Posts Tagged ‘the rake’

Rake and Taxes

by , Apr 4, 2012 | 3:17 am

The drumbeat for action on online poker legislation continues to grow on Capitol Hill and in statehouses across America. Much credit is due to the commitment of the poker community. We have all refused to back down and have told Congress that we will never fold in this fight!

Telling our elected representatives that we want them to support online poker does more than simply push Congress to move legislation. While that is a great thing in and of itself, grassroots advocacy also helps PPA’s lobbyists on the Hill to advocate for player-friendly provisions. These include issues that impact the rake, tax fairness, the number of states participating, and plenty of other issues of importance to us – the players.

As an online limit hold’em player, one big issue I have seen personally is in the rake (the amount of each pot sites retain for providing the service). While rake may seem small on a per-hand basis at first glance, it adds up quickly for pros as well as for recreational players. Congress will not set a low rake legislatively via price controls, but they do have control over the level of competition in the marketplace. PPA is actively lobbying to maximize participation in the online market, thus ensuring healthy competition in rake and promotions.

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Grinding the “Off Day” Tourneys

by , Feb 20, 2012 | 5:50 am

Mondays and Tuesdays are arguably the worst days of the week for poker, which is why I often take those days off.

The tourists have donated their Vegas dollars to the grinders over the weekend, and even the L.A. crowd has headed back to their movie studios and plastic surgeons.

This meant that for the final two days of my week-long experiment in playing Las Vegas daily tournaments, I would have to hit some of the bigger casinos — Caesars Palace and Bellagio.

The 10,000 starting stack at Caesars Palace's nightly tournament.

With a WSOP-circuit event being held at Caesars, I didn’t have trouble finding a comfortable-size field for their nightly 7pm tournament on a Monday. With a $110 entry fee, this event has a $5,000 guaranteed prize pool (Mon-Fri only). The staff and one local at my starting table who had already worked out the math said they would need at least 63 entrants to reach that figure. Caesars’s nightly tournaments sometimes start with even fewer players, offering a healthy overlay.

Of the buy-in, Caesars took $20 as a “maintenance fee” and $10 was for the staff toke.)

Grinders and well-known pros filled the room — the 2008 WSOP Main Event third-place finisher Dennis Phillips sat a few tables away playing a cash game and Jeff Madsen, the rapper who also won 2006 WSOP player of the year, was at the final table of the main event in the elevated area nearby. I didn’t recognize anyone at my table who should have given me trouble.

A Week of Whiffs?
I was due for a nice run, having missed the money in my first 5 tournaments. The 10,000 chip starting stack and 20-minute levels felt comfortable out of the gate. I’d have to beat out 59 others to earn the $1,914 first-place prize.

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