Poker Bad Beat Jackpot Taxes
Seneca Gaming & Entertainment
The jackpot amounts increase progressively as contributions are made from hands played at Bad Beat Jackpot cash tables. A contribution of $0.50 towards the jackpot will be taken from each pot where: At least 4 players are dealt into the hand and remain seated at the table until the Jackpot is triggered. Bad Beat Jackpot Odds Introduction 'Bad beat' is a term that can mean having an outstanding chance of winning a bet, only to still lose. The term can be used in any form of gambling but is most commonly applied to poker. Many poker rooms offer a progressive jackpot for very unlikely bad beats. Bad Beat Payout The losing hand is paid 50% of the Jackpot (The lower ranking hand) The winning hand is paid 10% of the Jackpot (The higher ranking hand) The remaining 40% is split between all players dealt into the Jackpot hand. (including the winning and losing hand). To help you shake off a bad beat, we'll toss a bonus your way. Did a four of a kind or better beat your aces full of kings? Collect a Bad Beat Bonus of 100X the big blind, and you'll pocket up to $1,000. Brush the dirt off your shoulders and get back in the game. In order to claim the bonus.
QUALIFIERS FOR JACKPOT:
Texas Hold 'em: A player must lose with four deuces (2,2,2,2) or better to a higher 4 of a kind or better.
Both the winning and losing hands must play both of their hole cards (pocket pair for 4 of a kind).
Seven Card Stud: A player must lose with four deuces (2,2,2,2) or better to a higher 4 of a kind or better.
Both the winning and losing hands must use at least one hole card.
Omaha All Varieties: A player must lose with four nines (9,9,9,9) or better to a higher 4 of a kind or better.
Both the winning and losing hands must play two of their hole cards (pocket pair for 4 of a kind).
For all jackpots, there will be a table requirement that the pot must have a minimum of $20,
a minimum of five (5) players must be at the table for Texas Hold'em and Omaha and a minimum of four (4) players must be at the table for Stud.
PRIZE DISTRIBUTION:
Whenever a jackpot is hit, the day's posted amount will be divided accordingly.
50% to losing hand (second best hand)
25% to winning hand
25% equally divided between eligible remaining players at the table who do not have a 'missed blind' button.
If a player is a Seneca Gaming and Entertainment employee the winnings of the employee will be replaced back into the secondary jackpot.
The player with the 'Bad Beat' (2nd best hand) will receive 50% of the posted amount, the player with the winning hand will receive 25% of the posted amount, and the remaining 25% will be equally divided between the remaining players at the table who do not have a 'missed blind' button.
All players must have money at the table or be playing behind, to qualify for the Bad Beat Progressive.
If two players lose with hands that qualify for bad beats in the same hand, only the higher of the two losing hands will constitute a bad beat.
Adjustments to the posted Bad Beat Jackpot amount may be made at the discretion of the house.
All employees are ineligible for any Bad Beat progressive payouts.
COLLECTION SCHEDULE:
Games that qualify for the 'Bad Beat' collection are all games of $5/$5 and smaller BLINDS. In all of these games $2.00 chip/token are taken from every pot when the pot reaches $20.
Only $2 Chips/tokens will be put into the 'Bad Beat' boxes. The $2 chip/token are placed on the left side of the dealer on the drop slot. The $2 chip/token is only dropped into the 'Bad Beat' box after all hands are mucked, the pot is pushed to the winner, and the house rake is dropped.
DROP PROCEDURES:
1. The $2.00 chip/token are placed on the left side of the dealer in front of the drop slot
2. Muck all losing hands
3. Push pot to the winning hand
4. Drop the house rake
5. Drop the $2.00 chip/token 'Bad Beat' chip
DISQUALIFIERS:
1. A fouled deck
2. Players talking about a potential jackpot
3. Less than five (5) players
4. Less than $20 in the pot, not counting the rake
COLLECTION DISBURSEMENTS:
The money collected for the Bad Beat Jackpot is distributed into three (3) distinct accounts accordingly for each game as listed:
1. Fifteen percent (15%) to the primary jackpot
2. Five percent (5%) to the secondary jackpot
3. Eighty percent (80%) to the promotional jackpot*
The above percentages are effective with the following day's drop.
Poker Bad Beat Jackpot Taxes Online
*The promotional jackpot will include all games and will be distributed accordingly with no regard to which game is being played at the time of distribution, thus making all games eligible for promotional giveaways.
Promotions include, but are not limited to, promotional merchandise and other promotional programs designed by Seneca Gaming and Entertainment.
Seneca Gaming & Entertainment reserves the right to modify or discontinue this promotion at any time without notice.
IRS Requirements
1. Bad Beat falls under table games wagering transaction where a posted jackpot is paid.
2. For US Residents, an IRS Form W2-G is required for Bad Beat winnings with a value of $600 or more and withholdings are required at $5,000.
3. Foreign citizens will be issued an IRS Form 1042-S and 30% withholdings are required
4. All transactions over $10,000 will require an IRS Currency Transaction Report (CTR).
Cage Controls
A record of each winner receiving non-cash prizes with a value of $25 or more will be maintained by the poker room cage and turned into accounting on a monthly basis.
At the end of the calendar year, the patrons who have received cash and non-cash prizes totaling $600 or more will receive an IRS Form 1099.
Winners are responsible for all applicable taxes and fees. Residents of foreign countries will be subject to 30% withholdings on all payouts. Seneca Gaming & Entertainment reserves the right to modify or discontinue these events at any time without notice. SG&E will not be held responsible in the event of typographical errors, misinformation on the website or printed material pertaining to this promotion, and players will have no claim in these matters.
The Bad Beat Jackpot applies only to Texas Hold'em ring games, either limit or no-limit.
In order to qualify for a Bad Beat Jackpot, the hand's pot must have had a minimum of $5.
Poker Bad Beat Jackpot Taxes Today
A Bad Beat Jackpot will be paid out if a minimum of Full House loses to Quads.
Many places with a bad beat jackpot require both the winning and losing hands to use both of their hole cards. Fight Club Poker uses relaxed hand requirements so that the Bad Beat Jackpot is paid out more often. Quads is the only hand that must use both of their hole cards. Also, quads must have pocket pair. All other qualifying hands (Straight flush winning and losing hands, and full house losing hands,) need only use one hole card.
Poker Bad Beat Jackpot Taxes Calculator
If there are multiple full house hands that lose to Quads on the jackpot hand, the high ranking full house wins the Bad Beat Jackpot.
Bad Beat Payout
- The losing hand is paid 50% of the Jackpot (The lower ranking hand)
- The winning hand is paid 10% of the Jackpot (The higher ranking hand)
- The remaining 40% is split between all players dealt into the Jackpot hand. (including the winning and losing hand)
If multiple Bad Beat Jackpots are won before the website has updated the Jackpot amount, the first hand that won the jackpot will be paid out based on the Jackpot total stated on the website, and the 2nd Bad Beat Jackpot will be paid out based on the amount the left over in the Jackpot after the 1st hand was paid out.
Poker Bad Beat Jackpot Taxes 2019
If you believe you have won a Bad Beat Jackpot, please contact Jared so that he can view the hand history and verify.
Under all circumstances the decision of Poker Management (Jared) is FINAL