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WSOP - just won a seat (1 Viewer)

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ditka...mike ditka

Footballguy
Just won a charity tournament where the top prize was a seat at the WSOP this year.  Pretty excited.  I don't think I was ever close to the chip lead until the final 2.  Just hung around all night.  Probably only 120 or so entrants.  Anyway, no real crazy story about how it went down or anything, but was definitely a lot of fun.  I have a few questions for those who have played before and wanted to see who else would be playing this year.

Do I have to pay taxes on the 10,000 value of the seat?

How many days does this actually go for?

Any advice/tips for a first time participant?

 
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ditka...mike ditka said:
Just won a charity tournament where the top prize was a seat at the WSOP this year.  Pretty excited.  I don't think I was ever close to the chip lead until the final 2.  Just hung around all night.  Probably only 120 or so entrants.  Anyway, no real crazy story about how it went down or anything, but was definitely a lot of fun.  I have a few questions for those who have played before and wanted to see who else would be playing this year.

Do I have to pay taxes on the 10,000 value of the seat?

How many days does this actually go for?

Any advice/tips for a first time participant?
Click to expand...
http://www.wsop.com/tournaments/

Starts July 8 -10.  Any one of those days.   Lasts 8-10 days.    My advice is to have fun.   Not sure on the taxes.   

 
I play on a group that's been sending someone to the Main Event for the past 5 years. I've never gotten to go but it's still fun to send someone and have a small percentage of them. Three years ago our guy cashed for almost $39K and his primary comment was this:

Be patient. You have plenty of chips and the levels are long. There's no reason to do anything stupid. He played for 5 days and only saw AA once. He lost almost half his stack on the first day with QQ vs. KK but didn't panic, realized he still had plenty of chips, and kept playing his normal game. 

Good luck and have fun!

 
Otis said:
Congrats. Awesome. 

On my bucket list. 
Click to expand...
Thanks, its been on mine as well.  Wasn't sure if Id ever cross as I wasnt sure I'd ever throw $10k at a tournament.  Sounds like a nice little group of friends are planning to head out there with me now.  Should be a blast!

 
ZenMaster said:
I play on a group that's been sending someone to the Main Event for the past 5 years. I've never gotten to go but it's still fun to send someone and have a small percentage of them. Three years ago our guy cashed for almost $39K and his primary comment was this:

Be patient. You have plenty of chips and the levels are long. There's no reason to do anything stupid. He played for 5 days and only saw AA once. He lost almost half his stack on the first day with QQ vs. KK but didn't panic, realized he still had plenty of chips, and kept playing his normal game. 

Good luck and have fun!
Click to expand...
Thats great advice, Thanks.  Essentially what I did to win the event I just one.  I got thrown into one table where people were just playing crazy, so I just sat and watched.  Might have played 2-3 hands in the hour I sat there as I wasn't getting anything and I just watched people drop playing horrible cards and betting with no real rhyme or reason.

 
Congrats. I would not worry about paying taxes unless they send you a 1099. Did they collect your social security #? If they did, you'll likely receive a 1099... pay a CPA to do your taxes if they do as there might be a way to get out of the taxes should you make zero at the wsop.

 
Rattle and Hum said:
Congrats. I would not worry about paying taxes unless they send you a 1099. Did they collect your social security #? If they did, you'll likely receive a 1099... pay a CPA to do your taxes if they do as there might be a way to get out of the taxes should you make zero at the wsop.
Click to expand...
Thank you.  They did not ask for my ss#, although all I really have is a sheet of paper saying I won and they have my contact info and said they will be reaching out to me in the next week or two so they may still ask for it.   

 
I am not a tax professional and this is not tax advice but federal taxes include the amount of gambling winnings and the amount of gambling losses up to the amount of winnings.  So if the amount of gambling winnings is 10,000, and you get a 10,000 seat, then lose the main event, you may have won 10k and lost 10k.  If you win the main event, those might be additional gambling winnings.  If you don't know what to fill in you may want to work with a tax professional. 

