Growing up in Los Angeles (before moving to Las Vegas), I have been a long time Los Angeles Kings hockey fan. So I was very excited to receive a link from my buddy Scott to a poker tournament that is going to take place right here in Las Vegas that is being hosted by Luc [...]
Many times you will hear of people who have sold or exchanged a portion of their tournament action to help cover the costs of playing in tournaments. In other words, this player has agreed in advance to split his winnings with another person or a group of people. Depending on the size of the tournament, this has the potential to get the players and those people who have purchased a share in the players action in to a potentially difficult tax situation.
So you have watched poker on TV, maybe even played on the internet. Now you and a group of friends want to have your own tournament. Before the cards hit the table, there are several things you can do to insure everybody has a good time and your tournament runs smoothly.
The first thing you should do before planning a home poker tournament is to check the laws in your area. Each state and in some places, even the county you live in have laws regarding gambling. In most cases the laws restrict anyone from making a profit from the tournament. This means you can’t charge an extra fee for entering the tournament. Any money collected for entering the tournament should be added to the prize pool and distributed to the winners. Your local laws may differ.