How Does Professional Poker Work?
Playing tournaments is currently the most common way people now experience poker. I have played in literally hundreds of thousands of them and will tell you exactly how they work. How do poker tournaments work? Poker tournaments differ from cash games in that each player pays an entry fee then competes to win a portion of the prize pool.
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- 0.1 Do professional poker players use real money?
- 0.2 How do professional poker players make money?
- 0.3 Do professional poker players have backers?
- 0.4 How do live poker tournaments work?
- 1 Who is the richest pro poker player?
- 2 What is the strongest position in poker?
- 3 Is income from poker taxable?
- 4 What is the average salary of a poker player?
Do professional poker players use real money?
Are Poker Tournaments Played With Real Money? Poker tournaments can be very confusing for those new to the game. Although they’re probably the most popular format out there, new poker fans frequently don’t understand how they work and one very common question they have is: “are poker tournaments played with real money?” It’s not hard to understand where the confusion comes from as players in big tournaments will often have millions in chips in front of them.
- So if you are wondering are poker tournaments played with real money the simplest and the most straightforward answer is: Poker tournaments are not played with real money.
- When signing up to a tournament, a fixed sum of money is exchanged for chips that can be used to play the game.
- A player is eliminated from a tournament if they run out of chips and a real-money prize is only awarded if they place within the prize pool.
In poker tournaments, the prize money is created from all the cash paid by the participants and is later distributed to those who perform the best. Tournament chips have no monetary value themselves and are simply used to “keep score”. Once you are out of chips, you’re out of the tournament.
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How do professional poker players make money?
Other Earnings – As is the case with the top players of other sports, the best poker players will also be able to earn a significant sum of money via other avenues. One of these is sponsorship deals, with the biggest players being paid large sums of money by online poker sites to represent their brand.
- The value of these sponsorship deals varies depending on the individual – the more famous they are, the more they’ll get paid.
- Other businesses can also use poker players for advertising, especially if their product is linked with the poker industry.
- Some poker players also earn considerable sums of money through coaching,
There are many who will pay handsomely for the knowledge a top professional player can impart, and they see hiring a coach as an investment, which will be paid back when they start to consistently earn money from playing poker. Next, you’ll also find that many poker players will pay for some of a tournament’s entry fee for another player, especially in tournaments with larger buy-ins.
For example, someone might stake 10% of the buy-in for another player, and they will receive 10% of all winnings, should the player make it into the money. Back the right person in the right tournament and they could find themselves making some huge sums of money. Finally, and perhaps most considerably, nearly all poker players nowadays earn a significant portion of their income from playing online.
While some of the major online tournaments are included when working out the list of top earning poker players, most are not. If you’re going to become a top-level poker player, you need to get used to the idea that much of your work will be done sitting behind a screen.
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Do professional poker players have backers?
The Truth About Poker Staking Poker exists for more than 450 years. Initially, it was recognized as a gambling game but nowadays most of the players would agree that poker is an intellectual game with some variance. Moreover, nowadays people play poker so serious that it is already a kind of sport.
Even a good player can lose a lot of games in a row, but on a distance, professionals are always in the money. Today players and people who are interested in poker realize that it is possible to win not because of pure luck but because of high skill. That is why there are people who are ready to invest in good poker players.
This is called “backing”.The term poker backing (or staking) means that a poker investor (“the backer”) puts up money on behalf of a poker player (“the horse”) in exchange for a cut of the profits. The backer typically assumes all the risk — any money the horse loses is on the backer, but if the horse wins, the profits are shared according to the terms of the poker staking contract between the parties, the cut is usually around 50/50It is important to understand that backing is not just another form of debt but rather an investment into the player, so the backer also carries risks in case the player performs badly.
That is why close communication between both sides is crucially important to develop successful long-term cooperation Online and offline staking Backing exists both in online and offline poker, but with some features which reflect differences between these 2 types of the game.In online poker players can participate in more than 20 tournaments simultaneously, so usually backer and player discuss only average buy-in for tournaments which player should not exceed, so player receives funds to play a lot of relatively small games, while in Live poker it is more common when players are searching for backers to participate in a single high roller game.Sometimes players even have several backers for one game, so, for example, one backer pays $7000, another one $3000 and so player participates in a $10.000 tournament.
