Quote:
Originally Posted by jmac13
In Vegas, the magic number seems to be when you win $5000+. Many Canadians will still play the $1500 main event at Seneca coming up in November for the reason that if they cash, there is a chance they'll be winning an amount close to that anyways.
This is incorrect. AFAIK, Seneca continues to be one of the rare casinos in the US that will withholds 30% any tournament winnings even if it's below $5,000 net. If a Canadian is among the final 10% in the $1,500 event, but min-cashes at about $2K, Seneca withholds 30% of that or $600, so you actually go home with less money despite "winning!"
When I won first place in a small Las Vegas tournament, it was not above $5,000 net winnings so that casino did not withhold anything, but when my friend made a smaller cash at Seneca, 30% of his winnings were gone.
Legally, you need proof or receipts of gambling losses to offset part or all of your tournament winnings. What RMS and other recovery firms do is skip the proof/receipt part for non-huge wins. Some players later got audited by the IRS,
but I don't know what the outcome was.
In other words, Ontario players should first play any of the many decent tournaments in the following casinos before driving across the border to have 30% withheld for even a min-cash: Casino Rama (5% rake), Brantford Deep Stacks (rake as low as 8%), Woodbine SNGs (rake as low as 4%), Point Edward, Great Blue Heron, Fallsview Poker Classic, Western Fair Racetrack, Mohawk Racetrack, etc. In addition, while Seneca and most other casinos have an extra ~3% fee/add-on for staff gratuities, Ontario casinos (except for Fallsview) have zero hidden fees.
Last edited by Nash_equilibria; 10-23-2013 at 01:37 PM.