$2k Main Event Payout Example and Breakdown
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The below details are an example of how the main event would award its prizes and winnings to those who finish in the money. There are specific rules and requirements by the Illinois Charitable Games Act when it comes to proper payouts. We can create an a’la carte like option that would give to you the winner what you want and or need while following the requirements. If you have any questions feel free to ask! This email address is being protected from spambots. You need JavaScript enabled to view it.
Players: 20
Entry: $2,000
Charity State Taxes = 3% State Taxes = $60
Charity Rake = 15% Charity Rake = $300
Prize Pool ROI = 82% Prize Pool ROI = $1,640
20 players x $1,640 = $32,800 player prize pool value
Max of 10% of prize pool used for high hand promotions, bubble payment, bounties, and or donated prizes for charity
$3,280 promotional prizes value
$29,520 cash value
For a 20 player field we would potentially prize pool payouts
1st 55% = $16,236*
2nd 30% = $8,856*
3rd 15% = $4,428*
High Hand Prize = $1,000 HDTV or Electronics Store Gift Card
Bounty Prizes = 3 player bounties @ $350 HDTV per player = $1,050 value
Bubble Prize = $1,000 HDTV or Electronics Store Gift Card + $230 Gas card
You may be asking…”Why is there 10% held for promotions or prizes"?
Answer: Charity events in Illinois often have companies or sponsors donate or give products or services to the events that would be given to participants as additional prizes. Some events offer prizes as the ONLY option. These events even have a fixed prize pool for the donated prizes. What is different is our events offer a higher return on your investment of the tournament. We do receive donated items which are substituted into the tournament for these promotions. These donated prizes help raise more money for the organizations that have to pay for their license, equipment rental and purchases, and also pay taxes on the money collected at the event. The other option would be to increase the rake of this tournament from 15% to 25%. But that would create less of an ROI to you the player. The simple way to assist in their fundraising goals is to allocate a very small % of the prize pool to be used for those tournament promotions. All prizes received are transferable. Once you receive an item, you can do with them as you please.
Summary:
The proper way to pay out for Illinois Charitable Events is for players to receive prizes or merchandize above $250 in winnings. This does not allow for VISA gift cards/debit cards, or checks to be given to players as their prize. But don’t worry, we have A LOT of options that will make you VERY happy for participating and or winning at our events.
Not only are you getting a great value for your play, but you are also helping out the American Legion post 615 Women’s Auxiliary raise money for their community and charitable endeavors.
One thing to remember is that unlike winning at a casino, no state or federal taxes are held. It is the YOUR responsibility as a player to declare on your taxes any winnings or losses at the charitable event. Any prizes and or winning is considered income by the IRS and needs to be accounted for when your filing your personal taxes. We gather player name, information, and winnings details for our records for submitting to the state our event details.
The good thing about having prizes or merchandise is that you can win prizes, merchandise, or services that you will be spending money on already. For those who live in the general Chicago area, you can have your cable bill, cellular bill, and or electricity bill paid for as your prize. Many of these companies offer gift cards and certificates which can be applied to your accounts just like any gift card. You tell us what you want to have as your prize and we will get it for you!
Additionally for players who travel and play a lot of poker at the WSOP or World Poker Tour etc. You can win entries to the tournaments of your choice.
A final option would be to purchase GOLD or SILVER that equals the amount of your winnings. This merchandise is a great way to invest your money as the prices for GOLD and SILVER continue to rise.
You the player own the merchandise or products that you win. You can do what you please with your prizes. Give them as birthday or holiday gifts; use the gift cards or certificates to pre pay for your products or services that you spend money on each month.
Here is a potential payout for the above players who finish “In the Money”. Of course if any player decides they want their winnings as Jewelry, GOLD, SILVER, or anything of value similar. We can provide that to you rather then misc. items you may want
3rd Place = $4,428 value
This player will be flying to Vegas and playing in multiple WSOP events in the summer of 2013. To get to Vegas he or she will have to book their airfare online and then pay for their seat when they arrive at the WSOP. So to make life easier for everyone…here is how they would collect their 3rd place winnings.
Original Buy in + $250 in winnings + $1,500 WSOP 2013 event buy in + $678 Southwest Airline Gift Card = $4,428 value
2nd Place = $8,856 value
This player will be flying to Vegas as well and playing in one WSOP event in the summer of 2013. They will also play in 1 WPT main event in 2013. To get to Vegas and the location of their chosen WPT event, he or she will have to book their airfare online and then pay for their seats when they arrive at the WSOP & WPT. So to make life easier for everyone…here is how they would collect their 2nd place winnings.
Original Buy in + $250 in winnings + $1,500 WSOP 2013 event buy in + $5,000 WPT event buy in + $106 Southwest Airline Gift Card = $8,856 value
1st Place = $16,236 value
This player will be flying to Vegas and playing in the 2013 Main Event at the WSOP in the summer of 2013. To get to Vegas he or she will have to book their airfare online and then pay for their seat when they arrive at the WSOP. They also plan on staying at the Rio for 2 weeks during the WSOP. Additionally, this player planned on purchasing that week a $3,000 Computer and Gaming system from Best buy for their spouse or sibling. So to make life easier for everyone…here is how they would collect their 1st place winnings.
Original Buy in + $250 in winnings + $10,000 WSOP 2013 Main Event buy in + $500 Southwest Airline Gift Card + $486 Hotel Gift Card + $3,000 Best Buy Gift Card = $16,236 value
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Link to read the Illinois Charitable Games Act
http://www.gambling-law-us.com/Charitable-Gaming/Illinois/Games-Act.htm