Backer’s shares are split proportionally to their investment. It is also possible that the player receives only partial backing, so the investor pays half of the buy-in and players add the second. In that case, the player receives half of the pot directly and the other is split into equal parts.
Staking benefits The backing provides obvious advantages for players, such as optimizing bankroll management problems, which is crucial for the long-run games, reducing stress during downswings and getting access to higher buy-in levels. Additionally, backers usually offer their players professional coaching, which is a great chance for middle-level players to improve their skills.
Moreover, professional backers usually invest in many players who can communicate with each other, creating great networking opportunities. That is why getting into prestige backing for a poker player can boost his career dramatically, simultaneously providing money, coaching and networking.
- Getting into top-tier stacking companies is not easier than receiving a job offer into a high-salary position.
- Backer himself earns profit from player’s wins and can potentially multiply his investments in a very short period since the prize payment structure of MTT(multi-table-tournaments) allows winning huge pots even for a medium buy-in levels.
Staking risks Besides obvious advantages of stacking there are also risks for both player and backer Every poker staking contract contains a makeup clause because, without one, backing poker profitably would be nearly impossible long-term. The concept of makeup ensures that to be able to get a profit cut, the horse first has to make good of any previous losses.So if a player loses $5000 and then wins $6000 he can receive only $500 in 50/50 split case since 6000–5000=1000.
So even when backed by someone player has to care about downswings, since loses today will reduce big win tomorrow. The biggest problem for backers is the fact that variance in MTT can be huge and it is the usual case when a good player loses 100+ buy-ins before finally winning a good pot, so it is crucial to have money reserves.
Managing correct relationships with players, especially during downswing can be also very challenging for backers Conclusion Staking should be treated with caution by not very experienced backers since Investors should have some degree of a deeper understanding of poker to distinguish between good and average players.And since poker is a high-variance game, the investor requires at least 300 average buy-in reserve for each of the players he invests in, so even for low limits staking a bare minimum of a few thousand dollars is required.Good players can easily bring more than 10% ROI per month, but high returns are paid by high risks.
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How do live poker tournaments work?
How Do Poker Tournaments Work? – All players in a standard poker tournament pay the same entry fee, and start with the same amount of chips. Poker tournament chips have no cash value. For example, a $100 buy-in poker tournament might assign each player with 10,000 starting chips.
- Once the tournament starts, you can’t trade in any of those chips for cash.
- The object of a poker tournament is to last as long as possible.
- You’re eliminated when you lose all of your chips, and the tournament plays on until one player has collected all of the chips in play.
- Unlike a poker cash game, the blinds (mandatory bets that rotate around the table) increase at regular intervals.
The blind level increases force players to make moves in a tournament, or risk having their stacks dwindle because of the rising blinds. All players but one eventually lose all of their chips in a poker tournament, and that last player standing is crowned the winner.
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Is poker a 100% skill?
There are many people out there who scoff at the thought of playing poker, deriding it as a simple game of luck, just like all other casino games, such as roulette and slots. To put it bluntly, however, these people are entirely wrong and don’t understand the finer points of the game – the finer points that allow a player with skill the chance to gain a huge upper hand over their opponents.
Poker is a game that combines elements of both skill and chance. While the outcome of each hand is determined by the cards that are dealt, players can use their knowledge, experience, and strategies to increase their chances of winning. This means that poker is not purely a game of chance like some other forms of gambling, such as slot machines or roulette.
However, it is also important to note that the element of chance is still a significant factor in poker. Players can have the best hand and the best strategy, but they can still lose if they are dealt poor cards or if their opponents make unexpected moves.
- As a result, some people consider poker to be more of a game of chance than a game of skill.
- Overall, the question of whether poker is a game of skill or a game of chance is a complex one, and it depends on how you define these terms.
- Some people believe that poker is primarily a game of skill, while others believe that it is more of a game of chance.
Ultimately, the answer may depend on individual perspectives and experiences. There are also others, most often poker evangelists with an unwillingness to admit the truth, who state that poker is a game based entirely on skill. The thing is, they’re also wrong, as the game is actually a mixture of skill and luck – an intoxicating fusion of a player’s ability to make the most of their cards, with fortune’s fickle mind helping and hindering players in equal measure.
