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Categorized | NZ POKER
$20,000 Garanteed prize Pool. Tokaroa.
Posted on 29 October 2010
This Saturday The NZ Poker Club Inc will host a $20,000 Garanteed Tournament.
Pockets Pool Lounge, 42 Mannering Street, Tokaroa, Contact Bruce on 021 451 270
Entry: $300
Staring stack: 20k
Limited to 167 Tickets
20m min blinds
Lunch and Supper provided
1st: $6,500
2nd: $4,100
3rd: $2,500
4th: $1700
5th: $1060
6th: $740
Facebook comments:
WHAT HAPPENED TOO THE REST OF THE $50,100 BUY IN POOL
How many started?
The Tournament was on Sunday not Saturday, 97 players started and I came 3rd
Did the pot stay at 20k? or was it $29100?
The total payed out was as the list above, total $ 16,600
looks like the rest of the money was taken off for John Key so my $2500k was actually $ 3000k yippee
Got to say that tournaments like this make it hard for real poker companies to make things work. 97 x $300 = $29,100 so if they paid out $16,600 that leaves a profit of $12,500. However it should have been a payout of $20,000 as that’s what was advertised. So why wasn’t the other $3,400 given out. And what makes it even worse is if they got their 167 players, that would be a total of $50,100 collected with a prize pool of only $20,000. Are poker players not able to work this out? It’s a bloody con. Something should be done about this before REAL poker companies get tarnished.
I’m thinking about starting a discussion about this on http://www.nzpokerforum.com I know it’s contentious and I think it’s a good thing to discuss.
Posted
check it out http://nzpokerforum.com/index.php?topic=70.0 (note this is a separate site to Pokernz so you’ll need to be a member or join)
If you look at the main banner for this event, where the prizes are shown there is a second set of figures next to them, the total adds up to $ 20,000, is this monies taken off for tax? we had to fill out a tax form giving our details
To Brooke, if you want the name and phone no for the organizers of this event so you can check out the prize pool payments my email is
mgibsonzero@gmail.com
why did they take peoples IRD numbers? I thought you only paid tax on gambling if it was your primary form of income?
Nope, that’s incorrect. You pay withholding tax on any prize winnings over $500. The rate I think is 19.5%. You don’t pay withholding tax on winnings from the horses and trotting. Lotto winnings are different where you don’t get taxed for main winnings only on the interest accrued. Then rates differ depending on how much you have won. Feel free to correct me if I’m wrong.
Weird, I’ve never paid Withholding tax at the casino?
I think this is where the grey area in poker lies. Check out IR 248 – Tax for sportspeople. Whether a person chooses to declare their winnings is entirely up to the individual. I’m not too sure if winnings at a casino are taxed because they hold a particular licence that negates having to pay withholding tax so yeah I’m not too sure about this.
Guaranteed prize pool means just that, they need to pay a MINIMUM of $20,000, regardless of whether the buy ins cover that or not, and how much they pay out on top of that is really up to the company involved…obviously if they made $50,000 they should be paying a hell of a lot more than 20k back to the players!