Poker Finance

How to convert loyalty program points into PS Points?

Thursday, October 15, 2009, Steve

Question: How can I convert loyalty program points into Pokerspace points or cash? Answer: The conversion process is simple using Pokerspace's partner LoyaltyMatch whom provides a solution to Pokerspace players. LoyaltyMatch helps you c...Read more...

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*Text		<p>Question: How can I convert loyalty program points into Pokerspace points or cash?<br /><br /> Answer: The conversion process is simple using Pokerspace's partner <a rel="nofollow" target="_blank" href="http://LoyaltyMatch.com">LoyaltyMatch </a>whom provides a solution to Pokerspace players. LoyaltyMatch helps you convert your loyalty program points to cash. Cash you can use at Pokerspace or buy Pokerspace points. LoyaltyMatch does not exchange points from one loyalty program to another loyalty program. Instead, LoyaltyMatch creates cash for Pokerspace members by helping you sell merchandise items e.g. an iPod available in your loyalty programs to a buyer whom is willing to pay cash for the item. LoyaltyMatch accomplishes this via its patent pending social commerce peer-to-peer marketplace. An often quoted analogy for the LoyaltyMatch process is Amazon meets Craigslist meets eHarmony.<br /><br /> The points to cash conversion process requires three easy steps:<br /><br /> Step 1: register at <a rel="nofollow" target="_blank" href="http://LoyaltyMatch.com">LoyaltyMatch</a>. Simply become a member and register your loyalty program's points with the LoyaltyMatch system. <br /><br /> Step 2: Once you have registered, the LoyaltyMatch system will notify you when a buyer (a shopper) is requesting to buy merchandise available from the program(s) you have registered.<br /><br /> Step 3: Accept the buyer's cash offer. Use your loyalty program points to procure the merchandise and have the loyalty program deliver the item to the buyer. The buyer pays you via paypal. Use your cash at Pokerspace.<br /><br /> Further information is available at <a rel="nofollow" target="_blank" href="http://LoyaltyMatch.com">http://LoyaltyMatch.com</a> including an interactive selling guide, tutorials and FAQs.<br /> </p>

The VIP Rewards Program

Friday, September 25, 2009, Steve

What is the VIP Rewards Program and why reward VIPs? VIP Rewards is a program aimed at rewarding Pokerspace members that help Pokerspace grow! In most cases it is for members that play real money games on accounts linked to Pokerspace. We s...Read more...

