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

Y

Yossarian

Lifer
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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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