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Can you make a living off poker?
That’s one of the most common questions that aspiring poker players ask themselves and their poker friends. What’s the real answer? Yes, you definitely can make a considerable amount of money and even make a living playing poker. It won’t be easy, though, especially if we’re talking about online poker.
We have to be straightforward. Times when pretty much any decent player could win money in online poker games are long gone. The poker landscape has changed: the markets have been divided, games got tougher, and the average player got better. However, despite all these seemingly bad circumstances, there are still thousands of players playing online poker for a living and ever more who dream of playing poker professionally.
How do the lucky few succeed?
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Who is the richest pro poker player?
The wealthiest player in the world – He has never won a major championship, but he hasn’t needed it: Dan Bilzerian tops the richest players’ list thanks to his poker skills, a prosperous social media career, a large trust fund, and multiple business pursuits.
The controversial Bilzerian, who began his poker career in 2008 by participating in the World Series of Poker Main Event, finishing in 180th place, admitted to making most of his fortune playing high-stakes poker, He has made claims that he has made up to $10 million in single high-stakes poker games and has accumulated over $50 million in a year from playing poker.
Today the Tampa native, who often lets himself be seen surrounded by several models ‘living la vida loca’, boasts a net worth of up to $200 million, Whilst it is true he has likely made a fair amount playing poker, his true ticket to the good life came in the form of a multi-million dollar inheritance left to him by his father, Paul Bilzerian,
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Can you become a millionaire from poker?
NOTABLE MENTIONS – Obviously, professional poker is a lucrative business. It’s estimated that there are hundreds of players who have earned over a million dollars playing this card game. For that reason, we couldn’t discuss all of them. Instead, we picked the 10 poker millionaires whose stories of success caught our eye.
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Is poker a stressful job?
2. You’ll Become Comfortable with Stress – Poker is stressful, but that’s what makes the game great. To be a successful poker player you need to be able to step outside your comfort zone and get involved in uncomfortable situations. As Doyle Brunson says, “It takes courage to sit down at a poker table.” Everyone in the room is trying to take your money.
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Why do poker players wear hoodies?
Why Do Poker Players Wear Hoodies? – One reason poker players wear hoodies is to try to avoid having physical tells. Some popular physical tells include touching their arms, rubbing their hair or fiddling with their fingers. A hoodie attempts to hide these body parts from view, removing the impulse to touch certain parts of the body.
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What is the strongest position in poker?
The Button – Dealer (also classed as a LP) – In flop/community games such as Texas Hold’em being “on the button” is where everyone would like to stay! In terms of advantage it is the best position in poker. After the flop the dealer always gets to act last in every round of betting for that game.
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Can you make a living off online poker?
Many People Have Decided To Take Up Poker While Being Quarantined. –
There are many ways to make money on the web, and online poker is definitely a legitimate one to do it. In fact, there are thousands of professionals who play online poker on a daily basis and earn good money from it. Therefore, to answer the topic question right away — yes, you can make a living by playing poker online.
However, that’s not the right question to ask at all, so let me make a little correction right away. The right question should be this – How hard is it to make a living by playing poker on the web? Now, this is definitely something that you’re not going to like. It’s pretty difficult and requires a lot of practice, dedication, and sacrifice.
Poker player Adrian Sterne from Top10PokerSites.net published a well detailed article on making a living by playing poker online, Feel free to check that out if you want to learn more. Online Poker Is a Job One thing you should understand is that making a living by playing online poker means accepting that this type of activity is a job at which you have to perform exceptionally well to earn your wage.
Therefore, if you consider it just an interesting pastime, you might earn some and lose some, but you’ll not be able to make a living out of it. As soon as you understand that you have to devote your time, energy, and money to it, you are on the right track to become a professional poker player, Understand How to Earn from Online Poker Earning from playing poker means understanding the way money flows within this game,
The first thing you should take into account is that the majority of people play it for fun. Some might be good at it, but the reality is that many of them are fish. Aiming for fish is something that all professionals do, as that is almost a certain profit.
- Players who understand how to play against new and inexperienced players have a firm ground from which they can take off and play poker.
