States including Hawaii, Connecticut, Massachusetts and Ohio now prohibit deductions of gambling losses on state income taxes. These laws could make it difficult for even a winning player to have much money left over.
Fortunately, there's an alternative -- filing as a professional gambler.
Even in these states that bar gambling deductions, it appears that filing as a professional allows you to deduct losses on a Schedule C to the extent of winnings. Check with an accountant to be sure.
Filing as a professional comes with some disadvantages as well because you have to pay self-employment taxes, but that hardship is far less than the burden of paying taxes on gross profits.
Also check out Poker Cats' recent post on online gambling and taxes.
In other news, it looks like the Treasury Department has delayed enforcement of UIGEA regulations for six months, according to PokerNews.
Showing posts with label news. Show all posts
Showing posts with label news. Show all posts
Wednesday, November 25, 2009
Wednesday, June 10, 2009
Cashout Problems?
If you're having problems cashing out your poker money, just use the Bank Wire option.
While Bank Wire may not be available to everyone, I made a cashout request Sunday morning and found the money in my bank Wednesday morning.
A previous cashout by check failed last week, but I was credited $200 for my trouble. Bank Wire was an easy solution.
Don't panic.
Web's Poker Winners Face Delays in Collecting
U.S. Deals Blow to Online-Poker Players
While Bank Wire may not be available to everyone, I made a cashout request Sunday morning and found the money in my bank Wednesday morning.
A previous cashout by check failed last week, but I was credited $200 for my trouble. Bank Wire was an easy solution.
Don't panic.
Web's Poker Winners Face Delays in Collecting
U.S. Deals Blow to Online-Poker Players
Thursday, May 21, 2009
Antes strike 5/10 NL on Full Tilt
New tables with antes have arrived at the 5/10 NL tables on Full Tilt, and with them came instant changes in the landscape.
Short-stackers have been relegated to non-ante tables because the ante tables are all deep-stacked. Some of the non-ante tables were filled entirely with shortstackers trading chips and feeding the rake. Deep-stacked ante tables are one way to get rid of those shory, hit-and-run specialists.
The ante tables also stimulate action. Pots are bigger preflop, and they grow faster postflop. For example, at a full ring 5/10 game with $1.50 antes, the pot is almost twice as large preflop than in a game without antes: $27 vs. $15. Players who realize the added value of winning the dead money preflop will play more hands and make bigger preflop raises. Pots will quickly expand as more bets go in on each street.
Antes juice the games, which attracts fish and action junkies. I can't complain about that.
We may see the beginnings of a shift in the way games are spread. The ante games are so popular already that they've significantly reduced the number of traditional non-ante 100BB buy-in tables.
It may not be long before 200BB tables with antes become the standard, especially among players who prefer shorthanded games over full ring. Watch the rise of ante tables as Full Tilt continues to gradually introduce them at lower limits.
Short-stackers have been relegated to non-ante tables because the ante tables are all deep-stacked. Some of the non-ante tables were filled entirely with shortstackers trading chips and feeding the rake. Deep-stacked ante tables are one way to get rid of those shory, hit-and-run specialists.
The ante tables also stimulate action. Pots are bigger preflop, and they grow faster postflop. For example, at a full ring 5/10 game with $1.50 antes, the pot is almost twice as large preflop than in a game without antes: $27 vs. $15. Players who realize the added value of winning the dead money preflop will play more hands and make bigger preflop raises. Pots will quickly expand as more bets go in on each street.
Antes juice the games, which attracts fish and action junkies. I can't complain about that.
We may see the beginnings of a shift in the way games are spread. The ante games are so popular already that they've significantly reduced the number of traditional non-ante 100BB buy-in tables.
It may not be long before 200BB tables with antes become the standard, especially among players who prefer shorthanded games over full ring. Watch the rise of ante tables as Full Tilt continues to gradually introduce them at lower limits.
Sunday, January 25, 2009
Scam warning
A new scam attempt is going around in which an e-mail offers $25,000 up-front for a sponsorship to play 5/10 and higher on a new poker site.