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*Text		<p><strong>What is the VIP Rewards Program and why reward VIPs?</strong><br /> VIP Rewards is a program aimed at rewarding Pokerspace members that help Pokerspace grow! In most cases it is for members that play real money games on accounts linked to Pokerspace. We see these members as VIPs because they will play a big role in helping Pokerspace grow and expand our community. How do they do this? Well, Pokerspace takes a cut of the rake from accounts linked to us and that money will help us continue to pay all the expenses it takes to keep a community of 50,000 operating and growing. It will also help us continue to put money into our promotions to make them bigger and better for all PS'ers!<br /><br /><strong>What are the benefits for VIPs?</strong><br /> Becoming a VIP will get you exclusive access to the most lucrative tournaments on Pokerspace AND a PS Points Reward based on the amount of PS Points as you Play or Rakeback you earned in the previous month. There are 2 weekly tournaments that only VIPs will be able to access. A $500 Weekly Freeroll on Walker Poker and a $3 buy-in with $300 added to the Prizepool on Absolute Poker. Each of these tournaments will be password protected that only VIPs can access. These tournament fields are expected to be low so all VIPs will have a great chance at taking home a sick prize every week!<br /><br /> VIPs will also be able to take advantage of our PS Point VIP Rewards. VIPs will receive an injection of PS Points near the beginning of the following month based on the amount of PS Points or Rakeback they earn in the month:</p><p><img src="http://www.pokerspace.com/uploaded-images-3/1253898452-07639-470.png" alt="" /></p><p>Another advantage is access to the VIP Manager - Zedmaster84 - whenever you have a problem, he is there to assist you and sort out any issues that may rise up. You can contact your VIP Manager in real time via instant messenger and also by personal message on the forum + email. He is just there to make sure that all runs smoothly and if you have any questions, don't hesitate to contact him.</p><p><strong>How do I become a VIP?</strong></p><p>There are two ways to become a Pokerspace VIP:</p><p><strong><em>1) Playing on accounts linked to Pokerspace</em></strong><br /> The best method is playing real money poker games on accounts linked to Pokerspace. For more information on how to link an account to Pokerspace read these articles:</p><p><a href="http://www.pokerspace.com/school/articles/poker-rooms-and-deals/getting-to-know-the-brand-deals-pokerspace-offers">http://www.pokerspac...pokerspace-offers</a>/</p><p><a href="http://www.pokerspace.com/school/articles/poker-rooms-and-deals/how-to-properly-download-rooms-to-get-ps-points-or-rakeback-deals">http://www.pokerspac...or-rakeback-deals</a>/</p><p>Once you have an account linked to Pokerspace you need to earn <strong>1000 PS points as you play OR $50 in Rakeback </strong>for yourself every month. Whichever months you earn the required 1000 PS Points or $50 Rakeback, you will gain access to the exclusive VIP tournaments in the following month. However, you must continue to earn those points or Rakeback every month to ensure you qualify for the following month.</p><p>Example: You earn $275 in Rakeback for yourself in October. You will get to play in the weekly VIP exclusive tournaments in November. You will also be credited with 500 PS Points at the end of the month as your PS Point VIP Reward.</p><p><strong><em>2) Paying a monthly subscription to support Pokerspace</em></strong><br /> We realize not all Pokerspace members have the ability to earn 1000 PS Points or $50 Rakeback every month because they either don't play high enough stakes or they can't get any accounts linked to Pokerspace. For members in this situation we are offering a monthly subscription purchase that will give members access to the weekly VIP tournaments for $39.99/month.</p><p>In addition to accessing the VIP tournaments, we realize they won't be able to take advantage of the PS Point VIP Rewards so we'll be giving each subscriber 1000 PS Points near the beginning of every month! So for only $39.99 you will be able to get your shot at $3200 in free tournament money and 1000 PS Points!</p><p>With so few players in the VIP tournaments you will have 8 great chances to win your monthly fee back and more!</p><p>We will also be offering discounts for members that would like to pre-purchase subscriptions greater than 1 month. Here is how it breaks down:</p><p>$39.99 for 1 month<br /> $109.99 for 3 months (save $10!)<br /> $199.99 for 6 months (get 1 month free!)<br /> $369.99 for 12 months (get 3 months free!)</p><p>Members are able to purchase their subscriptions with a major credit card, a Moneybookers transfer, or a poker room transfer (UltimateBet, Full Tilt Poker, or Carbon Poker). Note that there are no refunds for VIP subscription purchases.</p>

Winning at heads-up, no-limit poker: Basic strategies Part 1 of 3

Sunday, October 26, 2008, Brent Steven White

Competition is a complex enterprise. And those complexities are magnified significantly when we are playing on a team, competing together to beat an opponent. Baseball, football, hockey and other games require us to formulate strategies wit...Read more...

