March 14th, 2011

Fred sent us an e-mail asking about a hand he played on-line. He related that he survived in his Sit ‘n’ Go until he and one other remained. After several rounds of heads-up play, he decided to limp on the button with pocket aces. (In heads-up play, the button acts first before the flop.) He wrote that he hoped to trap his opponent into raising all-in.

Terms of the $500 Poker Challenge: Start with $500 and build your poker bankroll over one year into a substantial bankroll. You may only play live games in casinos and poker rooms; no online or home games.

Ninety percent of hand-analysis should be about our errors. We usually learn more from our bad play than we do from our victories.

One quick way to tell if you’re playing with a real rookie is if they repeatedly need to look back at their hole cards to reaffirm what they are. If you find yourself doing this more than on a rare occasion… stop! This habit gives opponents information. In hold’em, you only receive two cards and if you can’t remember two cards, maybe you should find a different game to play. When first looking at your cards, say them in your mind … that works for me. I’ll forgive you Omaholics if you need to reconfirm your holding, since you need to keep track of four hole cards—plus I’m a nice guy.

In one of the very first cases heard by the federal court in Las Vegas in 2011, Harrah’s (now renamed Caesars) once again won the right to kick out card-counters. Roger L. Hunt, Chief U.S. District Judge for Nevada, based his decision, in part, on a book I co-authored in 1998, Blackjack And The Law.

Hobby and I were having lunch at the Blue Coyote, a Southwestern restaurant in downtown Palm Springs. I have always held Hobby’s margaritas as the standard of excellence, and have never found any others to come close, until I tasted the Wild Coyote Margarita.

For those of you who engage in the business of gambling and have taxable winnings, a recent decision by the United States Tax Court should get your attention and that of your tax advisor.

There had been some confusion in the law concerning how and to what extent gambling expenses other than actual losses could be deducted from a gambler’s winnings. On July 25, 2011, in the case Mayo v. Commissioner, the court sought to clarify which expenses are deductible for those engaged in the business of gambling, and how those deductions may be made.

Last week a client asked me whether it’s possible to get a refund when you are audited by the Internal Revenue Service. I told him that it can happen: In the twelve years I’ve been practicing, I’ve had three individuals obtain refunds in an audit.

The stated goal of the IRS in an audit is for the taxpayer to be in compliance with the tax laws. When you send a tax return to the IRS, it is accepted at face value. In an audit, you have to prove that the numbers on the return are what they should be.

Tulalip Resort and Casino in Marysville, WA is hosting a $1,100 buy-in, four-day Poker Pro Challenge March 24-27, beginning at 11a.m. each day. Players receive 15,000 starting chips; rounds are 45 minutes, with 60 minute rounds for the final event. Super satellites are available March 4, 11, 18, and 22 at 7 p.m. and March 19 at 11 a.m. Pros in attendance will include Chip and Karina Jett, Michael and Robert Mizrachi, Mike Matusow, Matt Affleck, and local favorite Lee Markholt. Reduced room rates are being offered by mentioning Poker Pro Challenge. 1.866.716.7162. See the ad on page 13.

Victor Ramdin KOs Joe Hachem to Win the Bike’s Big Event The Bicycle Casino’s Big Event, a six-day, $5,000 buy-in affair that attracted 417 players, wound up with Joe Hachem and Victor Ramdin facing off for first place money of $500,000. Ramdin, the Guyana born pro known as much for his charity work as for his poker, took the chip lead on Day 2 and held it almost wire-to-wire. He began the final table in second place.

Have you ever stopped everything you’re doing right in the middle of the day and thought, “What makes me sad about poker?” Me, too.

In fact, so many people seem to be doing it that worldwide productivity has slumped. That’s unfortunate, but it’s better to be in touch with our poker feelings than to keep producing goods and services while, deep in the core of our beings, we’re not content with our poker lives.