Here's the e-mail:
But then I read this 2+2 thread about the scam and realized "Alley-poker" was trying to install a keylogger on my computer. That wouldn't be good.
A great security program to guard against keyloggers is SnoopFree. Unfortunately, I haven't found a similar free program that works on Vista.
I felt a little foolish for thinking for a few minutes that this offer might be legit.
In general, if something is too good to be true, it probably is. On the other hand, the entire concept of making money playing Internet poker also seems too good to be true, but it's been profitable for me since 2004.
Here's the e-mail:
Dear smizmiatch,I didn't see the angle at first.
This is Larry Fry and i am the administrator of www.Alley-Poker.com. After a review of your player nickname "smizmiatch" in various poker sites, we decide that your eligible for a sponsorship deal here at www.Alley-Poker.com
As you may already know, Alley Poker is a new poker room established in 2008. We have an average of 2.500 players online during the day, and about 4.500 during the night. We are trying to get more players to our card room by offering this kind of deals to the poker professionals.
What you get with my sponsorship offer:
* Your Alley Poker account will be credited with $25,000 and an extra $5,000 per month.
* One Hundred "100%" percent of the profits you generate while playing on our site will be yours.
* The first contract will be valid for 6 months.
Requirements:
* You will need to play at least 2 times per week and a minimum of 400 hands "1600 hands per month".
* Your allowed to play only the following stakes 5/10 , 10/20 , 25/50 Heads up games.
To accept this sponsorship deal please follow the instructions below:
1) Visit http://www.Alley-Poker.com
2) Download the poker client and register an account under the username "smizmiatch".
4) After your registration is complete please reply back to admin@Alley-Poker.com so i can setup the contract and credit your account.
We will be glad to have you as a player in our poker room. If you have any questions please don’t hesitate to contact me at admin@Alley-Poker.com
Sincerely,
Larry Fry
Administrator - www.Alley-Poker.com
But then I read this 2+2 thread about the scam and realized "Alley-poker" was trying to install a keylogger on my computer. That wouldn't be good.
A great security program to guard against keyloggers is SnoopFree. Unfortunately, I haven't found a similar free program that works on Vista.
I felt a little foolish for thinking for a few minutes that this offer might be legit.
In general, if something is too good to be true, it probably is. On the other hand, the entire concept of making money playing Internet poker also seems too good to be true, but it's been profitable for me since 2004.
Tuesday, December 09, 2008
My parents' take on "60 Minutes"
My conservative parents and I talk about online poker every now and then, so I wasn't surprised when they asked me if I had seen the "60 Minutes" report on the Absolute/Ultimate Bet cheating scandals.
I was eager to hear their unsolicited impressions.
My parents, who are in their 60s and 70s, generally feel suspicious of online gambling, but they've become convinced by my results that poker is a game that can be beaten. They don't seem to have a moral problem with gambling, but they also recognize that some people can't control their gambling habits. They don't see the need for gambling in our society, but they believe the government shouldn't limit people's rights without good reason.
Their questions to me after viewing the "60 Minutes" piece were revealing:
What political party in Congress is opposing the regulation of online poker?
What's to stop another cheating problem like this from happening again?
Will they arrest Russ Hamilton?
How do you know online poker is safe?
My parents watched the "60 Minutes" segment, and they saw a problem that needs to be fixed. In their minds, it's obvious that something needs to be done.
P.S. 500th post!
I was eager to hear their unsolicited impressions.
My parents, who are in their 60s and 70s, generally feel suspicious of online gambling, but they've become convinced by my results that poker is a game that can be beaten. They don't seem to have a moral problem with gambling, but they also recognize that some people can't control their gambling habits. They don't see the need for gambling in our society, but they believe the government shouldn't limit people's rights without good reason.
Their questions to me after viewing the "60 Minutes" piece were revealing:
What political party in Congress is opposing the regulation of online poker?
What's to stop another cheating problem like this from happening again?
Will they arrest Russ Hamilton?
How do you know online poker is safe?
My parents watched the "60 Minutes" segment, and they saw a problem that needs to be fixed. In their minds, it's obvious that something needs to be done.
