Deals?

[krypto]

I'm new to poker tournaments and usually play online. At a casino tourney if there are 3 or 4 folks left and there is talk about a deal, how do you know the winner will keep his promise. Has anyone heard about this being a problem?
I guess I'm just suspicious in nature.
Thanks

[Myrtle]

Hopefully, you're playing at a site where there is a live pitboss that can verify and comfirm the deal....if so, it's a piece of cake.

If not, MAKE SURE that you copy & paste ALL the chat so that you can refer to it if you need to.........

[Martin Aigner]

Myrtle,

I might be wrong, but I think the original poster wanted to know how it works in a B+M casino. If I´m wrong, don´t read any further.

In a B+M casino the floorman usually knows about the deal. He isn´t supposed to give any player any advises, but he does the calculating and takes care that everybody agrees to the deal (remember: EVERY player has to agree, otherwise there is no deal). The floorman is also the guy who pays the winners, so the players don´t have to take care of anything else than negotiating the share they want to have.

Best regards

Martin Aigner

[Greg (FossilMan)]

Martin's post is correct with respect to most casinos, but not all. At Foxwoods, the floor is not allowed to have anything to do with deals. If you and I agree to a deal, one of us is going to have to pay the other after the casino has paid us each the amount we officially won. Thus, if we traded 5% at the first break, and I went on to win $1000, you'll have to trust me to pay you that $50. Similarly, if we're heads-up at the final table, and we agree to end the tourney early, with me taking $3000 and you $2500 (instead of the official amounts of $3500 and $2000), you will have to trust me to give you the $500, because Foxwoods is going to pay me $3500, the amount as posted.

Thus, make sure the floorman or tournament director is going to enforce the deal, or be sure you trust the opposition to live up to it.

In places like this, it is almost unheard of for players to renege, but it has happened at least a few times.

Later, Greg Raymer (FossilMan)

[Myrtle]

Martin,

You're right...I mis-read the post....sorry.

Greg's response pretty much covers it...........

[fnurt]

Are the tax consequences different depending on whether the deal has the blessing of the house? If so, that would be a good reason to lobby Foxwoods...

[DoctorJ]

On how the house will write up the tax forms. At Foxwoods, it clearly does matter, because the house will be writing up the posted amounts (say 3500/2000 in Greg's example). Out here in NorCal, they will usually write the tax forms for the amounts you agree upon in the deal (e.g. 3000/2500 in the example).

I'm pretty sure that even if the house writes up the tax forms for the posted amounts, there's a form you and the other individual(s) in the deal can sign to indicate that you gave $500 of your winnings up in a deal and therefore it should not count as income. I'd guess that somebody else on this forum would know about this...

Hope this helps...

DoctorJ