Tuesday, January 30, 2007

Life and Poker Thoughts

Tonight I get the pleasure of putting together an air-hockey table. It is a wondrous thing to read through the directions of any devise that requires construction by the person who bought said devise. Do we really have to put all those screws in it to make it run right? Anyway, it with be an act of attrition upon my soul to get through this. My thumb still hurts and is only at maybe 50%. Have you ever tied to tie your shoes when you can’t use your thumb? It is hard to do. And try to button your pants. At least my wife knows how to dress me. So hopefully I can get started on the air-hockey table tonight.


To date I haven’t said much about Neteller and my ability to get money on and off the sites that I play. For me it is more a question of managing the money I have. I’m not a person who will take random money from the family account to reload a poker account and try to stay within a budget. By budget I mean I manage the money I have. Not having Neteller is a hindrance though because I would move money for reload bonuses and other promotions. I know that I will play for as long as I want on the money I have just by managing the levels I play. What I see happening is the lower priced games will get bigger fields while the high level games will generate smaller fields. Eventually, the numbers of players will dwindle and the games will get harder for the average player.

This will happen unless there is a change. Regulating the industry would open up the avenues for us as players. The tax money our government could generate from legalized on-line casinos would be huge. Now I don’t like having my life regulated by my government but if it brings the fish back into the pond then I’m all for it.

The blogsphere is full of short term ways for people to get their money on to poker sites right now but they are short term band aids. We will always find ways to get money to these sites but the hoops we will have to jump through will get tiresome. Do I want to open an account with every new Neteller, Click2pay, or epassporte that comes along? No I don’t. A taxed and centralized system regardless of how it is regulated may be the only way for all of this to continue like it did in the past.

There are also IRS implications that surface with something like this. If it regulated then will we get a 1099 every year to claim our winnings? Do we have to keep track of our loses to offset the earnings we make? Will each session be a separate transaction so that we will have to log all of our play? It could become a pain in the ass. I’m sure the poker sites have records of every game that we have played down to each red cent we’ve bet so a report at the end of the year shouldn’t be hard to come by. I’d actually like to see one because I don’t track my play as well as I should.

Does this bring us closer to a conclusion? Not really but it I the thoughts of an amateur poker player who would like to keep playing.

1 comment:

jjok said...

I've investigated pretty heavily on the IRS/Tax side of things and have seen some disturbing policies regarding gambling.

There is no guideline to what a session is......and I'm sure that you or I's opinion of that is much different from that of the IRS.

Imagine winning $1000 on the year but having to declare $25000 in winnings and $24000 in losses......not only does it jack up your AGI, but it also potentially makes alot of people ineligible for other programs like Roth IRA's and flex-spending accounts.

Scary stuff