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U.S. poker players: Time to start preparing to file your taxes

U.S. poker players: Time to start preparing to file your taxes

It’s that time of year. Federal taxes are coming due for U.S. taxpayers in April and, while four months may seem like a long time to prepare, now is the time to start getting things ready. The Tax Cuts and Jobs Act of 2018 (TCJA) has introduced a number of changes that could help, or hurt, eligible individuals Situs Raja Poker.

U.S. poker players: Time to start preparing to file your taxesThe TCJA introduced a number of small reductions for certain individual tax brackets. It also increased the individual alternative minimum tax, as well as estate tax exemptions. Major changes to taxation of foreign income were also added. However, the downside is that it eliminated or limited a number of tax breaks and most of the tax relief offered is only temporary.

The law states that all gambling winnings must be reported.

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Some U.S. players may receive a Form W-2G, which covers certain gambling winnings, from casinos where they have played and won. The form is issued if net winnings total $600 or more and are at least 300 times the amount wagered. They can also be issued if an individual is subject to the withholding of federal income tax. Casinos are obligated to withhold 24% if the net winnings are over $5,000.

For recreational gamblers, winnings have to be reported on Line 21 of Form 1040, the standard federal tax filing form. They should be listed under the “Other Income” category and recreational players may deduct losses against their winnings, which must be listed as an itemized deduction on the taxpayer’s Schedule A.

Professional poker players have things a little different.

Gambling activity is reported on the Schedule C – Profit or Loss from a Business, which allows the taxpayer to reduce his or her income earned by offsetting the amount with expenses or losses incurred from bets, but only to the extent of winnings from the gambling activity.

There are always a lot of moving parts to tax filings, but filing for 2018 may be a little more confusing. It’s important to get things rolling now to avoid the last-minute scramble that might result in errors, underpayments or overpayments and which could result in an unfriendly visit by the Internal Revenue Service.

Disney, Fox: Genting lawsuit has no merit

Disney, Fox: Genting lawsuit has no merit

A few days ago, Genting Malaysia announced that it was suing the Walt Disney Company and Twenty-First Century Fox after the two decided Disney, Fox: Genting lawsuit has no meritto terminate Genting’s contract for the “Fox World” theme park at Resorts World Genting in Malaysia. The lawsuit specifies breach of contract and breach of “implied covenant of good faith and fair dealing” and seeks compensation of $1 billion. Fox and Disney have now issued their response to the lawsuit, calling it frivolous and without merit Situs Judi Online.

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The lawsuit was filed in U.S. District Court in Los Angeles, California. In Fox’s statement, the company asserts that the allegations that Disney and forced the termination of the theme park was “simply made up.” Disney issued a separate statement, saying that the lawsuit is “utterly without merit.”

Genting believes that Disney could have forced the issue because of its anti-gambling stance. However,

it has not been able to prove any evidence. On the other hand, not much information has been provided regarding why the company saw its contract prematurely cancelled. The only information was a statement sent to Bloomberg News from Fox that said that Genting had not met agreed-upon deadlines. The dispute has apparently been going on for the past several years.

A statement by Twentieth Century Fox Film, another defendant in the case, asserts, “The allegation that Disney, rather than Fox, finally decided to declare a default is simply made up.”

The theme park was meant to be a Fox-branded venue,

a first for Fox. However, Disney is set to acquire 21st Century Fox assets for around $71.3 billion and, because Resorts World Genting contains a casino, it reportedly doesn’t want to get involved.

The day after the lawsuit was filed, shares in Genting dropped 16.7%. It has said that it has spent around $750 million on advancing the project. If the case is found to be valid, it’s possible that Genting could receive the theme park for free. Maybank Investment Bank Bhd believes that Genting could run the theme park minus the Fox branding, since it has experience in the field with its own theme park at Genting Highlands in Kuala Lumpur.

iPoker Network becomes the first B2B network to share European liquidity

iPoker Network becomes the first B2B network to share European liquidity

Playtech’s iPoker Network has become the first B2B poker network to take advantage of the new European shared liquidity laws by merging skins in France and Spain with the door open for Portugal and Italy to follow suit Raja Poker.

iPoker Network becomes the first B2B network to share European liquidityWith the British preparing to rip themselves from the heart of the European Union (EU), the Americans preparing to wall itself in, and my two-year-old daughter screaming the word ‘mine’ when I grab her rainbow coloured T-Rex as she slurps on her spaghetti, it’s nice to write about a moment shared.

On Monday, the iPoker Network became the first B2B poker network to take advantage of the new European laws allowing online poker rooms in France, Italy, Portugal and Spain to share the same dishwasher.

The plan is to merge Betclic and Unibet.fr on the French side of the divide,

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and bet365, Betfair, Casino Barcelona and Sportium on the Spanish side. It’s fantastic news for the online poker rooms and players alike with greater guarantees and prize pools for players and more revenue for skin owners. The story first broke on the Spanish poker news site todoeljuego.com, and Playtech officials turned the gossip into reality when a press release landed in my inbox a few days later.

