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#34
05-02-2005, 03:00 AM
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Re: Which \'TV Pros\' are really broke?
With a few exceptions, notibly T.J, most aren't "broke" in the sense that they have no money. But a good many of the T.V. pros are heavily staked to offset the huge expenses incurred during tougher times. So when they win or cash high, they make very little.
A few like T.J. have "extra-curricular" activities that eat into their winnings. I worked in a CT casino and heard horror stories about some of the amounts these guys would lose at the tables (non-poker). It's getting better for all of them now with the television exposure. Many are paid to appear and entries are furnished by a variety of sponsors. But some are destined to be broke for life. I have it on good authority that a very "big" player once sold 115% of himself during one tournament. Had he simply cashed in a couple he could have lied and paid a lesser amount to all. But his head got in the way and he won the main event. It ended up costing him 15% more than he won , because every backer knew how much he won, PLUS he had to pay taxes to boot. He ended up negative $200,000 for the event. Morons like this ought to be playing $3-$6. 
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#37
05-02-2005, 11:23 AM
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Re: Which \'TV Pros\' are really broke?
[ QUOTE ]
But some are destined to be broke for life. I have it on good authority that a very "big" player once sold 115% of himself during one tournament. Had he simply cashed in a couple he could have lied and paid a lesser amount to all. But his head got in the way and he won the main event. It ended up costing him 15% more than he won , because every backer knew how much he won, PLUS he had to pay taxes to boot. He ended up negative $200,000 for the event. Morons like this ought to be playing $3-$6. [/ QUOTE ] Impossible. If you were selling over 100% of yourself, why would you win the tourney? Why would only sell 115% of yourself, and why, after you won, would you be willing to pay back $200,000 of money you don't have? Also, if he owed $200,000, he would have won $1.3 million, which didn't happen, it went from 1mil to 1.5mil in 1999-2000 I have heard stories of people cashing in tourneys after selling more than 100%, this just seems highly unlikely.
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#38
05-02-2005, 11:57 AM
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Re: Which \'TV Pros\' are really broke?
I don't believe the story either, but the other poster mentioned taxes. So if he didn't disclose his backers (why he wouldn't, I have not clue), he could pay taxes on the entire win and owe to the backers. So he wins $400,000, then pays $150,000 in taxes and pays $460,000 to the backers. I guess the hole in the story is that he would pay taxes on the entire win and not just his portion which is -15%.
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#39
05-02-2005, 12:04 PM
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Re: Which \'TV Pros\' are really broke?
[ QUOTE ]
[ QUOTE ] I have it on good authority that a very "big" player once sold 115% of himself during one tournament. [/ QUOTE ] Nobody is that stupid. [/ QUOTE ] It's a well known scam. This guy just forgot to dump his chips.
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