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+ U.S. poker players: Time to start preparing to file your taxes

It’s that time of year. Federal taxes are Situs Judi Poker coming due for U.S. taxpayers in April and, while four months may seem like a long time to prepare, now is the time to start getting things ready. The Tax Cuts and Jobs Act of 2018 (TCJA) has introduced a number of changes that could help, or hurt, eligible individuals.

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U.S. poker players: Time to start preparing to file your taxesThe TCJA introduced a number of small reductions for certain individual tax brackets. It also increased the individual alternative minimum tax, as well as estate tax exemptions. Major changes to taxation of foreign income were also added. However, the downside is that it eliminated or limited a number of tax breaks and most of the tax relief offered is only temporary.

The law states that all gambling winnings must be reported. Some U.S. players may receive a Form W-2G, which covers certain gambling winnings, from casinos where they have played and won. The form is issued if net winnings total $600 or more and are at least 300 times the amount wagered. They can also be issued if an individual is subject to the withholding of federal income tax. Casinos are obligated to withhold 24% if the net winnings are over $5,000.

For recreational gamblers, winnings have to be reported on Line 21 of Form 1040, the standard federal tax filing form. They should be listed under the “Other Income” category and recreational players may deduct losses against their winnings, which must be listed as an itemized deduction on the taxpayer’s Schedule A.

Professional poker players have things a little different. Gambling activity is reported on the Schedule C – Profit or Loss from a Business, which allows the taxpayer to reduce his or her income earned by offsetting the amount with expenses or losses incurred from bets, but only to the extent of winnings from the gambling activity.

There are always a lot of moving parts to tax filings, but filing for 2018 may be a little more confusing. It’s important to get things rolling now to avoid the last-minute scramble that might result in errors, underpayments or overpayments and which could result in an unfriendly visit by the Internal Revenue Service.

Malta Poker Festival’s Ivonne Montealegre fighting for what she believes in

Lee Davy sits down with the Malta [www.kumisqq.com Situs Poker 99] Festival‘s founder, Ivonne Montealegre, to talk about her legal issues with Net Gaming, the ‘why’ behind her new creation, and her desire to work with more influential female ambassadors.

Malta Poker Festival’s Ivonne Montealegre fighting for what she believes inHaving become the first Finance Minister of a G8 country, Christine Lagarde, Managing Director of the International Monetary Fund (IMF), knows a thing or two about overcoming adversity and so you should take heed when she says:

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“Grit your teeth and smile. In the face of adversity, go. They don’t deserve you.”

And it was Lagarde who crossed my mind during a conversation with Malta Poker Festival’s founder, Ivonne Montealegre, another strong, independent and passionate woman who grits her teeth and says, “Bring it on,” when nostrils begin to flare.

Seven years ago, Montealegre joined forces with the poker affiliate PokerListings, to create one of the most affordable, mass-hysteria, No-Limit Hold’em tournaments in the world.

The Battle of Malta (BOM) was a fantastic success shifting up the gears every single year growing from 349-entrants in 2012, to a record-breaking 2,074 in 2017. In 2014, the poker industry acknowledged Montealegre’s hard work by pinning the European Poker Award for Best Poker Event Under €2,000 medal onto its chest.

Everything was going as smooth as a babies stool until, in 2017, NetGaming acquired PokerListings and decided to sell the BOM trademark to Casino Malta, ending Montealegre’s involvement with Malta’s most successful tournament.

The sale of BOM saw the event leave the Portomaso Casino for the first time, and Montealegro reacted by creating the Malta Poker Festival for her loyal Portomaso players and beyond.

Casino Malta reacted by suing Montealegro, and that’s where our communication begins.

Why did Net Gaming take legal action against you?

“The Casino Malta tried to prevent me from running the Malta Poker Festival claiming it would compete with their tournament. They failed in this attempt, and this is a matter of public record. I believe that you can’t obstruct or prevent someone’s right to make a living because you might compete with someone else. If that were the case, we would see only one burger joint or only one clothes shop on our streets. Competition is healthy – it makes us all work harder and rewards the customers, giving them a broader choice and more great events to play. No one company or person should have a monopoly on poker in Malta Domino QQ.”​

Why did you choose to create the Malta Poker Festival after what happened with BOM?

“After this judicial process, even more, I decided to stick with Portomaso and keep servicing my clients. I genuinely believe they are the only casino in Malta with the poker acumen to make an event of this magnitude – at least for now. The others can catch up, but this growth needs to be organic. It is so easy to buy things!

“The Malta Poker Festival has created a markedly different product, by offering a schedule that includes four main standalone events, run in collaboration with four different poker operators. My life has been in poker, and I am determined, with the help of my partners, sponsors and clients, to make the Malta Poker Festival the best low-buy-in poker festival in Europe.”

Why are you the person to do this?

“Many people can do this…but I come from Costa Rica, and I’ve seen the rise and fall of poker online, live poker, Black Friday, etc.… I have worked in the online poker operator side to the online affiliation side and even brick and mortar casino action. I have a clear picture of why the backend of a poker affiliate can compromise a live event. I have more than 24 years in poker experience and a big network of very talented people in our field.”

What is your difference versus BOM?

“We are a completely stand-alone event Bandar QQ; we are not linked to any poker affiliate (getting CPA from players), compromising operators and cornering poker networks. We have an information website that is designed for players to get information, and enjoy, not compromised embedded in an affiliate site which is a real gimmick.”

iPoker Network becomes the first B2B network to share European liquidity

With the British preparing to rip themselves from Situs Poker Online the heart of the European Union (EU), the Americans preparing to wall itself in, and my two-year-old daughter screaming the word ‘mine’ when I grab her rainbow coloured T-Rex as she slurps on her spaghetti, it’s nice to write about a moment shared.

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On Monday, the iPoker Network became the first B2B poker network to take advantage of the new European laws allowing online poker rooms in France, Italy, Portugal and Spain to share the same dishwasher.

The plan is to merge Betclic and Unibet.fr on the French side of the divide, and bet365, Betfair, Casino Barcelona and Sportium on the Spanish side. It’s fantastic news for the online poker rooms and players alike with greater guarantees and prize pools for players and more revenue for skin owners. The story first broke on the Spanish poker news site todoeljuego.com, and Playtech officials turned the gossip into reality when a press release landed in my inbox a few days later.

Playtech secured the thumbs up from the French regulator ARJEL back in March. The Spanish regulator, the DGOJ, gave the green light recently. My shoe shiner tells me the Portuguese will join the fray once they resolve a few piddly licensing issues. The Italians remain on the sidelines, growing heavy beards.

Shimon Akad, COO, Playtech, said the shared liquidity across the European markets represented a huge opportunity for the industry and was a significant move for their operators and players. You can find licensed Playtech Poker software in ten different European markets, with over 35,000 concurrent players enjoying multi-table tournaments (MTTs), Cash Games, Sit ’N’ Go and Twister tournaments.

And it works.

PokerStars was the first online poker room to take advantage of the shared liquidity scheme, and have since awarded more than €50m in prize pools across events such as FRESH, SCOOP France and Spain, TRIO Series, Galactic Series, and the most recent Southern Europe Championship of Online Poker (SECOOP), which surpassed its €10m Guarantee by more than €2m.

As the great philosopher, Snoop Dogg once said:

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