Live Poker Tournament Calendar
Live poker tournaments and festivals offer poker players multiple opportunities to travel to exotic & fun destinations for a few days (or weeks in some cases) – and to play live poker – with the chance of winning big!
Whether you like to play cash-games or poker tournaments, there is always a good selection of well organised international poker festivals and competitions running, offering freezeouts, bounty tournaments, ladies poker tournaments and seniors events as well as WSOP bracelet events.
Upcoming Live Poker Festivals & Major Tournaments in 2024
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Which Poker Tournaments offer the Largest prize-pools?
The biggest poker tournaments (in terms of prize pools and buy-ins) are usually held at major poker festivals like the World Series of Poker (WSOP), European Poker Tour (EPT), and other prominent events.
Here are some of the most significant big buy-in or large-field live multi table tournaments (MTTs) from the last few years:
World Series of Poker (WSOP)
- WSOP Main Event
- Buy-in: $10,000
- Prize Pool: Frequently exceeds $60 million. In 2023, the prize pool was over $80 million with the winner taking home $12.1 million.
- The Big One for One Drop
- Buy-in: $1,000,000
- Prize Pool: The prize pool can reach up to $40 million. The 2018 event had a prize pool of $24.8 million with the winner taking home $10 million.
- High Roller for One Drop
- Buy-in: $111,111
- Prize Pool: Typically around $10 million.
European Poker Tour (EPT)
- EPT Barcelona Main Event
- Buy-in: €5,300
- Prize Pool: Often exceeds €10 million. In 2019, the prize pool was €9.6 million.
- EPT Monte Carlo Main Event
- Buy-in: €5,300
- Prize Pool: Typically around €5 million. The 2019 event had a prize pool of €5.3 million.
- EPT Super High Roller
- Buy-in: €100,000
- Prize Pool: Can exceed €10 million. In 2019, the prize pool was €10.2 million.
Other Major Events
- Triton Super High Roller Series
- Buy-in: Varies, with some events up to HKD 2 million (approx. $250,000)
- Prize Pool: Can be very large, with some events surpassing $20 million. The Triton Million in 2019 had a buy-in of £1,050,000 ($1,300,000) and a prize pool of £54 million ($70 million), making it one of the richest tournaments ever.
- PokerStars Players No Limit Hold’em Championship (PSPC)
- Buy-in: $25,000
- Prize Pool: The inaugural event in 2019 had a prize pool of over $26 million.
These events represent the pinnacle of the poker world, attracting the best players globally due to their massive prize pools and high buy-ins.
The WSOP Main Event remains the most prestigious – attracting tons of recreational players as well as pro-players from around the world, while high roller poker events like those in the Triton series and at the EPT attract the wealthiest and perhaps the most skilled players.
Taxes & Poker in The United States
US poker-players often wonder “Do I need to pay taxes on my poker winnings?”
In the United States, poker winnings are considered taxable income, and there are specific guidelines and requirements for reporting and paying taxes on these earnings.
Here’s an overview:
Reporting Poker Winnings
- Winnings from Casinos and Tournaments:
- Form W-2G: Casinos and poker rooms are required to issue a Form W-2G for gambling winnings of $5,000 or more from poker tournaments. This form reports the amount of your winnings and the tax withheld.
- Form 1099-MISC: If you receive winnings as an independent contractor (such as for promotional appearances), these may be reported on Form 1099-MISC.
- Online Poker Winnings:
- Online poker winnings are also taxable and must be reported on your tax return. Some regulated online platforms may provide account statements to help track your winnings.
Filing Your Taxes
- Gross Income:
- All gambling winnings, including poker, must be reported as “Other Income” on your Form 1040. This includes not only tournament winnings but also cash game winnings, regardless of the amount.
- Deductions for Gambling Losses:
- You can deduct gambling losses, but only up to the amount of your total gambling winnings. These deductions must be itemized on Schedule A (Form 1040).
- Keep detailed records of your winnings and losses, including receipts, tickets, statements, or other documentation to substantiate your claims.
Withholding Taxes
- Federal Withholding:
- The federal government requires 24% of gambling winnings to be withheld for tax purposes if they exceed certain thresholds, such as $5,000 from a poker tournament.
- If withholding is not sufficient to cover your tax liability, you may need to make estimated tax payments throughout the year.
- State Taxes:
- State tax requirements vary. Some states have a flat rate for gambling winnings, while others may not tax gambling income at all.
- It’s important to check the specific regulations in your state of residence.
Professional Poker Players
- Self-Employment Income:
- If poker is your primary source of income and you play professionally, your winnings are considered self-employment income. You must report this income on Schedule C (Form 1040) and may be liable for self-employment taxes.
- Professional players can deduct business expenses related to their poker activities, such as travel, lodging, and tournament entry fees, subject to IRS guidelines.
Record-Keeping
- Documentation:
- Maintain a gambling log with dates, locations, amounts won or lost, and the type of gambling activity.
- Keep all related receipts, tickets, and statements as proof of your gambling activities and related expenses.
Additional Considerations
- Foreign Income: If you win money playing poker outside the U.S., you may also be subject to foreign taxes, but you may be able to claim a credit or deduction for foreign taxes paid.
- Professional Advice: Consider consulting with a tax professional who specializes in gambling income to ensure you comply with all federal and state tax laws and optimize your tax situation.
Understanding and complying with tax obligations on poker winnings is crucial to avoid penalties and interest. Keeping accurate records and seeking professional advice can help manage these responsibilities effectively.
Last Updated: June, 2024.