lulz :

http://forumserver.twoplustwo.com/27...ayers-1126748/

What a coincidence (minus the post count thing)!!

Why do I feel this forum may turn into a virtual tug of war with over there?

As someone who's propped about 2 years on a graveyard shift, I'd agree with pretty much everything callipygian wrote. I'd say 90% of the guys we've hired either go busto in a couple months (either from poor playing, bad money/bankroll management, or degen blackjack escapades). I'm actually convinced there are at least half of the remaining 10% who've just had super long periods of run-good. That said, for a few, it seems to be a really enjoyable way to pay the bills.


Oh...and for anyone who does want to prop, be prepared to be hated by a large enough percentage of players that you have to hear about it on an almost daily basis.

I've propped before. I think most of what's been written is pretty accurate.

1. Some rooms use props, some do not. It's easy to simply ask and find out.
2. You can look at the money in one of two ways. If you're used to playing online, it's more like rakeback. If you're a live player, with a solid bankroll, you can think of it as a job with a fixed income. Anything you win at poker is "extra." This really helps if you're having a losing session.
3. Most props do go broke after a short period of time. I think that there are several reasons for that. Inadequate bankroll, house games, lack of discipline, inexperience playing full-time hours, and a lack of skill.
4. Table/room selection sucks. You'll get pulled off of juicy tables, and forced to play short unbeatable tables often. Make it clear what games you'll be expected to play.
5. Regular players will figure out that you're a prop pretty quickly. This can be very awkward. As you may have guessed players will feel like you're playing with house money. They will often think that if they beat you, they should get some reward. They will bring it up constantly.
6. It's important to establish your own set of rules for how you play other props at the same table. If you soft-play it's unethical and will quickly be noticed by the other players. That is not good. Frequently props will play hands "straight up" against each other. Or, will essentially play limit poker in no-limit games.
7. I know a former prop that played out West. His room "forced" all their props to have a certain bankroll level that was kept in their box at the casino. Depending on the bankroll level, you were put in certain games.

Where do props even exist anymore? I seriously have never run into one. They just in Cali now?

We've got "hosts" here in Arizona, which are, for lack of a better term, props.

If you're a live player you know $12 per hour rakeback is as good as it's gonna get.

Seriously?

Seriously?!?

Not sure what u mean.

Minding other peoples business + being vocal about it on a public forum is a bit douchie to me...what do I know?

If someone doesnt want to pay taxes, its not for me to judge, or tell what to do....and no one has the right to do so...period. Who really cares? Just my 2 cents.

People who (a) participate in society, and (b) don't pay their fair share are, socially speaking, thieves and deadbeats.

"Thanks for paying for this road, bitches."

So, to relate this to the topic at hand - because I'd hate to be moderated for being off-topic - you have to consider the $10/hr from this promotion like any other sort of income. I'd be curious if the casino is under some sort of obligation to provide a statement of income if they pay more than $600 to a player, or whatever the income threshold is for contract employees.

For the reasons Palimax pointed out - your failure to pay taxes increases my tax burden - it really is my business whether other citizens are paying their taxes or not.

For some reasons Palimax did not point out - failure to pay taxes now will force you into laundering the money at a loss later if you wish to eventually use your money for legitimate purposes - it may be a good thing for you (regardless of whose business it is) to pay taxes now and let the money grow with interest.

I believe David Sklansky wrote a piece on this issue but I'm unable to find it at the moment. Basically, he argues that if you win X amount and pay Y taxes but can invest it at Z rate, eventually the compounded interest overcomes not paying taxes and not being able to invest it, so if you plan to win a lot of money for a long time, it's rational to pay taxes.

But putting all that aside, there's the very practical matter that if you plan on doing something illegal, you really shouldn't be plastering it up on a public board. The vast majority of boards, including B&M and Poker Legislation, have pretty strict rules about advocating any sort of illegal behavior, whether it is tax evasion, laundering money, obtaining chemical substances, etc.

I strongly suggest you read through the Poker Legislation FAQ. There is a specific section on incorporating.

PL FAQ:
http://forumserver.twoplustwo.com/57...ts-faq-740589/

Russ Fox on S-corps (linked from the FAQ but if you're lazy just read this post):
http://forumserver.twoplustwo.com/sh...8&postcount=10

Ill continue this derail I suppose. I found this kind of interesting:

http://www.usatoday.com/money/econom...ent/50676912/1

Specifically the part where it says most of the people that avoid paying income taxes fall within the $75k-$100k/yr range.

Im no expert, but I would imagine that there are exponentialy more $75-$100k earners in this country then those who are WINNING casino gamblers. I think you have your eye on the wrong people not contributing to our infrastructure through taxation people.

Also thank you for link on LLC/S corp. Good read. Fortunately, I am considered a private contractor in the golf business so I guess I will be incorporating as such...not as a pro poker player.

**Disclaimer **: I do not promote, endorse, nor criticize/judge OTHERS choices to participate in illegal activities, or THEIR choice to post about said illegal activities (intentional or not) on a public forum.

Does it help you sleep better at night to think that you're not alone in wanting to cheat the rest of us? Pay your share like (most of) the rest of us.

At what point in any of my posts did I say I wanted to avoid paying taxes? If incorporating is a way to avoid paying taxes, I can assure you that isnt the reason I am considering doing so.

Do you know what assuming does?

My original gripe was with someone minding anothers business....which is valid

During the week, that's still the case. Based on the feedback from the upcoming promotion, that is definitely going to change on January 1st.

You recognize these are discussion forums, right - where we openly discuss things, like the potential tax obligations on these sorts of promotions? "Mind your own business" doesn't go far on discussion boards. DUCY?

So, I say: Lighten up.

If you're going to pay your taxes, that's great; it's nice to have you in the club.