WSOP payout question

Just out of curiosity, players that cash in a wsop event paid instantly in cash. I assume they don't give 500k in cash that day. How exactly does it work?

When I cashed for $4.3k I was given the option of cash, check or casino chips. Don't think it differs for the higher amounts except that taxes are withheld.

oh if only this was a problem for me... I really want this question to apply to my life... one day i guess

dakota-xx said:

When I cashed for $4.3k I was given the option of cash, check or casino chips. Don't think it differs for the higher amounts except that taxes are withheld.

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Did the Rio automatically withhold taxes?
I am curious how that works with backers...

arahel_jazz said:

Did the Rio automatically withhold taxes?
I am curious how that works with backers...

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They did not withhold at that amount - I think they do at $5k. They did take my ss# though so I will get a 1099 from them.

The way it works with backers is that backers receive a 1099 from the person they are buying action from.

As of right now I won't need to do that because I have plenty of expenses that can be deducted.

So you have to list any backers right up front... interesting. Thanks.

Well it is up to you as the person being backed to make sure that your backers know you will be sending them a 1099 if you have a big cash.

Wouldn't giving people the money in cash right there just be asking for thieves to come take your money?

I heard Sam Trickett got robbed after being runner up in the big one.

DAS19 said:

Wouldn't giving people the money in cash right there just be asking for thieves to come take your money?

I heard Sam Trickett got robbed after being runner up in the big one.

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I imagine well known people opt for the checks. They also have safety deposit boxes you can leave your money in - and take it out whenever you want.

Sam did not get robbed - he got beat up after a fight in a bar.

dakota-xx said:

I imagine well known people opt for the checks. They also have safety deposit boxes you can leave your money in - and take it out whenever you want.

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I'm surprised they don't offer a direct wire transfer option.

Im surprised wire isnt available for like 100K + scores

Oh I think it might be an option as well - can't remember now.