em games. Refers to a dealt card that does not offer any value; stating the actual rank and suit would detract from a description of the hand. "The last card was a blank.".
- FOLD - To decline to call a bet, thus dropping out of a hand.
- SUICIDE KING - King of Hearts. So named because in the drawing the king appears to be stabbing himself in the head.
- PAY OFF - Calling a bet with little expectation of winning, unless the opponent is bluffing.
- READ - To determine whether an opponent has a good, medium or bad hand by observing his personal behavior. An inexact science.
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