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*Text		<p>Competition is a complex enterprise. And those complexities are magnified significantly when we are playing on a team, competing together to beat an opponent. Baseball, football, hockey and other games require us to formulate strategies with our teammates in order to win. We win as a team, and we lose as a team. In these games, it's rare we get to face off against an opponent one on one, mono y mono.</p> <p>There are, though, exceptions—situations (such as penalty shots) when it's just us against one other person; a brief, intense face-off that often determines the outcome of the game. It's instances like these where we either push ourselves to excel, or falter, intimidated lacking confidence. But if we push ourselves to both play our best and manipulate our opponent, forcing them to play the way want them to, any opponent—even if they are "better" than us—can be beaten.</p> <p> </p> <p>Heads-up, no-limit poker follows the same principle. Any opponent can be beaten, as long as you employ standard strategies, develop an understanding of your opponent's game and know when to switch gears so that you can exploit both his or her weaknesses and strengths. In this three-part article, I'm going to give you some basic heads-up, no-limit poker strategies, advanced strategies and show you how any style of player, when manipulated, can be beaten.</p> <p><strong>Aggression and playing with position</strong></p> <p>In short-handed and max no-limit games, position often determines how we play our starting hands, and how we react to situations on the flop and post-flop. Therefore, a small pocket pair is usually a bad raising hand under the gun in ring games. Heads-up is different. Aggression in heads-up, no-limit poker is one the most important components in winning. In other words, leave your tight image at the door when playing heads-up.</p> <p>Early in the game, when you have the button and the small blind, and when you're getting a feel for your opponent's style, you should be raising with almost any two cards. (I usually fold 9/3, 8/3, 10/2/, J/2, and the like unless, however, they are suited.) Against tight players, any two cards should designate a raise. Never limp in on the button. You want to punish your opponent's tight image, and force them to play marginal hands. If they miss the flop, chances are they'll check. If you too have missed the flop entirely, chances are he or she will fold to a pot-sized bet. And if they actually have a hand, chances are they'll re-raise you pre-flop. Let's take a look at an example of this situation.</p> <p>Say the blinds are $1/2. You have the button and you raise to $6 with 4/5 of hearts. Your opponent, who has played the last 15 hands tight, re-raises to $18. He or she probably has A/K, A/Q or a pocket pair bigger than fives. A call would be the best move here. You have position and if the right flop comes, you're going to win a lot of money.</p> <p>Say the flop is A 10 7, with two hearts. If your opponent leads out, he or she probably has an ace with a good kicker, or maybe KK or QQ, in which case a lead-out bet would be a tester bet, them trying to get an idea to where you are at. If you call and they do have a pocket pair below the Ace, he or she will likely check the turn, fearing you have an ace. Either way, you're drawing. If your heart comes on the turn, you should have the best hand. If he or she bets again, here is where you raise big and take either take it down or take their money. Aggression will pay off when you play mediocre starting hands and call large pre-flop raises.</p> <p>Let's look at another example against an opponent who has an aggressive image like yours. Say the blinds are $1/2. You have the button and, this time, you have AA, a monster starting hand. You've been raising your opponent nearly every hand and you can tell he or she is growing frustrated. You raise to $6, like you have been the last 15 hands while you've had position and, this time, they re-raise to $18. A re-raise would be the incorrect move here, as you would essentially be telling your opponent that, this time, you have a monster. You smooth call. The flop comes J 7 2 rainbow, a perfect flop for you. Your tired and frustrated opponent, probably holding a worse pocket pair (maybe KK, QQ, or 10s) is going to lose a lot of money. Why? Because you've been aggressive, and he or she has grown frustrated. This is the perfect opportunity to sit back and watch them self-implode by letting them do all the betting.