Online Poker Guide - Latest Poker News
Latest Poker News
Russian Poker Federation Faces Closure
More news from Russia this week as authorities have requested the closure of the Russian Federation of Sport Poker.
Poker in Russia was classified as a sport back in 2007. That classification is not due to expire until 2011, however, Vladimir Putin has ordered a crackdown on gambling in the country and, in July of this year, demanded loopholes which allow casinos to operate as poker rooms to be clamped down upon. It seems poker as a sport in Russia will soon be no more.
Why authorities are demanding the Federation is closed is unclear. Vitaly Mutko, the sports, tourism and youth politics minister, said; “I don’t understand the reason for the statement. The Federation and the sport are two different things.”
Andy Beal Battles US Tax Problems
It seems Andy Beal could be about to take a large bad beat in the form of the American tax authorities. Beal, a high-stakes poker player that enjoys toying with the biggest bankrolls in world poker, was recently part of an IRS crackdown on exotic tax shelters.
A judge found that a $19 million investment in a distressed Chinese business could not be taken as a tax deduction. Beal argued the loss from that investment was $1 billion, the IRS claims the loss was only $10 million. Beal has since paid all his taxes as well as a 40% penalty assessed by the IRS.
While that sort of money would be enough to cripple many individuals and businesses, the extent of Beal’s wealth is such that it will be easily absorbed. The high stakes professionals in Las Vegas will certainly hope Beal is on tilt when the multi-billionaire next takes a seat at their table.
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