Playtech secured the thumbs up from the French regulator ARJEL back in March. The Spanish regulator, the DGOJ, gave the green light recently. My shoe shiner tells me the Portuguese will join the fray once they resolve a few piddly licensing issues. The Italians remain on the sidelines, growing heavy beards.

Shimon Akad, COO, Playtech,

said the shared liquidity across the European markets represented a huge opportunity for the industry and was a significant move for their operators and players. You can find licensed Playtech Poker software in ten different European markets, with over 35,000 concurrent players enjoying multi-table tournaments (MTTs), Cash Games, Sit ’N’ Go and Twister tournaments.

And it works.

PokerStars was the first online poker room to take advantage of the shared liquidity scheme, and have since awarded more than €50m in prize pools across events such as FRESH, SCOOP France and Spain, TRIO Series, Galactic Series, and the most recent Southern Europe Championship of Online Poker (SECOOP), which surpassed its €10m Guarantee by more than €2m.

Hippo52, PokerHigh join forces to strengthen their position

Hippo52, PokerHigh join forces to strengthen their position

A new poker gaming portal in India is emerging. Hippo52.com, a site operated by Ultimate Gaming Technologies Pvt. Ltd out of Delhi, and poker portal PokerHigh will be combined to improve the position of the two companies and help them compete against larger players in the industry Dewa Poker 88.

Hippo52, PokerHigh join forces to strengthen their positionHippo52.com mentioned on its website the new endeavor, stating that it has merged with PokerHigh, a company that is operated by Quatumskill Gaming and Tech Pvt. Ltd., adding that player balances have already been transferred to accounts on PokerHigh. The merger reportedly involves 1,400 users of the Hippo52 website and will lead to more participation in offline events in India, as well as abroad.

Founder and Managing Director of PokerHigh, Mithun Rebello, stated of the merger,

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“Having been in the game from the early days, we’ve always believed that consolidation would be a natural next step for the industry in the years to come, and we saw this as a great opportunity to further cement our position in the market. Having collaborated with Hippo52 during multiple events in the past, we are now excited to work together as one unit with their combined expertise in offline poker and community engagement.”

Hippo52 founder Sumit Khurana added, “We have been watching the growth of online poker in India for some years now, and with this move we wish to offer even better experiences to our combined patrons and to set the ball rolling in our endeavour of making poker reach its true potential in India. PokerHigh has been known as one of the most fun brands out there for over 3 years now, and we are truly excited to be working together with them. The idea will be to focus on bringing recreational poker players into the main fold, through specially curated poker experiences at exotic destinations across the globe. These expeditions will be multi dimensional [sic] and will blend poker with other unique experiences.”

This isn’t the first time that the two sites have joined up.

They have launched various offline skill gaming and poker events, including a recently concluded event that gave a few poker players a trip to Colombo, as well as a skill-gaming event that was organized by Brainduel Games in Delhi this past January

Poker pro Dan Smith prepares for charity drive, will match donations up to $1.14M

Poker pro Dan Smith prepares for charity drive, will match donations up to $1.14M

In 2017, Dan Smith led a charity fundraiser that helped bring in more than $4.5 million for different worthy causes. Along with Daily Poker pro Dan Smith prepares for charity drive, will match donations up to $1.14 millionFantasy Sports team Tom and Martin Crowley, they offered to put up $1 million in a matching drive for the event, which proved to be the perfect incentive. After receiving an incredible response to the event last year, Smith is ready to take it to the next level this year Raja Poker 88.

Smith, who has earned over $25 million in live poker action, will match up to $1.14 million this year. Joining him in the efforts will be other notable poker players, including Stephen Chidwick.

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Ten charities chosen by Smith will be the recipients of the donations this year. They include: Raising for Effective Giving (REG)—the charitable organization founded and run by poker players, the Hellen Keller International’s Vitamin A Supplementation Program, GiveDirectly, StrongMinds.com, the Animal Charity Evaluator Effective Animal Advocacy Fund, The Good Food Institute, the Machine Intelligence Research Institute, the Massachusetts Bail Fund and the Malaria Consortium’s seasonal malaria chemo-prevention program. Additionally, grants will be provided to GiveWell for further distribution to charities it chooses.

Anyone can donate and any amount is accepted.

Last year, there were 714 contributors and Smith hopes to see more than 1,000 this year. He adds that “no amount is too small” and that everyone should “make as much of a contribution as you can afford.”

To participate, donations can be made directly to one or more of the ten charities. After the donation is made, the receipt should be emailed to receipts@doubleupdrive.com in order to confirm the contribution and have it count in the matching program. Those who wish to be identified on Smith’s website for their contributions should say so in the email.

Smith has a number of accomplishments at the felt. He recently finished second at the $103,000 NLHE event at the Poker Masters for $700,000 and came in third this past July at the $1 million The Big One for One Drop at the WSOP, where he took home $4 million. He is also the owner of one WPT title and a prominent high-stakes player with a number of final table appearances.

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