P.S. 500th post!
Sunday, September 28, 2008
Building Blocks
I've picked up some strategic gems from a couple of recent shows. I'll put them down here in hopes that they stick.
Cash Plays: Limit Hold'em with Death Donkey
1) Death Donkey mentions that when the pot is larger, the purpose of your value bets is more to protect the pot. When the pot is smaller, the purpose of your value bets is more to get paid by a worse hand.
2) In limit hold'em, Death Donkey discusses his style of never 4-betting/capping when out of position against an in-position 3-bettor. The reason is that he'll extract that extra small bet on the flop anyway when his opponent continuation bets, and his check-raise on the flop represents a wider range than a 4-bet preflop would.
In position, Death Donkey goes ahead and 4-bets his premium hands preflop.
He says something like, "If you could choose to only play large pots in position and smaller pots out of position, you'd make a lot of money."
Spaceman in a Cowboy Hat: Episode 4
1) The theme of this heads-up NL powerpoint video is that you should try to see how much you can get away with as you adjust to your opponents.
If your opponent will fold as much out of the BB to a minraise as he does to a 3X raise, you risk less to make the same amount with the minraise. If your opponent doesn't distinguish between a 5X and 3X raise preflop, it makes sense to raise bigger with premium hands for value and smaller with lesser hands. Of course, many opponents will catch on if you do this all the time, so you have to pick your spots.
2) The purpose of making larger than 3X 3bets preflop is to reduce your opponent's implied odds. You can raise bigger -- to 10 or 11 BB preflop -- against someone who calls 3bets too frequently, while raising smaller -- like 3X/9BB preflop -- against someone who folds to 3bets too much.
---
On an unrelated note, I have to mention the shenanigans in PokerStars Triple Draw games.
PokerStars has changed the rules of the game without previously informing the players.
Read the 2+2 thread, Ed Miller's take on it and Random Shuffle's reaction.
Cash Plays: Limit Hold'em with Death Donkey
1) Death Donkey mentions that when the pot is larger, the purpose of your value bets is more to protect the pot. When the pot is smaller, the purpose of your value bets is more to get paid by a worse hand.
2) In limit hold'em, Death Donkey discusses his style of never 4-betting/capping when out of position against an in-position 3-bettor. The reason is that he'll extract that extra small bet on the flop anyway when his opponent continuation bets, and his check-raise on the flop represents a wider range than a 4-bet preflop would.
In position, Death Donkey goes ahead and 4-bets his premium hands preflop.
He says something like, "If you could choose to only play large pots in position and smaller pots out of position, you'd make a lot of money."
Spaceman in a Cowboy Hat: Episode 4
1) The theme of this heads-up NL powerpoint video is that you should try to see how much you can get away with as you adjust to your opponents.
If your opponent will fold as much out of the BB to a minraise as he does to a 3X raise, you risk less to make the same amount with the minraise. If your opponent doesn't distinguish between a 5X and 3X raise preflop, it makes sense to raise bigger with premium hands for value and smaller with lesser hands. Of course, many opponents will catch on if you do this all the time, so you have to pick your spots.
2) The purpose of making larger than 3X 3bets preflop is to reduce your opponent's implied odds. You can raise bigger -- to 10 or 11 BB preflop -- against someone who calls 3bets too frequently, while raising smaller -- like 3X/9BB preflop -- against someone who folds to 3bets too much.
---
On an unrelated note, I have to mention the shenanigans in PokerStars Triple Draw games.
PokerStars has changed the rules of the game without previously informing the players.
Read the 2+2 thread, Ed Miller's take on it and Random Shuffle's reaction.
Sunday, June 15, 2008
What's that new poker game all the kids are playing?
I never knew that Texas hold'em was originally called "Hold Me, Darlin'."
Its origin seems to be a bit hazy, but somehow this new poker variant eventually got twisted around to become hold'em, according to a recent CardPlayer article my Jim McManus.
Its origin seems to be a bit hazy, but somehow this new poker variant eventually got twisted around to become hold'em, according to a recent CardPlayer article my Jim McManus.
