Tax Time Coming for Poker Players
The Internal Revenue Service has made it official, and starting today the winners of poker tournaments are going to have to report their earnings. When casinos pay out $5,000 or more to the winners of poker tournaments, the check will come along with a tax form. The initial IRS proposal would have had casinos holding a quarter of any winnings paid out in such a fashion, but the new proposal, now law, is seen as a bit of a compromise…
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- WSOP Academy Coming to Los Angeles
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- The second William Hill Poker Grand Prix is coming
- Full Tilt Poker Event Nine
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- New UK Online Poker Regulations
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Poker terminology:
- DRAWING DEAD - A draw in which it is impossible to obtain a winning hand for any of a variety of reasons: an opponent's hand is better than whatever you are drawing to, the card(s) that make your hand are out of play, or (in Hold'em) give an opponent a stronger hand even if it makes yours. Frequently used in the past tense, since one rarely knows it at the time.
- BET - To put money into the pot, pursuant to the rules of the game, thus maintaining a chance of winning the pot.
- MISDEAL - A hand dealt incorrectly that must be re-dealt.
- FLOORMAN - The casino representative in charge of the card room or a section of a card room. Arbitrates disputes when unusual events happen.
- REBUY - [1] To purchase additional chips after an initial buy-in, usually after losing most or all of the previous buy-in. This term is most often used in certain tournaments where if one loses all one's chips, or falls below a certain minimum chip level, for an additional sum of money one can purchase a fixed amount of additional tournament chips. Usually there is a time limit (The "REBUY PERIOD") as to how long rebuys are allowed. [2] The additional chips "rebought" in tournament play.
- SMALL BLIND - In games with two blinds the first blind is the SMALL BLIND because it is usually one-half (or less) the second or large blind.
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