You can't see me but I'm applauding.

LOL!

AND walking through the Bazaar thing and the elevated walkway, assuming you value your life and don't try to cross the roads on the ground level.

Does anyone know if the Gladiator event will reach the money on Day 1? They usually say so on the structure if so, and the Gladiator structure doesn't say so.

Does anyone remember when the money bubble broke? Sometime on Day 2?

Caesars doesn't get to choose if they withhold or not. - I posted the rules direct from the IRS website. Withholding can be done at the sole discretion of the winning player..... purely in theory.... if the IRS REQUIRED criteria is not met Caesars could choose to NOT withhold even if the player requested it. In practice if the request is made by the player I believe Caesars would comply by withholding the funds and submitting them under the players Federal ID number (typically your social security number) to the US Treasury.

Withholding is done regardless of the players wishes if the IRS criteria is reached.

im worse sadly, but I appreciate your posts in BFI for years so thats why i asked

Last year the money bubble burst not long after dinner break on each Day 1.

30k starting stack and 30 minute levels = almost a turbo. Bubble will easily burst on day 1. Hardly anyone will bag.

You can always go to PokerNews and look at reports from earlier years.

Just glanced at Day 1A from last year. 3,940 entrants with only 129 players advancing to day 2 (3.2%).

https://www.pokernews.com/tours/wsop...f-poker/day1a/

Guessing it will take about 8-9 hours of play to reach the bubble.

thats INSANE. i playedin the 500 and i think gladiator? both near end of day felt shallow but thats just me playing bad

Thanks, appreciate it.

I think in theory this is true. However, the WSOP is a different beast given the field sizes. The purpose of paying more than 10% is to increase the ROI on time for players. IMO it should basically be a staple that multi-day events get in the money in one day except in very rare circumstances (the ME for example). Who the heck wants to play multiple days, including having to incur the travel costs to do so, in order to not make any money? So for typical field sizes, 12.5% probably does the trick. I think for most WSOP events, it would not. But of course, they can certainly tinker with their payouts any way they want.

I think that is definitely a per venue thing. In any case, if a person is reasonably good with money, then withholding is almost always disadvantageous, depending on the calendar date the win occurs on.

The link you provided uses the word “must” and “may” in different sections, neither of which directly indicate they are applicable to poker tournaments. It does not surprise me the IRS language is vague and up for interpretation. This is why we have tax courts and why the majority of people who don’t have access to good accountants are at a distinct disadvantage.

In any case, 300x, if that is a real threshold, is not one which the vast majority of WSOP winners will reach. So I think the actual WSOP policy remains a bit of a mystery. Wouldn’t it be nice if they just posted if so it were clear to all?

I dunno if that IRS regulation is new or not, but I had tourney wins of over 300x the buyin in 2011 and 2014 and didn't have withholding.

There is a section for poker tournaments. What was previously copied in this thread isnt for poker tournaments.

Its pretty clear actually. No withholding as a US taxpayer if you provide your TIN(SSN)

4. Poker Tournaments
File Form W-2G for each person to whom you pay more than $5,000 in winnings, reduced by the amount of the wager or buy-in, from each poker tournament you have sponsored. Winnings and losses of the participant from other poker tournaments you have sponsored during the year aren't taken into account in arriving at the $5,000 amount.

Withholding and backup withholding. If you file Form W-2G for the person to whom you pay more than $5,000 in net winnings from a poker tournament, and provide a copy of Form W-2G to such person, regular gambling withholding doesn't apply to the winnings. However, if the person who wins more than $5,000 doesn't provide a TIN, you must apply backup withholding to the full amount of the winnings from the tournament at the backup withholding rate of 24%. Net winnings of $5,000 or less aren't subject to reporting, withholding, or backup withholding.

I have never had any Federal taxes withheld in over 30 years of playing tournaments. Including the 500x return I got in 2004. I have been asked many times if I would like to have anything withheld (and always said no). I have had taxes withheld for the state I was in a few times, but never Federal taxes. This would have been very different if I were a citizen/resident of another country.

Aka - You have been very helpful to readers on many issues, you have experience and are willing share that in many cases for the benefit of others.

HOWEVER you also don't know when to just say I AM WRONG or I didn't know that. You are entitled to your OPINION and typically you support that opinion with a well written argument. FINE good for you.

Tax withholding regulations are not OPINIONS, Venues don't get to pick and choose what they follow if they are following the law. Regulations change over time and what may be true 5 years ago are NOT necessarily accurate today. The WSOP policy is not a "mystery" and while CAESARS has on EXCEEDINGLY RARE occasions chosen to interpret the IRS code slightly differently (backers income reporting is a specific example in the past) the regulations for withholding are very clear and also very specific to the type of wager that generated the payout.

The Link is absolutely specific to poker and other gaming winnings as to what the current IRS Treasury regulations require. So for the benefit of those that read and pay attention to your posts please stop the obfuscation.

NOTE: To be perfectly clear I am NOT disputing Greg Raymer and his personal experience. I suspect but DO NOT KNOW that the 300X criteria became part of the regulations well after his ME victory. Greg in his prior lifetime was an attorney (patent I believe) and can read a legal document and the tax law and has enough real world experience on cashing and W2G's to be someone to pay attention to.

I've never had them withhold, that being said it very important and I stress, VERY important, to keep track of every penny you spend related to your stay and travel to and from Vegas and that includes your meals (even the $30 hotdog). I even log my mileage for the drive to the airport, Uber trip ect, all of that goes toward reducing your taxable income, ie your tax the gov will collect.
I've seen people toss their tourney slips for events they bust....save them all they count against your taxable income.

Tourney slips count as gambling losses, but your travel expenses and meals are not deductible unless you file as a professional gambler.

It says it right on the structure sheet, right under the $3,000,000 guaranteed Prize Pool, "Payouts Start on Day 1s".

Yes, and gambling losses up to a maximum of your reportable gambling wins are deductible only as a non professional if you ITEMIZE. Current tax law basically financially screws you if you take a standard deduction.

Let's all hope after the WSOP these are all relevant topics for everyone for our tax return filings for next year. As noted by above accurate detailed contemporaneous supported by receipts records are key to winning any tax dispute with the IRS.

Bad news, friend. Food is ridiculously expensive everywhere in Vegas. From the smallest shops to the swankiest restaurants, they absolutely gouge visitors on food. It should honestly be illegal to cram that many human beings into a space as big as the Las Vegas Strip and not provide ample, reasonably priced food options. Granted, there are a couple of fast food joints, but they aren't close to the Horseshoe.

If you decide to eat out every meal, I would expect to spend at least $50-60 per day. That is not a typo. That is $50-60 every day.

The only realistic option you have (unless you want to walk 1.25 miles down the strip to the cheapest fast food joint) is the grocery store. Get an Uber and go to the grocery store. Stock up on as many snacks and non-perishable foods as you can. You might request a refrigerator from the hotel desk, and be sure to specify your medical issues.