 
Aerial Assault said:
How completely cool!  Congrats!  I ASSUME THERE WILL BE DAILY REPORTAGE
Click to expand...
Ill definitely report daily if people are interested.  If I remember from years past, there are generally a few other members here that play so Ill follow their lead.  I am getting married at the end of October and a group of friends are now trying to turn this into a second bachelor party for me.  Not sure how much I like that idea as I'd like to actually try in this thing rather than show up hung over wishing I was still asleep, so we will see. 

 
ditka...mike ditka said:
Ill definitely report daily if people are interested.  If I remember from years past, there are generally a few other members here that play so Ill follow their lead.  I am getting married at the end of October and a group of friends are now trying to turn this into a second bachelor party for me.  Not sure how much I like that idea as I'd like to actually try in this thing rather than show up hung over wishing I was still asleep, so we will see. 
Click to expand...
It's a once in a lifetime $10k opportunity. I think I'd tell them at a minimum to hold the party until after the event.

 
ditka...mike ditka said:
Any advice/tips for a first time participant?
Click to expand...
You start out with 200 blinds (10K stack with 25/50 blinds to start).  That's a deep stack at the beginning.  Play it like a cash game for a while......play carefully (but not too tight) and try to accumulate chips slowly.  Your goal is to keep up with the average stack in the room....after day 1 last year, the average chip stack was about 55K.  That's probably after playing about 10 or more hours, so you have plenty of time to accumulate that stack.  

Have fun.  The odds of going long into the main event are slim, so just play the best you can and accept it when you get knocked out.

 
fightingillini said:
You start out with 200 blinds (10K stack with 25/50 blinds to start).  That's a deep stack at the beginning.  Play it like a cash game for a while......play carefully (but not too tight) and try to accumulate chips slowly.  Your goal is to keep up with the average stack in the room....after day 1 last year, the average chip stack was about 55K.  That's probably after playing about 10 or more hours, so you have plenty of time to accumulate that stack.  

Have fun.  The odds of going long into the main event are slim, so just play the best you can and accept it when you get knocked out.
Click to expand...
The above is not true. 

If I'm not mistaken, you start with 50K and each level is 2 hours. I think blinds start at 75/150 so you have over 300 BB to begin.

Some simple tips that you likely already know but are easy to forget while playing:

1) You can't win the tournament in the first day, or the second day, or anywhere until the end. In other words, it's not a race. It's a marathon.

2) Try to avoid ever calling for all your chips. If you're putting your entire stack at risk, be the one that makes the bet, not the call.

3) If you EVER feel like things aren't going well or you're not there, just get up and walk away for a little to get back where you need to be. Don't tilt. Don't target someone at a table because they have taken a pot or two off of you.

4) If the story of a hand doesn't make sense, trust your gut. 

5) Keep pots small whenever you can, especially at the start. 

6) It only takes one or two big hands in a day to get you in a good spot.

6) Have fun :)

 
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gianmarco said:
The above is not true. 

If I'm not mistaken, you start with 50K and each level is 2 hours. I think blinds start at 75/150 so you have over 300 BB to begin.

Some simple tips that you likely already know but are easy to forget while playing:

1) You can't win the tournament in the first day, or the second day, or anywhere until the end. In other words, it's not a race. It's a marathon.

2) Try to avoid ever calling for all your chips. If you're putting your entire stack at risk, be the one that makes the bet, not the call.

3) If you EVER feel like things aren't going well or you're not there, just get up and walk away for a little to get back where you need to be. Don't tilt. Don't target someone at a table because they have taken a pot or two off of you.

4) If the story of a hand doesn't make sense, trust your gut. 

5) Keep pots small whenever you can, especially at the start. 

6) Have fun :)
Click to expand...
You're correct.  It used to be 10K and 200 blinds to start. 

