Online poker is growing at an amazingly fast rate, and it may explode even more if the United States passes the online gambling law. If the law passes, it means everyone in the country can start playing online and not have to worry about payment and regulation issues.

This would be great, because so many poker players are looking for a wide variety of games to play online. Texas Hold’em will always be a popular favorite among the poker sites, but other games like Omaha and Seven Card Stud are also popular.

When you sign up to play at an online poker site, you can actually make your money go a longer way than it would in a real casino. Online poker sites want your game play and some of them are offering really nice bonuses.

Sites like Party Poker and Poker770 have running promotions to double or even triple the amount of money you deposit into your account.

At the time of signing up, make sure you use a Party Poker bonus code 2012 or a Poker770 coupon code to claim your deposit bonus.

I have go to AC all the time but I have never gotten in on poker there. Some one please explain to me how the casino makes money? Are you playing against the dealer, or other players? Do you have to pay to get into the room or can you just walk in and sit down? What are the average table limits and what should I expect to bring with me money wise to play with? I have played hold’em in poker games and I’m pretty good, but I want to know if I need to bring $200 $500 or what. Any other help would be a big help.

Answer 1:

The casino makes money by either taking a small amount from each pot, or, as is the case in the UK, charging a “sit-down” fee– you buy your seat in the game.

Answer 2:

You only play against other players. At low limits, the house takes a cut of each pot, and at higher limits they charge a set amount per hour for your seat. There is no charge to get into the room in any casino in the United States. Some European casinos charge you just to enter. When you walk into the room, they’ll have a board listing the available games and limits. You sign up on the waiting lists for the limits you want to play, and when there’s an open seat, they call you. Waits can be fairly long in Atlantic City, especially if you play holdem.

If you are open to playing other games, such as seven-card stud, or to a few different limits, you shouldn’t have trouble finding some game quickly. The lowest holdem limit is 2-4. Next largest is 3-6, then 5-10, then 10-20. Holdem is spread only at the Taj Mahal and the Trop to my knowledge. $100 is more than enough for a session of 2-4. If you are a winning home game player, you should be able to handle 5-10. The problem with 2-4 is that the stakes are so low and the house cut of the pot is so large that it’s hard to make any real money even when the opponents are really bad (which they are).

Answer 3:

In games below $10/20 the casino takes a “rake” of 10% of the pot, up to $4 max. In games above, the casino charges for time. This amount varies by casino & limit. Usually, no more than $10/hr. There is no charge to get into the poker room. You only pay while you play. To get into a game, you go to the poker desk and see what games are available. If there is a seat open in the game/limit you want – you’ll be directed to someone who will seat you in that game. If there is a waiting list, add your name to the list & they will call you when a seat is open. Fri/Sat nights are busy and there is almost always a waiting list. It helps to put your name on more than one list. For example, I’ll wait for the $10/20, $5/10 and $3/6 games. Ideally, I want the $10/20. However, I’ll play in the others if they are “good” games, while waiting for a call for $10/20. Holdem is usually spread: $2/4, $3/6, $5/10, $10/20, $20/40, $30/60, etc. Sometimes you’ll find a $15/30 or $4/8 – they are pretty rare, however. Stud looks like: $1/3, $1/5, $5/10…..similar to holdem, but the betting varies depending on if the board is paired – and on which “street”.

To play holdem, I’d suggest the following buy in $$$’s: $2/4 – $100, with another $50 in reserve (don’t play $2/4 – it’s not worth the time); for $3/6 – $150/$100; for $5/10 – $200/$150; for $10/20 – $400/$200, etc…. Sounds like on your $500 you’d be looking at $3/6 or $5/10. You’d be a little short stacked at $10/20 and we’d try to squeeze you. That and the game is a little tougher than $5/10, less players see the flop and much more raising. Short stacks usually can’t handle the variance.

I’m pretty ignorant to the tax laws, but I’m curious: Is money made in online poker (offshore) taxable?

Answer 1:

While I can’t guarantee I’m right, I’m pretty sure that any income made overseas by a U.S. resident is subject to U.S. Federal Income tax. If you pay taxes to the foreign country, you might get an offset to that amount, but I doubt you’re paying any Costa Rican taxes at the Planet or Paradise Poker sites.

Answer 2:

It is defiantly taxable, but the US Gov’t has no idea that you earned the income – so they put the responsibility on you to report it in “other taxable income not reported” – this is were they get you for tax evasion (But don’t worry – that only holds true if it is over 10% of your AGI “adjustable gross income”)

Answer 3:

The short answer: Yes. If you are residing in the US, it doesn’t really matter where you earn the money. It’s taxable. If you are a US citizen who lives abroard (or is physically present in the foreign country for a substantial part of the tax year), then foreign income is excludable.

