Showboat 9/15 Donkament TR tl;dr w/cliff notes

[hamsamich]

Buon....
I requested that the SS take the win on paper to make up some of the difference. The odd thing is that Showboat told ALL of us more than once that they would NOT be issuing a W2 for this.
You are correct in your thinking though. It doesn't matter what deal you agreed to, if you took 1st place on paper then you are responsible for the taxes on the full 30k, or whatever the win was on paper.

[Buonaparte]

Thanks for the info, Hamsamich.

I was in a tournament at Showboat about a month ago. When there were maybe six left the chop talk started, I was the large stack by far and took advantage of that situation by saying I wouldn't get involved for the tax reporting reasons I outlined in my prior post. When I noted that if we chopped, someone would then sign off on a W2-G for a lot more money than they were gonna walk out with in their pocket, light bulbs popped on over people's heads all around the table. It had occured to no one up until then. Sure enough, at the end I signed off on a W2-G from Showboat.

Congratulations on your good work in the tournament. The cherry on the slice-of-cake is that you kicked Ronnie's ass off the table right before the chop. I hope Showboat runs this kind of tournament on a regular basis.

G

[mxp2004]

[ QUOTE ]
WTF????

You have 1 mill of 4.something in play, and you do an even split????? Dude, congrats on the 10k, but my god you lost a ton of equity. You should have had at least double that if not more. Next time do a split based on chip equity.

[/ QUOTE ]

I don't think that the deal was all that unfair because of the blind structure at the time of the deal. Sure, OP had about 25% of the chips in play. However, the average stack was probably around 500,000, and with blinds of 30k/60k + 10k, my guess is that most hands would have been all in or fold. It wouldn't take much of a beat to drop OP back to the middle of the pack or worse, and just one orbit of folding would diminish OP's stack by 16%, with a corresponding reduction in tournament equity. Finally, anyone at the final table would have needed to finish better than 3d place to make more money, and with such low Ms around the table, getting there could be a real crapshoot.

If there were one or two super-short stacks, it may have been advantageous to wait to see if they busted before cutting an even chop. But all in all, locking up a $10K payday seems like good work and good judgment.

[AKHobbes]

how did you guys work out the tax situation...since i know that someone must sign for 1st place money and that's reported to the irs, right?

[SyrialKilla]

Hey Hamsamich..I'm really glad you had such a good time playing at the Boat on Saturday. It was a great turn out! It ran so smooth too.

Alicia Lee smelled great didn't she?

Those Hugo boss girls were hot..and the fact they were handing out those hundred dollar credits to Hugo Boss to all the players was awesome. The food wasn't even that bad, and it was reasonably priced..like $1.50 for a big slice of pizza. I wish they would have had tables or somewhere to put your drinks and stuff, though.

The tourney itself broke down real fast didn't it? It broke from the back of the huge ballroom and it seemed like it was a table almost every 5 minutes for a while there. But I didn't really notice a single table out of balance.

The WsoP payout structure was a good payout scale I think.
It worked out really well. I agree the hand for hand proly needs some work but I know it will get better. They are already talkin about having another one maybe even in October. I saw that there were four people who made it to the money that had won their seat in the $30 Turbo Satellites that ran in the Poker room for the month before.
Did you buy your seat outright or did you win it in a turbo?

How do you think it was run in general? Did you like the blinds, etc.?

Were you the one who took first? If you were I think you owe me some money hahaha. J/K
Grats on the win dude! Maybe see you there next time!!

[hamsamich]

Alicia Lee A++ Would smell/???? again

I didn't check the food out (I don't eat when I play) but from what I saw they did a pretty good job with the spread. The one thing I REALLY liked was that the coffee was right there in the room so when you ordered one up you didn't have to wait forever.

I played at four tables including the final so the moves were not that bad for me. I bought in direct but the guy to my right who was in the chop of the final 7 turbo'd in. $30 >> $10k is pretty sweet!

I think it was run very well in general. A lot of people were complaining that a break after every two 25 minute rounds was too much though. They are actually correct but I will never complain about it because I am a degenerate smoker and will take whatever breaks they give.

I took 2nd on paper, but we never played a hand once we got down to 7.

I will def. be playing if/when they run another one. Hope to see you there.

[AKbully]

[ QUOTE ]
Buon....
I requested that the SS take the win on paper to make up some of the difference. The odd thing is that Showboat told ALL of us more than once that they would NOT be issuing a W2 for this.
You are correct in your thinking though. It doesn't matter what deal you agreed to, if you took 1st place on paper then you are responsible for the taxes on the full 30k, or whatever the win was on paper.

[/ QUOTE ]

Hey Ham, Im the guy who took first(at least on paper)and also the lucky guy to have those hot hugo boss girls takin pics with me, lol. but, yeah, I was pretty shocked when they told us that we would not be getting W-2's for that. I agreed quickly to take it on paper originally because I was one of the SS after a long tourney of being the chip leader at each of my tables...cards went cold for me towards the end of the day. The tax hit would have sucked, but i guess it turned out great in the end. Still feel like we got away with something, but im not complaining.

And btw, with those blinds at 30-60k, with 10k ante and rising, if you raise one pot and miss the flop, you take a significant hurting on your stack...even with 1 mil. I think once it got down to 7, it was definitely the smart choice for everyone to chop (I would have done the same, even as chip leader). I was actually even telling people earlier when i had 500K and there were about 17 people left, that I would consider a chop, knowing how much of a crapshoot it was about to become.

Anyway, good playin with you, and I'm sure I'll see you at the next one.

[AKbully]

[ QUOTE ]
I bought in direct but the guy to my right who was in the chop of the final 7 turbo'd in. $30 >> $10k is pretty sweet!



[/ QUOTE ]

I guess I made out the worst by losing 4 $30 satellites when i knew i was gonna buy right in anyway....

I knew that seat was special enough to spend $370 on!!

[hamsamich]

AK...Good playing with you too bro. Did you hear anything about what they were doing with the pics? There isn't anything on the web site and I called to ask Chris but they said he is away for a few weeks.

As I mentioned before, my chip count after the couple of hands was almost irrelevant. I'm just not the type of guy to say well ya I agreed to chop but that was before I had all these chips! lol

I feel like the seven of us got a good payday for the money that was at risk and the work we did to get there and I try not to be greedy in spots like that. Even waiting for four more people to go out and chopping three ways did not even double the payday.

The rumor is that they will be running another one in October but I haven't seen anything from Showboat yet. Whenever it is I will certainly have it on my list.

THIS TIME I GET TO GROPE THE GIRLS AT THE END THOUGH!!!
[img]/images/graemlins/laugh.gif[/img]

[AKbully]

haha, ok, your turn to grope the girls.

I didnt hear anything about the pics. I was there last friday night and asked a couple of the floor people but they didnt know what was goin on. Chris and Kelly were not there. I'll be there again this weekend and will try to find out more about that. Ill also ask about the rumor of an October tourney, but imo they probably wouldnt run one so quickly without the time to advertise more this time around. NOt sure if they need it as the turnout was great, but who knows. I'll let you know if I hear anything new.