whoa I saw Phil Ivey rack up $700k in chips

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Y

Yossarian

Lifer
Dec 26, 2000
18,010
1
81
one or two nights a week I play poker at the Hustler casino. for some reason tonight they opened a 4/8 limit table right next to the "big game"... Larry Flynt, Ted Forrest, Phil Ivey, and assorted other rich dudes and poker pros. they play 3000/6000 stud. sick.

anyway at midnight the game broke and Ivey filled 7 racks with $1000 chips. a couple young players asked for autographs and he was accomodating so that was pretty cool.

I didn't do too well... set of 2s on the flop vs a set of jacks, ouch.
 
J

jst0ney

Platinum Member
Feb 20, 2003
2,629
0
0
Originally posted by: Mo0o
i wonder how much he's worth.
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Hard to tell, I bet those guys don't record everything they win as income. It would be crazy to only deal with cash.
 
Y

Yossarian

Lifer
Dec 26, 2000
18,010
1
81
Originally posted by: jst0ney
Originally posted by: Mo0o
i wonder how much he's worth.
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Hard to tell, I bet those guys don't record everything they win as income. It would be crazy to only deal with cash.
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at the stakes they play there are paper trails for everything, so they would be pretty foolish to not report income.
 
V

Vette73

Lifer
Jul 5, 2000
21,503
9
0
I think its anything over $1000 the casino has to take your information and report it to the IRS.
 
KLin

KLin

Lifer
Feb 29, 2000
30,936
1,066
126
Originally posted by: Marlin1975
I think its anything over $10000 the casino has to take your information and report it to the IRS.
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Any transaction that takes place over 10g's has to be reported to the IRS. any jackpot 1200 and over in bingo/slots is recorded and you're given a w2g form with the information.
 
M

Mill

Lifer
Oct 10, 1999
28,558
3
81
Originally posted by: KLin
Originally posted by: Marlin1975
I think its anything over $10000 the casino has to take your information and report it to the IRS.
Click to expand...

Any transaction that takes place over 10g's has to be reported to the IRS. any jackpot 1200 and over in bingo/slots is recorded and you're given a w2g form with the information.
Click to expand...

Yes, pretty much. In the end, however, it depends on how much profit you walk away with. I've bet up to 2k a hand and never had to fill out a form even if I won. It depends on what you cash out with.
 
Mo0o

Mo0o

Lifer
Jul 31, 2001
24,227
3
76
Originally posted by: Mill
Originally posted by: BrownTown
betting 2000$ on a hand of poker? I really hope your rich dude.
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Blackjack.
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wow, isn't that pretty risky since its a dealer sided game? were you counting?
 
ponyo

ponyo

Lifer
Feb 14, 2002
19,688
2,811
126
Originally posted by: KLin
Originally posted by: Marlin1975
I think its anything over $10000 the casino has to take your information and report it to the IRS.
Click to expand...

Any transaction that takes place over 10g's has to be reported to the IRS. any jackpot 1200 and over in bingo/slots is recorded and you're given a w2g form with the information.
Click to expand...

I believe it's 10k in a single 24 hour period. As long as you keep cashing out less than 10k everyday, you won't get w2g. My friend had to stay in Vegas for over a month to cash out because of this rule. He even flew in friends to help him cash out.
 
P

poopaskoopa

Diamond Member
Sep 12, 2000
4,836
1
81
I believe Ivey took a rich banker(Andy Beal) for 16 million dollars heads up last year. Actually the background story has more details that I'm leaving out, but if you want to know, google Phil Ivey and Andy Beal, and you can find out what happened in February of 2006. Can't imagine losing 16 million bucks playing limit hold'em for 3 days.
 
M

mpitts

Lifer
Jun 9, 2000
14,732
1
81
Originally posted by: poopaskoopa
I believe Ivey took a rich banker(Andy Beal) for 16 million dollars heads up last year. Actually the background story has more details that I'm leaving out, but if you want to know, google Phil Ivey and Andy Beal, and you can find out what happened in February of 2006. Can't imagine losing 16 million bucks playing limit hold'em for 3 days.
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Go read "The Professor, The Banker and The Suicide King".

Great book.
 
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