Still doesn't change the strategy early.....it's a deep stack no matter what the chip start is.

 
ditka...mike ditka said:
Just won a charity tournament where the top prize was a seat at the WSOP this year.  Pretty excited.  I don't think I was ever close to the chip lead until the final 2.  Just hung around all night.  Probably only 120 or so entrants.  Anyway, no real crazy story about how it went down or anything, but was definitely a lot of fun.  I have a few questions for those who have played before and wanted to see who else would be playing this year.

Do I have to pay taxes on the 10,000 value of the seat?

How many days does this actually go for?

Any advice/tips for a first time participant?
Click to expand...
Sweet dude.  That is my ultimate bucket list item    To play in the wsop is just a dream.  The alpha male part of me thinks I could def hang but the brain side says I would go down on a bad beat.   Too much luck involved to make it to the money.  Good luck man.  

 
gianmarco said:
The above is not true. 

If I'm not mistaken, you start with 50K and each level is 2 hours. I think blinds start at 75/150 so you have over 300 BB to begin.

Some simple tips that you likely already know but are easy to forget while playing:

1) You can't win the tournament in the first day, or the second day, or anywhere until the end. In other words, it's not a race. It's a marathon.

2) Try to avoid ever calling for all your chips. If you're putting your entire stack at risk, be the one that makes the bet, not the call.

3) If you EVER feel like things aren't going well or you're not there, just get up and walk away for a little to get back where you need to be. Don't tilt. Don't target someone at a table because they have taken a pot or two off of you.

4) If the story of a hand doesn't make sense, trust your gut. 

5) Keep pots small whenever you can, especially at the start. 

6) It only takes one or two big hands in a day to get you in a good spot.

6) Have fun :)
Click to expand...
These two are ones I am going to have to read the night before and keep reminding myself of. Thanks for the advice. 

 
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bostonfred said:
I am not a tax professional and this is not tax advice but federal taxes include the amount of gambling winnings and the amount of gambling losses up to the amount of winnings.  So if the amount of gambling winnings is 10,000, and you get a 10,000 seat, then lose the main event, you may have won 10k and lost 10k.  If you win the main event, those might be additional gambling winnings.  If you don't know what to fill in you may want to work with a tax professional. 
Click to expand...
This is correct. Entry fees may be included with gambling losses, up to the extent of your winnings. If they issue a W-2G for the $10K entry, it offsets.

 
Getzlaf15 said:
Cav and I are playing in Events 4/5/10  June 1-6.
Click to expand...
I'm playing either Event #58 ($1500 NL) or Event #60 ($888 NL) when I'm there 6/29 - 7/4. Cashed in the $888 last year but the $1500 is a better structure with 60-min levels instead of 30-min.

 
Yeah - don't think taxes are an issue.  Just write off losses.  Enjoy, give us updates.  Love a good FBG WSOP sweat!

 
ditka...mike ditka said:
Ill definitely report daily if people are interested.  If I remember from years past, there are generally a few other members here that play so Ill follow their lead.  I am getting married at the end of October and a group of friends are now trying to turn this into a second bachelor party for me.  Not sure how much I like that idea as I'd like to actually try in this thing rather than show up hung over wishing I was still asleep, so we will see. 
Click to expand...
Yeah not to sound like a total nerd, but you need to take this seriously. Get good sleep, use the gym at your hotel to keep the body happy and blood flowing, and stay away from excessive booze. 