- However, playing against fish is definitely not your main source of income.
- Once you have enough capital to invest in the game, you would be able to see higher returns.
Simply put, playing low-stake tournaments and cash games is not as lucrative as playing high-stake ones. If you’re good enough to beat opponents at high stakes, you can earn more money. One of the important things you immediately need to understand if you want to earn money from online poker is that variance shouldn’t affect you.
Professional poker players know that they might lose their entire stack and are ready to make such a loss on a short-term basis. In other words, they accept that the element of luck is an inevitable factor in playing poker and that they will have periods when they lose more than they win. It’s Often Very Risky No matter how good they get, every professional player on the web who earns a lot of money this way is ready to risk.
When you think of it, the risk is an inevitable part of starting any business. In fact, it’s a part of life and, as such, it’s present in the game of poker. Imagine starting a business that offers products for professional athletes. You started it in December 2019 and your business began booming right away, as top-rated athletes have been buying your products.
- Then, all of a sudden, a pandemic kicks in, pulling all sports events to a halt.
- You’re out of money, but that was the risk you were willing to take.
- The same goes for poker.
- Although pandemic might not really affect it, there are many ways that can make you hit the rail before you even start.
- The good news is that the more you practice and the more you study, the element of luck would have a lesser impact on your game.
You’ll Have a Lot of Studying to Do Being a successful online poker player is something that requires you to watch hundreds of videos and read dozens of books about poker. Poker is a simple game on the surface, and it’s definitely entertaining to play from time to time.
However, there’s a lot of theoretical knowledge that you have to acquire before you can call yourself a professional player. Many great poker players, such as The Godfather of Poker himself, have “written useful books “:https://www.goodreads.com/book/show/16572.Doyle_Brunson_s_Super_Systemthat are often regarded as obligatory reads for all players who want to go pro.
What the majority of these books deal with is mathematics, and the sooner you accept that fact, the better you’ll become. Playing poker on the web as a professional means dealing with a lot of numbers, stats, odds, and whatnot. It means being able to calculate the best possible outcome of your hand and make the mathematically most accurate decision.
It takes time to master that. I’m not talking about days or weeks — I’m talking about years and years of experience. You don’t really have to be a talented mathematician to do it, you just need to understand these processes right away and apply them to your online poker sessions. Final Thoughts: Professional Poker Is NOT for Everybody Like it or not — we’re born with certain talents.
Although I agree that the talent is 2% and hard work 98%, I also understand that those without that 2% of talent would never be able to perform at 100%. Sadly, earning in online poker to make a living requires being at the top 10% or at least the top 20% players on the platform you’re using.
To do that, you need to have at least some talent. But what exactly is a poker talent? It’s the skill of being able to read people and their actions. It’s sometimes more like intuition than a skill. This can be learned with time, but some people would require much more time to master it than others. Sadly, some players never master it.
Therefore, the best approach to playing online poker is to accept the fact that it’s not for everybody. It requires a specific combination of talent and hard work that only some people have.
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How much does it cost to enter a poker tournament?
WSOP Poker will be played at: –
The Paris Ballroom
All Day1 starts $10K and above bracelets – Day 1s down to final table King’s Lounge and Live-Action Deepstacks, Mega Satellites, and Single Table Satellites
The Bally’s Grand Ballroom
Day2 Restarts All Final Tables Large Day1 overflow
The Bally’s Event Center
CBS feature television tables
When is the World Series of Poker this year? + The WSOP event is held in Las Vegas May 31 – July 20, 2022 Where is the WSOP Player Services office? + The WSOP Player Services office is located across from the Paris Ballroom, adjacent to the WSOP Main Cage in the Champagne Ballroom located in Paris convention center.
WSOP tournament registration with cash, chips, credit cards, cashier’s checks, or WSOP tournament account credit. In addition:
Safety deposit boxes are also located in this area. WSOP Tournament Account deposits/withdrawals WSOP.com account deposits/withdrawals and support questions. Payouts
What are the WSOP tournament dates? + Registration, Live Action and Satellites begins on May 31 st, 2022 at 9am and run until July 20 th, 2022. The first open bracelet event is May 31 st, 2022. The first day of the Main Event will begin on July 3 rd, 2022.