</p> <p>Now, this type of aggression will aggravate your opponent, especially if he or she keeps missing flops. Therefore, a check-raise to your flop bet should usually raise a red flag that you're probably behind in the hand. However, if you have a big hand, say, an over pair to his or her top pair, you're probably going to get all their chips with a re-raise or a smooth call followed by an all-in. This is where previous aggression pays off.</p> <p>When you're aggressive, you control the action; you determine the direction of the hands; you decide if you're ahead or behind; and you, with a little luck, decide who wins.</p> <p>Daniel Negreanu once observed that the key to Stu Ungar's success (Ungar was the winner of the Main Event in 1980, '81 and '97) was that he controlled the pots he was in. In other words, the action was determined by Ungar. To become a winning heads-up, no limit poker player, you want the same edge.</p> <p><strong>Playing out of position<br /></strong><br />Playing out of position in heads-up, no limit is tricky. Tight players will limp-in on nearly every hand. The benefit of this is that when they raise, it's obvious they have a hand. Thus, a Q/4 suited is probably not a good hand to call with. However, if your tight-playing opponent limps, a raise with that Q/4 suited might be a good move.</p> <p>Now, the key to gaining an edge over aggressive players when you have the big blind is to re-raise often. Make them believe that you're catching good cards and, more importantly, send a message that you refuse to be bullied. Re-raise even if you have marginal hands, such as Q/J, K/10 or A/x. If you hit a pair on the board, even if it's bottom pair, lead out with a large bet. Your opponent will think you have a big hand.</p> <p>This strategy will also force your opponent to rethink his or her strategy against you. It will get them folding a lot more, limping in with poor hands and calling bad re-raises. Whenever your opponent isn't playing the game he or she is used to, it's inevitable they'll make mistakes. And these mistakes will likely lead to profit for you.</p> <p>Let's look at an example of playing out of position against an aggressive player. Say you're dealt Q/J suited and your opponent raises three times the big blind, like he or she has the past eight times. You re-raise and he calls. The flop comes A 10 2. You pick up an inside straight draw, but you've missed. A lead-out bet here would be the appropriate move. You represent you have the ace. If he calls, he doesn't believe you (maybe he has a pocket pair like KK or 9s. If he raises, you have a tough decision to make. But if he folds, then you've shown him you refuse to be bullied. (I might even show my bluff here. This would prove that you're capable of bluffing him. And this bluff would pay dividends in the future when you do the exact same thing but with a big hand, such as top pair/top kicker.)</p> <p>Now, let's look at an example against a tight player. Say your opponent limps in. You have 2/4 suited, and you raise to 3 times the big blind. Your tight-playing opponent calls. The flop comes A 2 4. You have two pair. You check. He bets the pot. It's obvious he has an ace here. A check raise will net you a lot of chips.</p> <p>Aggression is essential in heads-up, no-limit poker. As I stated earlier, this allows you to create the action and determine where it goes. All bets lead to you. However, there are always times in a match when it's necessary to switch gears. Becoming a defensive player, and utilizing other advanced strategies, will be the subject of my next article on winning at heads-up, no-limit poker.</p>