Hold'em wasn't played until early in the 20th (century) and didn't overtake draw and seven-stud as the most popular game until about 1990. By then, its original name, Hold Me Darling, had long since been abbreviated to Hold Me, and then, via the twanging vicissitudes of cowboy enunciation, to hold'em.I also found it fascinating that the powers that be have decided the name of the game is "no-limit hold'em" -- that's with a hyphen and without a space before the apostrophe, according to Short-Stacked Shamus at Hard-Boiled Poker.
No one knows for sure where and when the first hand of hold'em was dealt. One plausible guess is that a dozen or so Texas ranch hands wanted to play a little stud, but found they had only one deck. The most creative cowboy must've got to thinking: If five cards were shared by all players, as many as 23 of them could be dealt two-card hands. Though every poker variant has roots in the French game of poque, he probably did not drawl, "Voila!"
Who knew?
The meeting concluded with a “style guide” discussion led by Haley. Some people find such discussions of usage and mechanics at best boring and at worst useless. Not this crowd. These are writers, people who care about words and how they are employed. Have to admit I had a little “I’m-in-the-right-place” moment there as we debated whether hyphens have a place in words like “preflop” (no) or “no-limit” (yes). Haley convinced me, actually, that “hold’em” is in fact a contraction (I have always typed it as two separate words).
Monday, June 02, 2008
In defense of Full Tilt
With so many poker players dogging on Full Tilt, you'd think it was a bad site to play on. That's not true.
1) Full Tilt has the best software on the Internet, and it isn't close. PokerStars is OK, but Bodog is awful. Every other site runs from unplayable to mediocre.
2) I've had fantastic response times on cashouts, although I understand some people haven't been so lucky with e-transfers. I've cashed out by check five times this year, and I've never had to wait more than a week for my check to travel across the ocean to my mailbox here in Hawaii. My most recent cashout was Wednesday, and the check arrived Friday. That's a fantastic response time.
3) There are many cash games to choose from at the limits I currently play (from 2/4 heads-up to 5/10). I'm able to find fishy games almost every time I log in these days.
4) Full Tilt recently offered rakeback to many players who have been begging for it for years.
That said, Full Tilt has a significant and glaring weakness in customer support.
The site insists on doing business exclusively by e-mail, and they won't permit their customers to ever call them by phone. I've never had a problem with their e-mail support, although I've heard horror stories about their support personnel being unresponsive. Regular poker players pay large sums of rake, and they deserve to be able to talk to a real person when their money is on the line.
---
Ultimate Bet released inadequate conclusions of its investigation into cheating on the site at high limits. The public still doesn't know the name or position of the perpetrator, how this kind of obvious cheating could be allowed to happen for so long or whether there will be any sanctions from the site's regulatory body, the Kahnawake Gaming Commission.
You're a fool if you ever play on UB or Absolute Poker again.
1) Full Tilt has the best software on the Internet, and it isn't close. PokerStars is OK, but Bodog is awful. Every other site runs from unplayable to mediocre.
2) I've had fantastic response times on cashouts, although I understand some people haven't been so lucky with e-transfers. I've cashed out by check five times this year, and I've never had to wait more than a week for my check to travel across the ocean to my mailbox here in Hawaii. My most recent cashout was Wednesday, and the check arrived Friday. That's a fantastic response time.
3) There are many cash games to choose from at the limits I currently play (from 2/4 heads-up to 5/10). I'm able to find fishy games almost every time I log in these days.
4) Full Tilt recently offered rakeback to many players who have been begging for it for years.
That said, Full Tilt has a significant and glaring weakness in customer support.
The site insists on doing business exclusively by e-mail, and they won't permit their customers to ever call them by phone. I've never had a problem with their e-mail support, although I've heard horror stories about their support personnel being unresponsive. Regular poker players pay large sums of rake, and they deserve to be able to talk to a real person when their money is on the line.
---
Ultimate Bet released inadequate conclusions of its investigation into cheating on the site at high limits. The public still doesn't know the name or position of the perpetrator, how this kind of obvious cheating could be allowed to happen for so long or whether there will be any sanctions from the site's regulatory body, the Kahnawake Gaming Commission.
