[bav]

This freeroll is the standard thing they do every 2 months for folks who've put in 80 hours on the cash games or won two regular tournaments (the qualification by winning two tournaments is no longer an option--gotta be 80 hours next time). Harrah's, Paris, and Rio all do variations of these.

There was lots of discussion about the $10,000 seats. I find it totally appalling that these things are non-transferable and cannot be sold. It's claimed these are use-it-or-lose-it. Given that Harrah's is raking $1/pot to pay for these, I'm not 100% convinced giving that money back to the players with such insane strings attached is even legal. An interesting question for the Gaming Commission... The casino is not allowed to rake more than $4 or 10% by regulation, so the extra dollar they take MUST be returned to the players. Is it really returning it if you're not actually giving the money back, and are instead giving them what is effectively merchandise?

Anyway... the tax implications were discussed at length, too. Nobody claimed to know the answer. I just don't see the IRS saying they're fine with you failing to pay tax on a $10K WSOP seat until after you've cashed at the ME. It makes perfect sense and is completely logical and would greatly benefit the player, so I'm sure they'd disallow it and force you to declare $10K in gambling profit this year and deduct $10K next year. But IANACPA.

As the bustouts were playing cash games and the tourney was still going we chatted about what kinda deal would be fair. I was thinking if it was a 3-way split, the 2-seat winners should cough up $2K each so the cash-taker got $6500. The effective take of the top two would then be $8000, but hamstrung by having to use it to enter the ME. So the $1500 difference felt about right. When I heard the lady tell the boys "give me $250 each" and saw the guys fumbling for cash, I just walked away figuring they'd come borrow the money from someone, or hit the ATM, or do WHATEVER it took to make the deal happen. Next thing I look back and they're playing again and in like 60seconds it's over. Wacky.