Treating Poker as a Business Part 1: Can Poker be Taxed?

Saturday, December 2, 2006, Paul Randall

"In this world nothing can be said to be certain, except death and taxes." Benjamin Franklin. Well Mr. Franklin you may be right about the first part, but when it comes to poker earnings, the certainty of taxes is well, not so certain....Read more...

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*Text		"In this world nothing can be said to be certain, except death and taxes." Benjamin Franklin.<br /> <br /> Well Mr. Franklin you may be right about the first part, but when it comes to poker earnings, the certainty of taxes is well, not so certain. 2005 was a banner year for me; I turned a profit in my first year of play. Faced with the prospect of my 2005 tax preparation I found myself wondering if my profit was taxable. I know many Canadian poker players are wondering the same thing. I went to great lengths to find sound answers to my questions so I want to share what I have come across with all of you.<br /> <br /> Over the next five articles, l will look at a facet of poker that is important but most of us neglect—the business side of poker playing. In this article, l will be looking solely at the tax implications attached to poker winnings, regardless of the amount y0u have won or lost. I think you will find this a relevant read.<br /> <br /> After a few searches on Google and poker forums, I decided to go to the source and clicked my way to the Canada Revenue Agency (CRA) website. The bulletin that deals with gambling profits is named 334R2 (sounds like a riveting read I know); there are three sections that seemed relevant: windfalls, gambling profits, and profit from hobbies. After sifting through a plethora of legal tax jargon and thoroughly confusing myself, I decided to enlist the help of some great tax minds. Working in the financial services industry, I had no shortage of people to call; l managed to get Tim Cestnick on the phone. Tim is one of Canada's most respected experts and public speakers in the area of tax and personal finance, his articles appearing regularly in the Globe and Mail.<br /> <br /> The first and most obvious question I posed was how does Revenue Canada view poker winnings? Tim pointed out, "Revenue Canada has written some information; you might want to get a copy of interpretation bulletin 334R2." Without knowing I had already read. I really was hoping he could bring this down to a level I could understand.<br /> <br /> "334R2 talks about various sources of income and one of those sources it talks about is gambling profits. What it does say is that 'an individual may be subject to tax. Normally the general rule of gambling and what we call windfall amounts (lottery winnings) are not normally taxable, But, "Cestnlck explained, " an individual may be subject to tax on income they get from gambling if the gambling activities constitute carrying on the business of gambling." Finally I felt like l was getting somewhere!<br /> <br /> Cestnick argues that, "If you are considered to be in the business of gambling then you are stuck, you have a problem." (Now remember, don't shoot the messenger) lf I am indeed in the 'business of gambling' then the profits are considered business income. Business income in Canada is of course taxable. So how would Revenue Canada determine if my poker playing is the business of gambling? A question Revenue Canada says can only be determined when they look at all of the facts of the individuals situation! No one factor is conclusive by itself but Revenue Canada considers the degree of organization in pursuit of the activity (poker), the existence of special knowledge, intention (are you playing poker merely for fun, or to gain your livelihood), and the extent of your poker activities including the number as well as frequency of your bets.<br /> <br /> This is not looking good, as I have been multi-tabling online for the better part of 2005. Number and frequency of bets, is the CRA serious? When Mr. Cestnick looks at those four criteria, the thing that becomes obvious is that, if anybody who is gambling regularly, is good at it, is making money and is trying to make money, it could be argued that they are carrying on a business. Therefore, winnings will not be tax-free. Tim appeared to contradict that general sentiment among poker players, throughout the chatter I had come across. Among recreational poker players, poker earnings were the same as lottery winnings. Tim asserts, Basically if you buy a lottery ticket and you win, that's tax free, that's a windfall. Gambling is almost more of a job, more of a business." Ok Tim, that is clear. What I hear him saying is that if you win any amount, the size of the dollar amount doesn't matter so much. Tim went on to make things even more clear, " lf you are winning any amount regularly, because you play regularly, that is really going to be considered a business."<br /> <br /> So as a recreational player with a fulltime profession, what are the chances that Revenue Canada would audit me? Tim's words of caution are very resonating. The reality is it's still early in the game, so we haven't seen how Revenue Canada will respond, yet. There are a few areas where Revenue Canada has in fact stepped up their audit procedures in recent years. Jewelry stores and restaurants especially, when it comes to the earnings of servers, as a lot of them in the past never reported their tips, are audited a lot. This could very well be the next industry that Revenue Canada decides they want to target, if the dollars are big enough and they think it is justified. The reality is that the chances of facing an audit might be slim now, but the possibility is there. With seven years to revisit your income tax filing, that chance is greatly compounded.<br /> <br /> Although Mr. Cestnick provides a compelling argument, it is not the only opinion out there. l also contacted a much—respected local tax attorney. The attorney was of the ideology that an argument could be made in court saying poker winnings should be considered a windfall and therefore not taxable. What l think is essential for all of us to do is to consult with a chartered accountant (CA). Be prepared to visit more than one CA to find a like-minded professional. You will want someone to defend your position, should it need defending. Make sure the CA can clearly explain the consequences of your actions and will put their name to your income tax submission.<br /> <br /> Keep in mind Revenue Canada has seven years to audit you. The last thing anyone would want to face is an audit you are ill prepared for. Next months topic will be structuring your poker business, how to account for expenses and what deductions can be claimed.<br /> <br /> Tim Cestnick holds the following designations: CA, CPA, CFR and TEP. I extend my utmost appreciation and respect for Tim's time and wealth of knowledge. More information on Tim is at www.timcestnick.com. Paul Randall works as an associate from the Cambridge head office of Daniel P. Reeve and Associates Inc.—a full service financial firm found at www.millionaireinyou.com.

Treating Poker as a Business Part 2: Expenses & Deductions

Saturday, April 1, 2006, Paul Randall

In the first installment of this series, we looked at the convoluted issue of taxation and poker winnings. This article l will take you through structuring your poker playing as an active business. Regardless of your stance on the issue of ...Read more...

