Hypothetical WSOP entry question.

I am having a debated discussion with a friend of mine. If you were offered a free $10,000 seat in the WSOP main event. But this is the catch, you get to keep half of the money only if you make the final table, otherwise nothing. For example If you hit the bubble which might pay $900,000, you get $0. Would you play in it?

With fame comes fortune. If they re paying for my flight and hotel id do it. Have ti think about it if not.

If you don't have the bank roll to play otherwise, it's a no brainer. Take the offer and go for the win.

Absolutely not. You're forgetting about one HUGE aspect and that is taxes. If someone pays for your seat you have to pay taxes on that $10,000 regardless of whether or not you win money.
Now, if they were giving enough cash to comp me for the 3K in taxes, then once again you have to consider taxes on winnings. You win $900,000 and it all goes to someone else, you're stuck with a $300,000 tax bill.
However, if the stipulation was I'd be given enough cash to pay for the entire thing no matter what then I would absolutely do this even if it was just for the experience gained by playing in the wsop main event.

Thanks for the responses. This was the simplest way I could try to ask. It’s just that I have a friend who wants to play in the main event badly. But doesn’t really have the money, and was wondering if one of his friends would steak him. And I said you don’t have any proven history of winnings so a normal 50-50 stake would be out of the question. So I asked what if you gave the staker a more enticing offer. I even asked him what if he staked you 50%, but got to keep 75% of the winnings? And he emphatically said no way he would do that. It wouldn’t make any sense he said to give up that equity. But if you have little money, why not take any offer that is out there.

I would never agree to that deal.

Assuming you couldn’t ever play in it....

And lived closed by


Sure why not
Otherwise no.

only if I'd already busted out of my 10,000 player freeroll online

This Fish Chums said:

Absolutely not. You're forgetting about one HUGE aspect and that is taxes. If someone pays for your seat you have to pay taxes on that $10,000 regardless of whether or not you win money.
Now, if they were giving enough cash to comp me for the 3K in taxes, then once again you have to consider taxes on winnings. You win $900,000 and it all goes to someone else, you're stuck with a $300,000 tax bill.
However, if the stipulation was I'd be given enough cash to pay for the entire thing no matter what then I would absolutely do this even if it was just for the experience gained by playing in the WSOP main event.

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I was reading your comment and was wondering why you would have to pay taxes on your 10,000 dollar entry? I mean if the backer just paid for your entry your not actually getting 10,000 your getting a 10,000 dollar seat in a tourney. If the backer just pays for your entry at the casino your never really in possession of said ten grand. Not trying to be shady or anything but an honest question, because I've had to borrow cash for home improvements etc. before and didnt pay taxes on it. So don't understand what's different. (Obviously if it was transferred to your bank or something it would be a different story)

fishfood80 said:

I was reading your comment and was wondering why you would have to pay taxes on your 10,000 dollar entry? I mean if the backer just paid for your entry your not actually getting 10,000 your getting a 10,000 dollar seat in a tourney. If the backer just pays for your entry at the casino your never really in possession of said ten grand. Not trying to be shady or anything but an honest question, because I've had to borrow cash for home improvements etc. before and didnt pay taxes on it. So don't understand what's different. (Obviously if it was transferred to your bank or something it would be a different story)

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Now, I'm not a tax expert, so I may be wrong, but I'm pretty sure it would be technically taxable, though you'd have to claim it yourself if it was direct like that. But the difference is that you were given loans, which I'm pretty sure are not taxable. A gift over a certain amount is taxable though. For instance, my uncle once "gave" my mom a car for $1.00 because if he had given it outright, she'd have to pay taxes on it.

If I don't suffer any financial loss in case of failure, why not play? As I understand the deal, I get half the prize money if I get to the final table. And I will give all the money if I just get into the prizes. If I had to pay a $ 10,000 contribution in case of failure, I would refuse.

If it wasn't for the taxes, it is a big YES for me.