You're a fool if you ever play on UB or Absolute Poker again.
Monday, March 24, 2008
Beware! Full Tilt Fraud Attempt
Someone tried to scam me by spoofing Full Tilt's e-mail address and asking me to download a "Full Tilt Security Update."
This e-mail was a fraud, confirmed by the real Full Tilt support staff. Fortunately, I didn't fall for it, but I bet some people will.
Here is Full Tilt's response:
This e-mail was a fraud, confirmed by the real Full Tilt support staff. Fortunately, I didn't fall for it, but I bet some people will.
Here is Full Tilt's response:
And here is a copy of the original hoax e-mail. It looked suspicious but could fool someone who wasn't on-guard:
Hello XXXXX,
Thank you for contacting Full Tilt Poker Security.
The email you received is not from Full Tilt Poker as it has been
determined that it is a hoax.
It appears that they spoofed our email address
"support@fulltiltpoker.com" in an attempt to obtain your account
information.
Please note that we will never ask for your password or ask you to
download a third party links. Any updates for Full Tilt Poker will be
done directly from the game client.
We are pleased that you have not downloaded the link in question as this
may have caused serious computer and account problems.
At this time we request that you change your password.
Once your password is changed, your account will be properly protected
and you should not have any further issues regarding this.
_____
For future reference, there are several ways to protect yourself and
keep your account secure:
1) Never share your password with anyone, not even family or friends.
Treat your password like your bank card PIN, and keep it top secret.
2) Use a complex password. Ideally your password should include at least
8 alphanumeric symbols. For example, "po_k3R-One" is a stronger password
than "poker1".
3) If you decide to use the "Remember Password" feature, be cautious
when allowing others to access your computer. Family and friends may log
in and play without realizing your account contains real money.
4) Regularly scan your computer for viruses and spyware to ensure there
are no harmful programs on your computer that could capture your
password.
While these precautions cannot completely guarantee the protection of
your Full Tilt Poker account and computer, they will improve your
account and computer security.
If you would like to change your account password to make it more
secure, just follow these four steps:
1) Log in to your Full Tilt Poker account.
2) Select "Account" from the top menu bar.
3) Select "Change Password".
4) Enter your current and new password and press "OK".
For other ways to protect you online at Full Tilt Poker, please visit:
http://www.fulltiltpoker.com/identityProtection.php
Thanks in advance for your cooperation. If you have any other questions,
please feel free to email us. We're always here to help.
Regards,
Sean H
Security and Fraud
Full Tilt Poker
----------------------------------------------------------------------
Please remember never to give out your password or enter
account details over the Internet. Full Tilt Poker staff will
never ask you for your password. For your security, always
keep this information a secret.
Learn, Chat, and Play with the Pros at Full Tilt Poker
----------------------------------------------------------------------
From: "support@fulltiltpoker.com" <support@fulltiltpoker.com>
To: xxxxxx@yahoo.com
Sent: Monday, March 24, 2008 5:52:21 AM
Subject: Important Information About Your Full Tilt Poker Account.
Please Read!
Dear member,
Full Tilt Poker Security teams have recently discovered that different
blacklisted I.P's have
tried logging in to your FullTilt Poker account and several Memorable
data and password
failure were present. For Security reasons we have reset your password.
To avoid fraudulent activites on your account please take a minute to
download and install
the newest Full Tilt Security update:
Click here to download the Full Tilt Poker Security Update (link was inserted here to a third-party Web address)
Failure to do so will cause problems with your FullTilt Poker account
and immediate account suspension.
Thank you for your cooperation in this matter and we apologize for any
inconvenience this may cause.
Regards,
Bobby
Full Tilt Poker Security Team
----------------------------------------------------------------------
Please remember never to give out your password or enter
account details over the Internet. Full Tilt Poker staff will
never ask you for your password. For your security, always
keep this information a secret.
