ask me about being a online and live prop.

[daveT]

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Hmm... if this is a true story... sounds like you work at the Bike.

[/ QUOTE ]

Shhhh......

For those not in the know....

But yes, I was assuming this as well....

[BubbleMint]

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$1400/40hr week or $35/hour is significantly more than the casino is paying the dealers and probably the floor too.

How many props are on such a lucrative deal ?

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true,i am getting paid more then the dealers. BUt what happens when i am running bad and lose more then my paycheck?are the winning players going to tip me because i work for the casino to?

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A winning poker player is a winning poker player.

So long as said player is sufficently rolled for the game they are playing, they never lose.

Is your $35/hr gig one of the more lucrative ? Do you know of any/many people on a more lucrative contract ?

[*TT*]

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do you know total hours and standard deviation as well? Thanks for the prior info.

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as a movable prop i was approximately playing 2hrs of 20/40, 4hrs of 200nl and 2hrs of seven card stud.For a span of 2 and half months.

my swings playing 20 holdem were typically 500-700, for nl it was between 300-400 and for 7 card stud my swings were between 250-400

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Daddy - sounds like you don't keep accurate results. I think a better answer to my original question would have been "I don't know my standard deviation, true win rate, or total hours played" - I would have accepted that without further prodding.

[daveT]

TT, from my observations, very few props do keep track of these things. I think that there is a different comfort level when you know you have a pay check to back you up. The ones I worked with (not at the bike) did not read books or like discussing more than "....you see why I slow-played that nut-flush when you bet and three people called." (real conversation, I flopped a straight) I think that without the pressures of no other income, the obsessions with ROR, etc. are not there.

[kailua]

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Any chance rake/time charge can be itemized as a work related expense deduction against your gross salary?

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It's already included in the wins and losses that anyone who reports their poker wins/losses on their taxes. If they've had a winning session, their winnings are already smaller than what they would have been if the rake wasn't there. If they had a losing session, the loss includes the rake. To list the rake again would be double counting.

[/ QUOTE ]

Thanks but it appears you may have put the wrong read on my inquiry.

Daddypoker23 has estimated that the majority of props are losing or breakeven players at best. This negates any tax concerns resulting from their playing sessions. Also as you stated, the rake/time charge has already been factored into their yearly totals and even if they were winning players, they could not “double count.”

However these losing/breakeven props receive a base salary on which they are taxed and “are” required to file. Since they achieve zero yearly income directly from their poker sessions, I imagine they list prop as occupation on thier1040 and are taxed strictly on their base salary as props.

Considering that their occupation demands that to conduct business they “rent” a chair at a table (in this case - time charge) for up to eight hour per work day, it would appear that this fee could be classified as a business expense for itemizing purposes. It would not appear to represent a double deduction.

If on the other hand they filed as winning players, or if the amount of rake/time charge totaled for the year was all that prevented them from being profitable, another attempted deduction would represent double charging.

I agree the whole question is overly convoluted, which is why I tried to keep it short the first time around.

[yogadude]

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Don't props usually suck at poker?

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Typically they are not as good as a self-funded professional player. The ones I played against played uber-tight.

[Yikes]

Live props used to sound great to me, but after reading this thread, it just sounds like online is easily more profitable and enjoyable. 8 hours playing live just seems like hell. Of course, the nice thing about the props is being forced to play 8 hours a day, really wish someone could force me to play 8 hrs a day online.

[TylerD]

How old are you? How long do you see yourself doing this for?

[diddyeinstein]

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8 hours playing live just seems like hell.

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This is pretty much what I was thinking. There has to be a point where you just don't feel like playing cards, right? Or get tired of constantly being surrounded by gambling degenerates?

[daveT]

Obviously, loners would not fair well as a prop.