Please see full tournament schedule for dates of all other events. How old do I have to be to play in the World Series of Poker? + Nevada Gaming Regulations require participants to be at least 21 years of age on the day of the event in which you wish to start playing. The age requirement to participate in the Seniors Event is that you to be at least 50 years of age on the day of the event.
The age requirement to participate in the Super Seniors Event is that you to be at least 60 years of age on the day of the event. Where can I find information about the WSOP and Pre-Registration? + By visiting our website: www.wsop.com/2022/ or by visiting the tournament office at the World Series of Poker tournament area.2022 Pre-Registration is now open.
- This is for both online registration and in-person registration at the Paris Main Cage.
- How much does it cost to enter a WSOP poker tournament? + The 2022 WSOP will host a wide variety of tournaments ranging in price from $400 to $250,000.
- When does Online-Registration online end? + Two weeks prior to the beginning of the event for which you are registering if you choose wire as the method of payment.
For events with buy-ins of $10,000 or less, Online-Registration is available until the close of registration of the event for which you are registering when using a credit card, ACH, or WSOP Tournament Account as the method of payment. Once I have pre-registered online, how do I complete my Pre-Registration and receive my Tournament Entry Receipt and Seat Assignment? + For participants that registered online in advance, please proceed to the WSOP FasTrac / Caesars Rewards area in the Burgundy Room in the Paris convention center to get verified and receive seat cards and receipts at least one hour prior to event start time.
- Online-registered participants must present current valid and unexpired photo identification (passport, driver’s license, state identification card, or military identification card) acceptable to Paris in person at the Tournament verification area to complete first time online-registrations.
- If the online method of payment was credit card, the exact card used must be presented at time of verification.
Once participant has completed the verification process, participant can bypass the above process for future online registrations and can proceed to any WSOP FasTrac kiosk to print seat cards and receipts. Am I guaranteed the starting day I choose if I Pre-Register? + Yes.
- Will I receive confirmation after I Pre-Register? + Yes.
- We will send an email confirmation once the registration is processed.
- Do I have to Pre-Register to play in WSOP? + No.
- You may sign up for any event in person at the Paris up until an event begins and past depending on late registration for that event.
Please refer to the event’s structure sheet for more information. Will a Caesars Rewards Card be required for Tournament Play? + Yes. If you wish to register for a tournament or play in live-action games you must have a Caesars Rewards Card you can visit the online Caesars Rewards site to create an account, pending certain jurisdictions.
How do I get a Caesars Rewards Card? + Visit any of our Caesars Entertainment Properties in the U.S., or by visiting the Caesars Rewards Desk in the WSOP Tournament Area, upon arrival at the Paris. A valid Photo ID will get you a Caesars Rewards Card in less than 5 minutes. Or you can visit the online Caesars Rewards site to create an account, pending certain jurisdictions.
What Photo IDs are acceptable? + The following forms of ID are acceptable: US RESIDENT:
Driver’s license or State issued Photo ID US Passport, Passport Card, or Military ID must include a second form of ID. An unexpired governmental ID verifying physical address such as a valid Driver’s License will also be required. Permanent Resident Alien Card (Must say Permanent, if not must show Passport)
ALL OTHER COUNTRIES:
Foreign passport – We can accept a current, non-expired passport (We will NOT accept passport cards, visa cards or consular ID) (A second form of ID that indicates physical address will be required, i.e. driver’s license, utility bill, credit card statement, etc.) Foreign government issued Driver’s License –Must have a photograph, the date of birth and a valid expiration date.
Will I earn Caesars Rewards Credits while I play at WSOP? + You will earn Caesars Rewards credits for playing in WSOP events or WSOP Live Action (cash games). You will not earn Caesars Rewards credits for playing in WSOP Single Table Satellites. Can someone else Pre-Register for me? + No, third-party registration is prohibited unless an organization is an approved WSOP satellite licensee.
- How do I become an official WSOP satellite licensee? + You must contact Johnny Hernandez by emailing at [email protected] after you have verified you/your organization qualifies to host a satellite.
