What You Need to Know About Online Poker
Taking advantage of the Internet to play poker can be a lot of fun and it can be quite rewarding, too. But there are a few things you need to keep in mind before you begin. Read on to learn more.
Origins
During the early days of online poker, players made do with text-only chat channels and the earliest games were played with play money. However, in the early 2000s, the game got a significant upgrade with the introduction of graphical clients. This gave players graphical representations of player positions and wagers.
The origins of poker are a bit of a mystery. Some historians believe that the game originated in ancient China, while others claim it was invented in Egypt during the 12th to 13th centuries. It was also played in the New Orleans area of France around the 17th century.
Legality in the US
Until the advent of the Unlawful Internet Gambling Enforcement Act (UIGEA) in 2006, online poker was in the gray zone. The federal government claimed that it was illegal for banks to process payments for sites that offered online gambling.
The law was enacted to stop illegal gambling and the DOJ seized the domains of several major poker sites. However, several of these sites left the US market and the UIGEA is not the only gaming-centric law in the United States.
Several states have attempted to legalize online poker. The first state to do so was Pennsylvania. The market has since grown and now, online poker is legal in six states. In addition, several Caribbean nations are regulated.
Bonuses and promotions
Whether you are looking for a new online poker site or simply want to try your luck at the game, bonuses and promotions are a great way to get started. However, it’s important to know what to expect from the various promotions and what you should consider before making a deposit.
Most online poker sites offer various promotions and incentives to retain players. These include bonuses, prize giveaways, and incentives to refer a friend. Each type of promotion has its own advantages and disadvantages, so you’ll want to consider the pros and cons of each.
The most obvious example is the match bonus. A matching amount is added to a player’s account after a deposit is made. Match bonuses are available at almost every poker site.
Taxability of winnings
Whether you win at a local casino or an online poker tournament, you will have to pay taxes on your gambling winnings. The amount of tax you will have to pay will vary by state. The amount of income you make during the year will also have a bearing on how much you have to pay in taxes.
Some states have special withholding rules for poker winners. In fact, most states require you to pay state income taxes on your winnings. If you win more than $5,000 in a single session, you will have to pay tax on your winnings.