Whether you are a beginner or an experienced player, there are some important things to consider when it comes to playing online poker. First, there are certain regulations that apply to the industry and you’ll want to know what they are before you sign up with a site. Also, make sure you understand the rules of the game, as well as the taxation and rake involved. This way, you can choose a site that best suits your needs.
Legality
During the past several years, the legality of online poker in the United States has been in question. While the US government has tried to make poker illegal, several states have decided to legalize the game. However, there are still many states that prohibit gambling and thus, online poker games are not allowed in these states.
In September of 1961, the Interstate Wire Act was passed in an effort to combat organized crime. The law prohibits people from making transactions related to illegal gambling. This law is sometimes referred to as the Federal Wire Act.
Sign-up bonuses
Whether you’re just starting out in online poker or you’re a seasoned veteran, a sign-up bonus can help you boost your bankroll. These bonuses often come in the form of cash and free tournament entries, which can be used to increase your winnings.
There are three main types of sign-up bonuses. Some sites offer a welcome bonus that’s completely free, while others require you to make a deposit to qualify for the bonus. These bonuses have different requirements, so it’s important to read the fine print.
Rake
Depending on the site, the percentage of the pot that you will be paying is called rake. The rake is usually between 5% and 10%. The amount will vary by site and will depend on the size of the pot.
A poker player who is looking to build a winning bankroll should look for a site with a low rake. This will help their bankroll grow and will also increase the likelihood of them winning. Some poker rooms also offer a rake back promotion. This means that a percentage of the rake that they are paying will be returned to them in a certain time period over the course of a month.
Taxes on winnings
Whether you play at a local casino, online poker room, or online poker tournaments, you need to know how to report your winnings for taxes. If you don’t file your taxes correctly, you could be in for a nasty surprise at tax time in 2014.
The IRS requires that gambling winners report their winnings when they file their federal income tax return. If you have a large amount of winnings, you may want to hire a tax specialist to help you file your taxes properly.