- What hours are the WSOP Cashiers Cage open? + The WSOP Cashiers Cage will be open 24/7 beginning at 9:00 a.m.
on Tuesday, May 31 st, 2022. When does Registration at the Paris Cage begin? + Registration for bracelet events is open now at the Paris Main Cage. What forms of payment are accepted at the Paris? + Cash, live Casino Chips, Cashiers Check and Wire Transfers (5 day waiting period for checks or wires).
Wire Transfers (14 day waiting period) Credit Cards/ACH – Available for events with buy-ins of $10,000 or less. Available until the close of registration for the event. WSOP Tournament Credits – Available until the close of registration for the event.
Can someone Register for me and pay my Tournament Entry at the WSOP Cage? + No. May I transfer my Tournament Entry to someone else? + No. Tournament Entries are non-transferable. Can Tournament Entries be pre-paid over the phone with a Credit Card? + No.
All payments made through use of a Credit Card must be accomplished through the Online-Registration and WSOP FasTrac system or in-person starting May 31 st, Can I receive a refund on my Tournament Entry? + Yes. There is a cancellation and refund policy as outlined in the 2022 Tournament Rules available on www.wsop.com/2022/,
Please see tournament office for the appropriate forms. Cancellation of online registration is available online to the participant until the participant has tickets printed for the event or up until 24 hours before the event has started. Do I have to Pre-register for Single Table Satellite Games? + No.
- You can register for Single Table Satellite Games at the Single Table Satellite Cage the day of the satellite.
- Will I be paid in cash if I win a Single Table Satellite? + You will be paid with WSOP Tournament Buy-In Chips in $500 increments.
- Any winnings inside of a $500 increment will be paid in cash.
Are the Tournament Buy-In Chips won in a Single Table Satellite redeemable for cash? + No. They must be used to buy into WSOP Tournaments at the Paris from May 31 st, 2022, through July 20 th, 2022. Can the Tournament Buy-In Chips won in a Single Table Satellite be used for any WSOP Event? + They can be used for all WSOP Bracelet Events, as well as other WSOP Tournament and Satellite offerings of $500 or greater at the Rio from May 31 st, 2022, through July 20 th, 2022.
- If used for an event of less than $500, any remaining balance from the chip will be forfeited.
- If I don’t use my Tournament Buy-In Chips at WSOP this year, can I use them in future WSOP Events? + No.
- All WSOP Tournament Buy-In Chips will expire on July 20 th, 2022 and will not be accepted at any future WSOP event or any other event at Paris or any of its affiliates.
Do I have to pre-register to play in Live Action? + No. Live Action Games are open 24/7 year-round at Bally’s, and you need not register in advance. During the WSOP, Live Action will be located in the Paris Ballroom Green section and King’s Lounge section of the WSOP Tournament Area as well as in the Bally’s Poker Room, located next to the Nosh Deli and Keno.
- Please see a Live Action Supervisor to sign up for a game.
- What limits will be offered in Live Action? + Our smallest cash games will be $1-$3 No Limit Hold’em and $2-$4 Limit Hold’em.
- Our biggest games will be as high as anybody would like to play.
- We will also have Pot Limit Omaha, Omaha 8/B, Razz, 7 Card Stud, 7 Card Stud 8/B, 2-7 Triple Draw Lowball, A-5 Triple Draw Lowball, Badugi, Big-O and just about everything else you can imagine.
Can I pre-register for a Circuit Event? + We do not offer pre-registration for WSOP Circuit Events at this time. WSOP Circuit Event schedules, as well as all the latest news and information pertaining to Circuit Events are posted and continuously updated at www.WSOP.com,
- Can Men Play in the Ladies Event? + The Ladies event is designed for women; however, men can play.
- The entry fee for the event is $10,000.
- Women will receive a discount of their entry fee, as their buy-in will be $1,000.
- What is a “Six Handed” event? + You will be playing against only five other players, or even less at some points, for the duration of the event.
This tournament is also described as a “short-handed event.” The same principle applies to seven and eight handed events. What is a “Shootout” Event? + In a ‘shootout’ poker tournament format, you must beat all of the players at your table in order to move on to the next round.
- For example, in a shootout tournament with 1,000 players, you would start out with 100 tables of 10 players each.
- Then each table of ten would play down to one person.