----------------------------------------------------------------------
Saturday, March 22, 2008
In the news: Skill vs. Luck, and FT amends CardRunners deal
Ryverrat linked to this study that purports to show that poker is a game of skill rather than a game of luck.
While it's obvious to me that poker is a game of skill, this study's premise is inherently flawed.
The study incorrectly presumes that poker is a game of skill because players' results improve after you teach them some of the strategy of the game. In a game of luck, no amount of instruction would make a player better.
There's one big problem with the study: blackjack.
Blackjack is another game in which instruction can improve your chances of winning, but I don't believe that makes it a game of skill because it's very hard to win in the long run when playing at a disadvantage to the house.
Can a game in which you can't win be considered a game of skill? I don't think so.
Studies need to do a better job of defining what constitutes a "game of skill." I would argue that games of skill must not give an inherent advantage to any of the players.
---
It appears the mini-controversy over CardRunners pros being given temporary screennames while making videos has blown over after Full Tilt made some adjustments to its plan.
Many players were concerned that pros were being given an unfair exemption to the "one screenname per player" rule that could help them take advantage of opponents who didn't know they were up against a pro.
From Full Tilt's 2+2 update:
While it's obvious to me that poker is a game of skill, this study's premise is inherently flawed.
The study incorrectly presumes that poker is a game of skill because players' results improve after you teach them some of the strategy of the game. In a game of luck, no amount of instruction would make a player better.
There's one big problem with the study: blackjack.
Blackjack is another game in which instruction can improve your chances of winning, but I don't believe that makes it a game of skill because it's very hard to win in the long run when playing at a disadvantage to the house.
Can a game in which you can't win be considered a game of skill? I don't think so.
Studies need to do a better job of defining what constitutes a "game of skill." I would argue that games of skill must not give an inherent advantage to any of the players.
---
It appears the mini-controversy over CardRunners pros being given temporary screennames while making videos has blown over after Full Tilt made some adjustments to its plan.
Many players were concerned that pros were being given an unfair exemption to the "one screenname per player" rule that could help them take advantage of opponents who didn't know they were up against a pro.
From Full Tilt's 2+2 update:
1. You recently signed a deal with CR that has been the point of some debate.
- That's a very kind way of phrasing the situation, thanks.
After reviewing the volumes of feedback in threads, in person, and via email on our proposed solution, and a number of high level meetings on the subject, we have revised our plan with regards to CardRunners. Before getting to the details, I'd like to thank everyone who gave their input (especially those that gave it a lot of thought themselves and didn't just post knee-jerk reactions) and let you know that we take all of the issues raised very seriously. For the record, I still believe our original plan was ethically sound, and I know we were (and still are) just trying to do the right thing for both our customers and our business relationships.
With that in mind, here is the new and hopefully improved plan for how certain educational videos will be created on Full Tilt:We feel that the above will enable instructional content to be recorded in a realistic playing environment, and offer players the choice to participate in these educational videos.
- The next big software update (still over a month away) will include a backend feature that allows us to create "Educational" ("EDU") tables. When a player sits down at the table, they will see a popup explaining that at any time they could be playing against an instructor and might be recorded for the purposes of educational videos. They will need to accept these terms before sitting and playing. These tables will be marked in the lobby with the "EDU" tag in the table name.
- Instructors (with the express consent of Full Tilt) will be able to request a screen name and red status change for the duration of a video. This change of status and "temporary screen name" will only last for the duration of their educational session, and immediately after the session the instructor's account will be changed back to the "true" screen name and status. The modification of account name and status can only be done by our security department, and instructor play will be carefully monitored during the session.
- When using a name other than their normal "red" name, they will only be allowed to play at these new Educational tables.
- All players at the Educational tables who participate in a session with the instructor (whether or not the video is eventually used) will receive a bonus. The bonus will scale based on the stakes they are playing, and be offered to any player who plays at least one hand during the session. The amounts are still being finalized, and will be detailed from the popup in the screen when a player sits down. Examples might look something like a $50 bonus at $1/$2 and a $250 bonus at $5/$10. This will be the only form of compensation given to players at these tables.
- There will not be Educational tables at limits higher than $5/$10 NL.
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