WSOP Buyin

[GoIrish89]

I've been getting lucky lately up in Blackhawk and have built my poker bankroll a bit and started thinking about the World Series.

If you won a satellite online would you use it to enter the WSOP?

Would you take $10k out your normal savings to enter the WSOP? If not and you answered yes to the first question, why? Is there a difference?

Just something I've been thinking about because I've been able to clear about $100 per session up in Blackhawk and I've been thinking if I could do that for most of a year, I could pay for a WSOP buyin, but I'm not sure I would. If I won a $40 satellite online I probably would use it in the WSOP and not sell it and pocket the $10k. I'm not sure why I would treat these differently, but I think I would. Thoughts?

[Rick]

Well many/most of the sats are non transferrable so they really would have no cash value but if I won 1 that was I would be in Vegas in July with bells on.

[WSoP21]

now lets see. If i won a sat. for the 10,000$ then yes i would diffinly play. as for pulling it out of my savings. that all depends now how much is in there at that time and if the wifey wouldnt kill me for it. all the same my saving is not were my poker money comes from. I like most hard-core players use my bank roll to found my poker habit

[tjholdem]

As Chris Moneymaker would say, "Why spend 10k when you can get is for $39.00" :D

[Rick]

"Why spend 10k when you can get is for $39.00"


Actually you can get in for free if you win the WSOP freerolls. ;)

[pseudoswede]

I would take the money won in the satellite (assuming they give you the option of $10,000 or an entry into the WSOP). My reasoning: the odds of me even finishing in the money at the WSOP are slim to none (and slim is about to leave town). If I bust out on the first day, not only am I out $10k, but I'm also responsible for the tax on the $10k I had won for the entry.

So, I would take the $10k, reserve some of it for the taxes, buy something nice for the wife, and maybe play a few more WSOP satellites to see if I get lucky again.

My two cents.

[Rick]

Well assuming a cash option, I would still play BUT not buy into the main event.

Figure roughly $3500 for taxes.

Leaves $6500

That's 13 of the $500 sats you could buy into and take 13 shots at winning the buyin to the main event that way. Or 6 of the $1000 sats.

Not counting the juice of course.

[WSoP21]

for one. if you win a sat. tournament off one of the online poker rooms or whatever. they dont give you 10,000$ 1st place prize is "they " pay the 10,000$ entry fee in. no cash is handed to you. thus you dont have to pay taxes for it. its not liquid.

[tjholdem]

Can you sell your rights to the spot to another????

[WSoP21]

i would think not. im sure they make you sign something stating you must be the only person to use this prize. other wises im sure you would see these kind of things on Ebay.

[GoIrish89]

I think there are ways to sell a satellite, a lot of the pros win multiple entries into the wsop. As for taxes, I think if you win a satellite and do use it, you only end up paying taxes if you finish in the money, since if you don't you essentially have a $10k loss to offset the $10k win. I'm not sure how it works if win the satellite in a different tax year. I don't think the fact that they don't give you cash matters, since they are giving you something of value, just like if you win a car on a game show it's taxable. Now whether or not the IRS would ever know is a separate question. ;-)

It is interesting, to me anyway, that I would have a much easier time spending $10k in won money than earned money, even if I earned it grinding it out at $2-5 in Blackhawk. I think it's the same disassociation that happens between money and chips when playing. Sort of like the old saying, "whoever inveted poker was smart, whoever invented poker chips was a genius."

[adaugust]

I was thinking the same thing about the taxes. I think if just winning the certificate was taxable, then using it and not finishing in the money would be a gambling loss. I know you can off-set gambling losses with winnings, and the net effect is 0. I dont think you should have to pay taxes on something that is unrealized value. I will have to ask my father in law about that. I myself am an accountant, but not in taxes, so to me it would be a gray area!