Category Archives: Gambling

Norway Demands $30 Million from Absolute Poker

Posted on December 28, 2011 by Russ

Absolute Poker, the now more-or-less defunct company that included UltimateBet, has been hit with a 180 million Norwegian Kroner tax bill ($29.9 million) by the Norwegian tax agency, Skatteetaten. The tax agency accuses Absolute Poker of running 430 million Kroner … Continue reading →

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IRS Acquiesces to Decision in Mayo v. Commissioner

Posted on December 27, 2011 by Russ

The IRS has acquiesced to the decision in Mayo v. Commissioner; this decision will be published in the January 17, 2012 issue of the Internal Revenue Bulliten according to Linda Beale. The Mayo case allows a professional gambler to deduct … Continue reading →

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Casualty Losses, Constructive Receipt and Full Tilt Poker

Posted on December 21, 2011 by Russ

I’ve been asked numerous times over the past few weeks one question by poker players: “Can I take a casualty loss on the money I have tied up on Full Tilt Poker?” The answer is a definite maybe, but even … Continue reading →

Posted in Gambling, IRS | Tagged | 8 Comments

The Real Winners of the 2011 World Series of Poker

Posted on November 9, 2011 by Russ

Nine individuals came to Las Vegas this past weekend to compete for the championship at the World Series of Poker. Who would be the lucky winner? And who really got to keep the money? This year’s World Series of Poker … Continue reading →

Posted in Gambling | 12 Comments

News Report: Full Tilt Sold

Posted on September 30, 2011 by Russ

PokerFuse is reporting that Full Tilt Poker has been sold to Group Bernard Tapie. The deal is conditional on factors including a favorable resolution with the US Department of Justice. PokerFuse reports that the deal calls for repayment of all … Continue reading →

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Full Tilt Poker: $238 Million (54%) May Have Gone to Pay Taxes

Posted on September 28, 2011 by Russ

As I noted last week, Full Tilt Poker allegedly paid their owners $440 million, much of that money supposedly coming from player deposits. One question I’ve been asked is, where did that money go? Well, I don’t know where all … Continue reading →

Posted in Gambling, Scams | Tagged | 2 Comments

Full Tilt Poker Alleged to be “Massive Ponzi Scheme”

Posted on September 20, 2011 by Russ

The United States Attorney for the Southern District of New York this morning alleged that Full Tilt Poker is a “massive Ponzi scheme.” Back in April, the Department of Justice seized the domain names of the three largest US-facing online … Continue reading →

Posted in Gambling, Scams | Tagged | 3 Comments

Will Chicago Get a New Casino?

Posted on September 15, 2011 by Russ

Illinois Governor Pat Quinn is not happy about proposed legislation that would add five casinos in Illinois. One of these would be in Chicago. Among his complaints are that it would harm education, increase corruption, lower oversight, and add to … Continue reading →

Posted in Gambling, Illinois | 1 Comment

Eight Days a Month Not Enough

Posted on September 15, 2011 by Russ

As I’ve said in the past, there are several states where being an amateur gambler is not a great thing. Wisconsin is one of those states. Yet another amateur gambler found that out the hard way. Carol Kubsch reported $473,075 … Continue reading →

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Foreign Money Service Businesses May Need to Register with FINCEN

Posted on July 23, 2011 by Russ

Consider a foreign company that takes in, via wire transfers or other bank transfers, money from Americans. This company is located in, say, Costa Rica. Under new regulations published this week in the Federal Register, that company must register with … Continue reading →

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