Here’s the guide to the official rules to the OnePass tourney – along with my observations.
- Q: How much do I have to bet?
- You must bet a minimum equal to the Big Blind.
- (if you have to ask these questions, then you better be prepared to come with a “Dummies Guide to Texas Hold’em“)
- Q: How much can I bet?
- This is a No-Limit Hold ‘em, so you can bet as many chips as you have at any time you desire.
- (he-he-he! This I got to see when the chips – or the miles – are really on the table.
Q: How much can I raise?
- You must raise at least the equivalent to the most recent bet made; and you can raise as high as you desire.
- Q: Can I pick my seat?
- Seats are drawn randomly at the time of registration.
- (Heck, there goes the fun of sitting across from the guy wearing the sunglasses…)
- Q: If I am not sure how to bet or if it is my turn, what can I do?
- The dealers are neutral and you may ask them any procedural questions you like; however they cannot provide advice on any playing decisions.
- (Might be a little late to be asking for advice like that, but then again, I’ll be available to tell you how much you could possibly lose on the hand…)
Q: Will we have break times?
- Yes, there will be scheduled breaks in the tournament.
Q: If I need to leave the table will I be penalized?
- No, you may miss as many hands as you like with no penalty; if it comes to be your turn in the small or big blind, then the dealer will take the appropriate number of chips from your stack to pay those blinds.
- (I don’t know about you but I hate it when others touch my chips. I really, really hate it.)
Q: May my friends/family watch me play?
Yes, observers are allowed as long as there is no disruption to another player.
Q: After I fold my hand, can I change my mind and retrieve that hand before another player bets?
No, once a hand is folded it is no longer available to that player.
(I think our friend Kenny Rogers said it best, “You got to know when to hold em, know when to fold em.”)
Q: If I am not sure what I have as far as my hand what can I do?
Any hand face up on the table speaks for itself and will be read by the dealer; if you are not sure of your hand and all action is complete simply turn it face up.
(The infamous … let the cards speak for themselves. Heck, I’ve won a few hands that way when I was prepared to walk away from the table for some more potato chips.)
Q: Will there be a tax on the tournament awards?
Federal statutes and regulations require reporting of prizes and awards with fair market value greater than $600. Continental will compute the value for the OnePass awards received by the winners of the tournament and for the top 8 winners, remit payment of U.S. withholding tax to the U.S. Treasury based on the Supplemental Federal withholding rate of 25%.
(25% huh. The members flying in one their Lears will really be dissapointed to hear that the final 10% of their withholding is not being covered. But then again, the starving mileage junkies will be glad for the additional 15% rebate.)
Q: If I win the tournament, will I need to pay taxes on the prize?
Continental will pay a U.S. withholding tax for the top 9 winners of the tournament. The value of the award is taxable as gambling winnings and each winner will be taxed based on his/her own income situation. Therefore, each winner would be required to pay any taxes over and above the withholding tax payment made by Continental.
Q: Do I need to complete any tax forms?
Each winner must provide Continental a properly completed Form W-9 in order to receive the OnePass award. A Form W2-G will be issued to each winner reflecting the value of the award (including tax) and the amount of any withholding tax paid on behalf of the winner.
This entry was posted
on Monday, July 28th, 2008 at 2:25 pm and is filed under The Poker Game Itself.
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