There are so many ways to make money online and poker is one of the riskier ways. I gave up playing online poker about a year and a half ago because of two things. First, it became a felony in the state of Washington where I live. Now, to my knowledge, no one has ever been convicted of that felony but it does remain illegal to this day. The real reason I quit though, was because all the online poker bonuses and fish disappeared.
When the big crackdown on Neteller happened, most everyone was left wondering how they were going to fund their poker accounts. I used Neteller constantly to move money in and out of sites to take advantage of the bonuses different online poker rooms offered on a regular basis. These prevalant bonuses coupled with all the fish allowed me to win more than $30,000 playing online poker. Once the freeze on funding accounts happened, all the fish were left without any ways to put new money in their accounts. It could be done, but it became much harder and most fish just stopped playing. The only people left to play were all the better players who were winners that already had money in their accounts and didn’t need to forever fund them.
I found that winning became much harder and along with the fact that it was now illegal in my state, I just decided to quit. One of the bad things about playing online poker is that there is a record of everything you do. Now, I have no proof but I believe most or many online poker players don’t pay taxes on their winnings. If you play poker online and do ever get audited, there is a record of every transaction you make and there is nothing you can do to hide it. So, deciding to not pay your taxes is a decision you may end up regretting years down the line. I did pay taxes on that $30,000 because it is just not worth the risk to me.
Playing live cash game poker, however, is a whole different ballgame in many respects including the risks of not paying taxes. If you go to a casino to play poker, you will be playing for cash and there will never be any record of anything you do. You might win $2,000 one day and lose $500 the next and no one will ever be able to prove any of it. Because of this, I believe very, very few recreational live game poker players pay taxes on their winnings if they are winning players. The risk of not paying taxes on their winnings is almost zero.
It should be noted that If you play live tournaments, the taxes may be withheld or you may have to fill out forms to collect your winnings if you should happen to win. This then, makes the tax consequences much the same for live tournaments as for online poker. Of course, it is the law that you have to pay taxes on whatever you win in whatever format you win your money at whether it be live cash games, live poker tournaments, online poker tournaments, or online cash games. I am merely stating that it is my belief that very few people who play live cash games declare their winnings.
In place of poker, I had to come up with another hobby to kill time and hopefully make some extra spending money. This is when I got started in Internet marketing and trying to make money online. Had online poker never run into so much trouble with the US government, I may have never started this website and attempted to make a living online in Internet marketing. It has been a long difficult struggle so far and I have never worked harder in my life. I am, however, making some progress towards my goal and you too can start your own adventure if you think you have the patience and drive.
There are so many different ways to make money online and so many things to learn that it can be very intimidating to the beginner. Most people will give up and quit before they ever really have a chance to succeed. You can make money online though, and you can get started for free as I did. I got my very first check without ever spending a dime and it was through CashCrate. If you would like to read more about how I got started please read my best ways to make money risk free.