Staking Money Transfer Question...
 

I have a friend/business associate that wishes to contribute $50,000 to my playing bankroll. I am wondering what the best way to receive these funds are. I have always kept my bankroll in Neteller, on various poker sites, and in cash, for my live play. Are there any issues with him simply wiring the money to my bank account? For those who have experience in this area, what is the best way to do it, besides him just giving me $50K in cash?

Any replies/advice is appreciated.

ChewyMint

Re: Staking Money Transfer Question...
 

BUMP! Anyone have any insight on the situation?

ChewyMint

Re: Staking Money Transfer Question...
 

I don't have a good insight for this exact situation invloving a backing a poker bankroll - but I do know that 'gifts' exceeding 10,000 dollars are taxable - whether this could be qualified as an investment vs. a gift is another deal altogether, I think you would need a legal contract specifying the nature of the transaction

Re: Staking Money Transfer Question...
 

I do have the contract. Part of me thinks it would be easiest to set up a corporation, using the $50K as working capital.

ChewyMint

Re: Staking Money Transfer Question...
 

My first thought is "Holy crap what kind of limits are you playing?"

Then it was to get an ING account I'm told that people with bankroll put money there.

Re: Staking Money Transfer Question...
 

I am currently playing $1000NL and $100 SNG's online. I intend to continue those limits, and add more live play to my daily routine.

ChewyMint

Re: Staking Money Transfer Question...
 

[ QUOTE ]
I am currently playing $1000NL and $100 SNG's online. I intend to continue those limits, and add more live play to my daily routine.

ChewyMint

[/ QUOTE ]

are you not currently bankrolled for the games you're playing? how will the $50,000 help you?

if you have the bankroll, what do you need the 50k for? it sounds like a -EV deal to me.

Re: Staking Money Transfer Question...
 

I am decently bankrolled for the games I currently play, although I feel as though I am slightly light in that department at times. I was offered an amazing deal for this project, and the ability to hop into the big home games around here make it worthwhile for me to give it a shot. Moreover, the $50K will enable me to get back into the bigger limit games I have been neglecting as of late.

ChewyMint

Re: Staking Money Transfer Question...
 

Fair enough....

Can you loan me $50? [img]/images/graemlins/laugh.gif[/img]


Him wiring it to your bank account might be the safest and cheapest way of doing it. If they ask, say he's buying half of your Internet business (pretty much true) . As for legal protection, I'm not sure, the one time I was backed, it was totally on trust (and it was 1% the size of your deal [img]/images/graemlins/blush.gif[/img] )

Re: Staking Money Transfer Question...
 

Any other thoughts?

ChewyMint