So it seems that Riverboat Poker on the Iowa/Illinois poker in the Quad Cities is nearing its end. I have been corresponding with several friends who are still employed in the poker rooms on both the Isle of Capri (formerly Lady Luck) in Bettendorf, and The President in Davenport. For quite a while the rumors that IOC was closing the room have been unsubstantiated.( read : HOPE beyond hope they dont…) I just got back from my former stomping grounds and heard first hand from several VERY reliable sources, the “facts”.

Expect the closing shortly (30-90 days). The slot machines are coming. Sad. Any hope that the action would continue at the Prez if IOC closed its room have also been dashed. The Old president is due for mandatory dry-dock soon, when the smaller replacement boat is brought in, there will be no poker room. Additionally, it is rumored that IOC has made a bid to purchase the Prez, some say it is a done deal. So what are the odds that IOC reopens a room on the Prez?

Answer 1:

I started playing casino poker about a year ago and visited the Lady Luck and President 2-3 times a week. There was a game every night, and tournaments were decent. However, over the last 4 months the rooms have really slowed down. I started playing at Meskawki about 3 months ago and love it. No bad beat rake, very well run tournaments, solid dealers. Plus they spread 4-8 every night instead of the 3-6 and 2-4 crap in Davenport. You should give Meskawki an honest try…they have a great pot limit holdem game on Friday nights and a 4-10 half kill Omaha game that goes most nights. On a side note, I did return to the President on Sunday for one last night before I venture out to Seattle next week and walked down to find one table of 1-4 Stud at 6 p.m. I think that’s a definite sign that Poker is about history in Davenport.

Answer 2:

I wasn’t knocking Mesquaki at all. I’ve played there numerous times. I started dealing Poker on the President, about 8 years ago or so. You should have seen the action then…13 games going almost 24/7, with lists as long as your arm, for a year, then it started to slowly dwindle to what remains. It hasn’t been “good” for a long time. Limited player base, excessive drop/jackpot, and Chicago action are the culprits in the demise of the action in the QC’s. I moved on and went to Harveys in Council Bluffs to help open the room there. It lasted about 18 months before things started to go downhill, and I moved here to Arizona. The keys to the success of poker here in Phoenix/Scottsdale is the HUGE player base, and the fact that POKER is i major part of the Casino Operation (2nd behind slots, which are limited, of course). BUT, there is no internal competition between other, more profitable, table games here…No house banked games…hence no Blackjack, Craps, or Roulette. The fact that poker was so
much less profitable than those house banked games is why poker took a distant
5th out 5 in terms of importance to the house in the Midwest. Poker was doomed
from the start. Best of luck to you and Mesquaki. I think that room is going to be better than it is, with the increase in players that it will surely soon see.

Answer 3:

Nope, grew up in Des Moines….and I agree about the player base…you would think that with the growing popularity of poker that those two rooms would be able to survive but oh well. I didn’t mean to imply that you were knocking Mesquaki.. Was just suggesting to others an alternative when the Riverboats shut down their rooms…

I’m surprised that not more has been said in this NG about the proposed legislation to ban all internet gambling. From what I’ve read, there are more than enough votes for this bill, but there is a disagreement about whether horse racing should also be included. The dispute about horse racing is the only thing right now preventing this legislation from being passed. The internet gambling ban will force ISPs (internet service providers) to restrict our ability to access gambling sites. My question is will this kill all internet gambling– whether it be sports books or poker sites–or are there ways around such restrictions?

Answer 1:

Assuming you refer to S.692 aka HR3125 (the Kyl Bill, aka The Internet Gaming Prohibition Act of 2000), this is not as devastating to thee industry, though this is the one in more immediate danger of becoming a law. This act applies only to the online casinos, and has no penalties or restrictions against the act of gambling online itself — it merely restricts the right to operate a gambling business online. Of more dire consequences if passed is HR4419, aka “The Internet Gaming Funding Prohibition Act”, introduced May 10th. This bill applies to the gamblers themselves, somewhat indirectly. It makes it illegal to use a credit card, OR a check, OR any legal tender, to buy cyber-chips at an online casino! S.692 has passed the Senate, and could be voted on in the House this week. Tell your Congressman to vote no. HR4419 has been referred to committee (Banking and Finance), and is not scheduled for any House vote soon. If your Congressman is on the Banking and Finance committee, tell them to oppose HR4419.

Answer 2:

You are reading out of date reports. As I understand it, the Kyl bill makes it illegal for a US citizen to operate an online wagering site. What I don’t understand is why would this be needed? Haven’t they already prosecuted Americans for operating offshore sports betting facilities?

Answer 3:

Yes, and then they lost at federal appeals. Some Dallas bookies were convicted of operating a gambling website out of the Bahamas. Monies were not collected in the US; they were sent to Canada for deposit in a bank there and drawn on by the Bahama book (much as Planet Poker works). The Fed Circuit Court said that the deposit of money was not a bet, they overturned the convictions.