- Those 100 remaining people would then play at ten tables until each table had one player remaining.
- Lastly, the final table ten players get together to fight it out for a bracelet! How many bracelets events in the 2022 WSOP in Las Vegas? + Produced exclusively by Poker Central, there will be 18 different 2022 WSOP bracelet events to be televised.
Can anyone come and watch the WSOP? + Guests are welcome to observe the WSOP in action – free of charge. All spectators must be at least 21 years of age to enter the Paris Ballroom, Grand Ballroom, or Event Center, however, per gaming regulations. Is there valet service at the WSOP? + Valet will be available through the main hotel valets at both Bally’s and Paris.
What are the rules on photography in the WSOP? + Photos may be taken in the WSOP tournament area. Flash photography and filming are strictly prohibited. Will I be able to get player autographs? + Most players will happily oblige autograph requests between events. Please be mindful not to make a request while they are seated and playing at a table.
Staff are not allowed to request autographs. How can I deal for the WSOP? + Dealers may apply online at https://www.caesars.com/careers Go to and select States/Provinces: Nevada; then Select Properties: WSOP; Begin Search. WSOP staff members will be contacting those who apply to schedule auditions.
Are there other employment opportunities at WSOP? + Other interested candidates may apply online at https://www.caesars.com/careers Go to and select States/Provinces: Nevada; then select Properties: WSOP; Begin Search How do I secure the poker room rates for my hotel stay? + Players will make their room reservations at the pre-entrant rates.
Upon arrival in Las Vegas, if not already booked, they can provide their tournament receipt to the reservations desk and have the rates converted to the special WSOP entrant poker rates upon availability. Las Vegas hotels include Rio, Paris, Ballys, Harrah’s, Flamingo, Caesars Palace, Planet Hollywood and The Linq are all offering discounted rates for WSOP players.
Follow the link at www.WSOP.com/reservations under the registration tab to book your room online now at the best rates available! Where Do I Park for WSOP? + There are two major parking facilities available to guests.1) The Paris Las Vegas Parking Garage and 2) The Bally’s Parking Lot (located directly behind Bally’s off Koval Lane).
Valet services will also be available at the main hotel entrances of both properties. Parking Prices are as follows:
1st Hour: Free 1-3 Hours: $15 3-24 Hours: $18 Over 24 Hours per day:$18 Hotel Lodger: $18 Locals with valid Nevada ID: Rates apply after the first 3 hours, excluding during event pricing. Caesars Rewards Platinum, Diamond, Seven Stars: Free Rates on Friday and Saturday increase to $23/day for non-lodgers but remain at $18/day for hotel guests.
Reduced weekly parking passes for extended stays are available for purchase at the WSOP Main cage inside the Champagne Ballroom in Paris for $100, a 40% discount. Caesars Rewards Credit Card holders receive complimentary parking at all Caesars properties.
You can apply for the Caesars Rewards Visa Card in person at the WSOP Caesars Rewards Center located at the entrance of the Paris Convention Center, the Caesars Palace Caesars Rewards center, or at any of the following casino cages: Bally’s Las Vegas, Paris Las Vegas, Planet Hollywood, Harrah’s Las Vegas, Flamingo Las Vegas, or Rio All-Suite Hotel and Casino.
During sign up you will be asked which of the following locations you’d like to pick up your new Caesars Rewards Credit Card: Caesars Palace Caesars Rewards Center, or at any of the following casino cages: Planet Hollywood, Harrah’s, Flamingo, or Rio.
- Once you have made a purchase of at least $1, you may return to the cage where you picked up your new credit card, have it validated, and enjoy free parking at any Caesars property.
- For more information regarding parking, visit Caesars parking at https://www.caesars.com/parking on the Caesars Rewards wesbite.
Can I set up as a vendor at WSOP? + For vendor information please contact Johnny Hernandez by emailing at [email protected], Where can I get WSOP Merchandise? + During the WSOP, a retail store will be operating inside the Champagne Ballroom immediately on your left as you enter in the Paris convention area, providing a wide array of souvenir merchandise to choose from.