 
Zow said:
Yeah not to sound like a total nerd, but you need to take this seriously. Get good sleep, use the gym at your hotel to keep the body happy and blood flowing, and stay away from excessive booze. 
Click to expand...
This will definitely be the plan.  Im a sucker for spending time in the spas in vegas.  Not much beats the steam room, hot tub, light snack routine for a few hours.

 
ditka...mike ditka said:
This will definitely be the plan.  Im a sucker for spending time in the spas in vegas.  Not much beats the steam room, hot tub, light snack routine for a few hours.
Click to expand...
:thumbup:   Me too.  Maybe force yourself to stay off strip? Red Rock and Green Valley Ranch have great spas.  

 
grateful zed said:
sell it for 9500$
Click to expand...
Its non-transferable!   The charity offered me $6000 to not play and to save them money.  In most situations I would just donate any cash prize back to the charity, but this has been a bucket list item.  I talked to the guy who invited me to it and is on the board, and he said I should definitely play and if I win anything just donate some back, which is what I intend to do.

 
I'll be curious to hear about your entire experience. I have talked to a few people who went recently and they said it wasn't a positive experience and they doubted they would go again.

They said that everything at the tourney is commercialized and they felt like everyone was constantly trying to sell them something. Want a T-shirt? $50. We just took a picture of you at the table. Want a copy? $40.

 
ditka...mike ditka said:
Its non-transferable!   The charity offered me $6000 to not play and to save them money.  In most situations I would just donate any cash prize back to the charity, but this has been a bucket list item.  I talked to the guy who invited me to it and is on the board, and he said I should definitely play and if I win anything just donate some back, which is what I intend to do.
Click to expand...
It'd make for a hell of a story if you cashed big and donated a bunch.  Good luck!

 
ditka...mike ditka said:
Its non-transferable!   The charity offered me $6000 to not play and to save them money.  In most situations I would just donate any cash prize back to the charity, but this has been a bucket list item.  I talked to the guy who invited me to it and is on the board, and he said I should definitely play and if I win anything just donate some back, which is what I intend to do.
Click to expand...
It's going to be awesome.  I've had several friends play and railed them. A few cashed.  Great times. I've never played in the main, but just missed the day after my first wsop cash and played in a $500 seat that rewarded every 20 entries a seat.  13 seats were given away and I finished 15th.

If I won 10k, I would personally play in 5-6 events that totaled 10K over about 10 days, but that's just me.

 
leftcoastguy7 said:
I'll be curious to hear about your entire experience. I have talked to a few people who went recently and they said it wasn't a positive experience and they doubted they would go again.

They said that everything at the tourney is commercialized and they felt like everyone was constantly trying to sell them something. Want a T-shirt? $50. We just took a picture of you at the table. Want a copy? $40.
Click to expand...
i've never heard of people being hounded to buy things.  They have stands to buy stuff but nobody tries to push it.  I guess they might ask if you want to buy the picture, but it isn't like walking around in Mexico being badgered to buy stuff unsolicited constantly.

 
leftcoastguy7 said:
I'll be curious to hear about your entire experience. I have talked to a few people who went recently and they said it wasn't a positive experience and they doubted they would go again.

They said that everything at the tourney is commercialized and they felt like everyone was constantly trying to sell them something. Want a T-shirt? $50. We just took a picture of you at the table. Want a copy? $40.
Click to expand...
When you play in a WSOP tournament, there is usually a business size card on the table when you sit down that has info (website address) on how to order the 2-3 pictures a photographer takes of you.  No one is ever hounding you to buy those pictures or anything else.  They are stupid expensive though and I can see someone only playing one event in their life buying them.

If you want to buy a WSOP shirt, hoodie or other stuff, they have an store in the open atrium before you enter the main halls.  Again, no one is trying to sell you there also.

When you pass the atrium, and walk down the hallway, they have many different vendors that sell things like sun glasses,  $100 phone chargers, books and classes on poker, etc... Some of those turds can be over bearing at times, but nothing that would ever stop me from coming again.

Oh, and the massage therapists are  :moneybag:

 
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Rick James said:
@Getzlaf15 have you played the Colossus tourny before?
Click to expand...
Yes, last two years and will play again this year. Some serious donkage there. I had a guy call a nice raise with k4 and I had no and he riveted a third 4 to beat me. Fun tournament.  

You going to be there?

 
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