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*Text		In the first installment of this series, we looked at the convoluted issue of taxation and poker winnings. This article l will take you through structuring your poker playing as an active business. Regardless of your stance on the issue of taxation, the fact of the matter is you could very well be audited and you will want to be prepared with records of your business activities. Keep in mind that the CRA has seven years to go back and audit your tax filing. If you plan to claim your winnings as income then this article should give you an idea of how to keep accurate records of income expenses and give you an idea of what you will be able to claim as deductions. For the purposes of this article, l am going to assume that we will want to make the business recording as simple as possible. The first step to take is to find a good accountant. You have three options here; CMA, CGA, or CA.<br /> <br /> Please don't cheap out and hire a bookkeeper, you get what you pay for here. Bookkeepers have their place and may be a necessary addition in the future, however, for today, a licensed accountant is the way to go. A good accountant will be invaluable and give you all the help and assistance you need for record keeping and income tax reporting.<br /> <br /> The most basic and essential aspects of running any business and poker not being the exception is to keep records of all income and expenses. You must keep clear, accurate, consistent and thorough records. You may choose to use paper-based ledgers or a computer spreadsheet such as Microsoft Excel; either way make sure you log every session and every expense you incur in the operation of your business. l have found it immensely helpful to have a separate bank account for my bankroll as well as a separate credit card on which I only charge business expenses such as gas, food and accommodations,<br /> <br /> You should be keeping all related receipts but having a credit card used exclusively for business helps keep track of expenses should you lose or misplace some receipts. Once again, your accountant will be able to guide you through how to keep accurate records. There are vast differences in what expenses are directly related to you business when it comes to online play versus live play. I will go through live play deductions first as they are more obvious. Any travel expenses to and from a casino trip can be claimed; it is a good idea if you wish to write off travel expenses that you log the miles of each trip, make sure you keep any gas and coffee pit stop receipts as well. I keep a logbook in my car and an envelope for receipts, any food, drinks (alcohol will not be accepted) and accommodation expenses will be deductible. Make sure in your session log you record the date, location and time you started and finished. Obviously how much you sat with and what you cashed out at will be recorded.<br /> <br /> Online play opens the door for many interesting deductions. Let me start with the obvious ones. Any internet expenses will be deductible based on the percentage used for personal use versus use for poker playing. Any fees incurred on transferring money to your online account (Neteller fees for example) will be considered a business expense. Using a depreciation method your computer equipment will be an allowable expense (capital goods are depreciated over time with the lost value in a given year being the amount you will claim.)<br /> <br /> Do not worry about this formula, as your accountant will know it cold. Where things get interesting is if you have a dedicated space or home office used for playing online then you might be able to write of a percentage of your household expenses. The amount you can write off is the percentage of space used for your business in relation to the total size of your home. For example it you have a thousand square foot home and have a twenty square foot office where your online set up is, you in theory can claim two percent of your household expenses. These expenses include your rent or interest on your mortgage and property tax, heat, hydro and minor repairs. The accountant l spoke with was clear in that you must be able to show that this area of your home is strictly used for your poker playing. If you are like me and use, a laptop while sitting on your couch you may be out of luck on this one.<br /> <br /> Other expenses worth mentioning are any research or reference material you purchase, so books, DVDs and even your subscription to Canadian Poker Player magazine are write-offs.<br /> <br /> Any professional fess such as your accountant, lawyer and any poker seminars you may attend will be direct business expenses. Poker is a fantastic game that can provide you with a life—long learning opportunity. Even if you are a recreational player, keeping on top of the business end is a sure way to keep you in the game for a very long time with minimizing the amount you need to deposit in your bankroll, in my opinion. Not only will accurate records give you a benchmark to gauge your development, this practice will ensure that should you need to file your income to the CRA you are paying the least amount of tax possible.<br /> <br /> Being as poker is a cash game and winning the game entails building your bankroll, it is foolish to ignore the business side of the game, it will take a little time to make this a habit but once you get a system it is not to overwhelming in the least. Next article we will look at when incorporation makes sense and how to go about incorporating your poker business.<br /> <br /> Paul Randall works as an associate from the Cambridge head office of Daniel P. Reeve and Associates Inc. —a full service financial firm found at www.millionaireinyou.com. Paul can be reached at paul@dprfinanciaI.com