Online Poker & The WPT Biloxi

Lets get things started off here by talking a little bit about the online poker scene and the many accusations of online poker being "rigged". Now if you have played no limit hold-em long enough, you realize that variance is a natural factor of the game, and the transition from being primarily a live cash game player to the online landscape is not as easy as most may think. There are so many variables that are critical when playing in a live cash game or tournament that you need to apply to the online landscape. First attribute to exploit when first sitting down would need to be table dynamics. Each individual at the table has a unique dynamic that dictates the style of play. First you should assess the dynamics of the table and then change gears if necessary to adjust your play that will ultimately give you an advantage. Secondly to be a winning poker player you must possess intelligence and the ability to compute various bits of information before logical decisions can be made. Exploit your ability to demonstrate emotional control to avoid going on tilt and self destructing before your very eyes. Try to keep an even keel. Now there are definitely valid arguments that players have obtained an unfair advantage online. Just look back at the Ultimate Bet & Absolute Poker scandals. Other than players participating in collusion, I am lacking the technical computer skills as far as what it would take to infiltrate the servers for these sites and create a software program that can identify your opponents hole cards. So what are the poker sites doing to prevent these types of scandals from occurring? Why does the gaming commission not adopt more stringent policies for reoccurring audits for all approved software? So now with that said let me know what you think and maybe we can continue this subject in a later blog.

So now lets discuss one of the hot topics concerning online poker, HR 2267. This is a bill that is sponsored by Representative Barney Frank that should go to vote in the House within the next few weeks. Frank has taken the stance that ultimately there would be a 42 billion dollar tax increase with in the next 10 years. Well What does that do for poker players. Only the ability to make easier deposits? Well I am not a Lawyer by any means, but if I am not mistaken there are no specific federal or state laws that prohibit online gambling. But from a tax stand point I do have a little more insight and experience. First it all begins whether the gambling income was a source of primary income or by way of a hobby. As a hobby the income is exempt from self employment taxes of 15.3%, but is still fully taxable as other income. Also you can only claim the amount of losses equal to the amount of income, and you can not net your expenses against your income directly, but if you meet the requirements for itemizing your expenses you would be able to itemize qualifying expenses. As a professional gambler you can claim your gambling income and offset your losses against your gambling income. There are several distinct factors though that the IRS requires in order to file as a professional gambler. One of the primary advantages to filing as a professional gambler would be that all incurred expenses would flow through a schedule C and be netted directly against reported income. This is extremely helpful when it comes time to calculate the federal taxes owed. If you are unsure whether or not you qualify to file as a professional gambler or should report the income as a hobby. I highly suggest finding a qualified CPA and make sure you keep thorough records and retain receipts.

Now to the WPT Event, The Southern Poker Championship which is being held at the Beau Rivage Resort & Casino in Biloxi Mississippi. Recently, like maybe of ummm last night. Daniel Negreanu comments on the structure of the 10k No Limit Championship event. It was the most recent topic that Negreanu had discussed in his blog. I do certainly admire Daniel from every standpoint and this statement is in no way criticizing him for his opinion, as the first amendment entitles him to one. But when one of the worlds most respected poker players has an opinion, I assume that the masses tend to listen.

Well I'm not sure if any of this makes sense as I have not taken my medicine in a few days and shit is just kind of spaced out. Please feel free to post your comments or suggestions as I am open to constructive criticism. Enjoy!