Betting Games News

 

Casino Diapers For Grownups?
A Canadian firm puts a true meaning into the saying that serious gamblers are “just a bunch of grownup babies”. The company now offers special diapers for the “gamblers who frequently visit 24/7 casino houses”. With extra durability, the product ensures that no one steals your jackpot when you leave the table to use the restroom. This one is truly one for the books!

Poker Tournament Winnings Must Be Reported To The IRS
Starting next year, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue Service, according to the IRS.The new requirement, which goes into effect on March 4, 2008, is designed to clear up confusion about the tax reporting rules that apply to poker tournaments. In recent years, some casinos and players have been confused over whether poker tournament sponsors who hold the money for participants in a poker tournament are required to report the winnings to the IRS and withhold tax on the winnings.For tournaments completed during 2007 and before March 4, 2008, poker tournament sponsors will not be required to report the winnings to the IRS or withhold tax on the winnings. But beginning March 4, 2008, the IRS will require all tournament sponsors to report tournament winnings of more than $5,000, usually on an IRS Form W-2G. Tournament sponsors who comply with this reporting requirement will not need to withhold federal income tax at the end of a tournament. If any tournament sponsor does not report the tournament winnings, the IRS will enforce the reporting requirement and also require the sponsor to pay any tax that should have been withheld from the winner if the withholding requirement had been asserted. The withholding amount is normally 25 percent of any amounts that should have been reported.So that tournament sponsors can comply with this requirement, tournament winners must provide their taxpayer identification number, usually a social security number, to the tournament sponsor. If a winner fails to provide this identification number, the tournament sponsor must withhold federal income tax at the rate of 28 percent.Players who cash in tournaments must report all their winnings on their federal income tax returns. This rule applies regardless of the amount and regardless of whether the winner receives a Form W-2G or any other reporting form. This is true for 2007 and earlier years, and will continue to be the case after the new reporting requirement goes into effect.

The Amazing Story Of Jerry Yang
Sometimes success and wealth can change someone for the worst, almost overnight, or so it seems. But not everyone. Not Jerry Yang.Amy Calistri and I had Jerry Yang on Keep Flopping Aces, our Internet radio show that is webcast on www.holdemradio.com every Thursday night at 6 p.m. Pacific Time. He became an instant millionaire eight times over when he won the World Series of Poker’s main event last summer, and promised during his victory speech to give a portion of his winning to charity.He also told us that ten percent of his future winnings will go to charity. Jerry and his wife have both quit their jobs, and when I asked what he plans to do with all his free time, he told us that he plans to spend much more time with his family and plans to do more charity work. It’s not like he is a stranger to helping people. He was a social worker until very recently, and his life’s focus has always been on good work and helping people.He has six kids and has already set aside money to pay for their college education. He said he doesn’t want his kids to have to do what he did when, as a poor immigrant attending college, he had to sweep out the gym and do other jobs to keep him in books and food while he attended classes.Some people are quick to deny their roots and forget where they come from once they make it. Others—and it seems like it’s far fewer—reach back and offer a hand up the ladder to those who are facing the same struggles they did.We spent nearly an hour on the air with Jerry Yang. He is down to earth, humble, grateful for his blessings, and a strong family man with a conscience.The interview with Jerry Yang will be on the www.holdemRadio.com website in a few days, and will be able to be downloaded as an i-Tunes podcast too.Jerry Yang is the real deal. He had a very focused strategy in mind for the final table at this year’s WSOP. He followed it and he won. He also has a strategy for his life. And he’s following that too.Yang is an amazing guy with an immigrant’s story that embodies the American dream. Along with his family he escaped the horrors of Southeast Asia, spent four years in a refugee camp, came to this country with nothing, learned the language, put himself through college and graduate school, and was an American success story. The WSOP win is merely the icing on the cake. All the hard work and heavy lifting was done earlier.Each of us has an immigrant’s tale in our family history. My great-grandfather walked across Europe to Amsterdam—a journey of three years—at the beginning of the Twentieth Century to sail in steerage to America. The story of poverty, privation, and struggle is similar to Jerry’s. Only the time and locales differ.Spending an hour talking with Jerry Yang brought it all back home. Maybe each of us needs to be reminded of our family roots every now and then to see our own lives with fresh eyes. It’s nourishment for the soul.

It’s Showtime: FilmCrave Innovatively Adds Movie Trailers (Press Release)
FilmCrave (http://www.filmcrave.com), a movie social network, showed yet again that they hear their members by providing them with thousands of new movie titles and movie trailers (http://www.filmcrave.com). Unlike other social networks where member

Give The Gift Of Knowledge
The holidays are here again and if you are like me, you are probably searching for the right gift to give someone on your list. May I suggest you give…