How many players are paid for an event? + The WSOP pays out approximately 15% of the field size, but it varies slightly from event to event. What must I provide to collect Tournament Winnings? + Winners must show their current valid picture identification (driver’s license, state identification card, or military identification card, U.S.
passport or U.S. passport card) acceptable to Caesars Entertainment in order to collect prizes. Any ID without an address, will require a secondary unexpired government ID that can verify physical address. If a participant is not a U.S. citizen, a current passport, consular identification, or alien registration card is required.
U.S. Residents : A Social Security Number.U.S. residents not providing a Social Security Number will be subject to 28% tax withholding. Foreign Residents of U.S. Tax Treaty Countries : Must provide an Individual Tax Identification Number. Foreign Residents of Treaty Countries, not providing an Individual Tax Identification Number, will be subject to 30% tax withholding. Foreign Residents of U.S. Tax Non-Treaty Countries : Will be subject to 30% tax withholding.
May I apply for an Individual Tax Identification Number during the WSOP? + Tournament Staff will assist WSOP winning foreign players from United States Tax Treaty Countries in applying for an Individual Tax Identification Number. Appointments must be made with our Compliance team after the player has won an amount over the $5,000 threshold mentioned above.
- Due to regulatory restrictions, this service is not available to foreign players that have winnings from WSOP.com online events,
- How can I watch the WSOP events this year? + WSOP will broadcast with partner CBS Sports for a second season of coverage with daily streaming on PokerGo.
- Who has won the most WSOP Main Events? + Currently, Johnny Moss and Stu Unger are tied with three times each.
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How much does it cost to enter a WPT tournament?
|Current season, competition or edition: World Poker Tour season 19 results|
|Founded||May 27, 2002|
|Country||United States (Founded)|
|Most titles||Darren Elias (4)|
|TV partner(s)||Bally Sports, BT Sport (UK)|
The World Poker Tour ( WPT ) is an internationally televised gaming and entertainment brand. Since 2002, the World Poker Tour has operated a series of international poker tournaments and associated television series broadcasting playdown and the final table of each tournament.
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Is poker good for your brain?
Medical benefits of playing Poker – Reduces risk of Alzheimer’s disease Alzheimer’s is known to be a neurodegenerative disorder that has a genetic predisposition and no certain cure has been recognized as of now. However, it can be prevented with certain cognitive sports and poker is one of them.
Studies have shown that playing poker can actually reduce your chances of developing brain-related diseases like Alzheimer’s by over 50 percent. Leads to rewiring the brain Poker acts like Pushups for our brain. It strengthens your brain and shields your nerve cells. Playing poker can help to rewire your brain and help to create myelin for a longer run.
When we perform any activity consistently, it leads to the creation of new neural pathways. The nerve fibers are surrounded by a myelin sheath. This protects and nourishes the nerve cell. The more often impulses are transmitted through this network, the thicker the myelin sheath becomes.
This is called myelination. Hence, the more poker we play the more myelin our brains create. Poker also helps in controlling emotions and making quick decisions that increase cognitive capacity, hence improving your chances of keeping a healthy brain. There are many ways in which poker is useful for the brain.
In fact, it develops a host of skills in us. Mentioned below are the key ones:
While playing poker players tend to be totally engrossed in the game, trying hard to think about what moves the others are planning. This enhances their concentration, attention, problem-solving skills, etc. Playing online games like poker develops reading skills among players. Poker requires us to read and understand all its concepts, instructions, and find clues. In fact, some people even read blogs and books on poker. The reading skills that are developed in a person benefits them when they read so many things, such as reading helps in the development of the brain. During the game, players come across situations where they have to think and act quickly in a certain manner. Thus, it develops problem-solving and critical thinking skills in a person, which are useful for the brain. Playing poker is a stress buster for many. So it helps in keeping the brain relaxed. Poker also enhances our ability to read situations, and opponents, as the players need to determine the odds and probabilities in any situation if it’s a flopping flush or a full house.
(The author is CEO & Co-founder, Pocket52) Moneycontrol Contributor
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Do you need high IQ to play poker?
I have played for money as a professional poker player for over 10 years now. The ride is definitely a rollercoaster that takes a specific skill set in order to excel. It takes a lot more than just pure intelligence or a high IQ to win at the game. In fact, just being smart might be the least important quality that leads to success.
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Do pro poker players use math?
Game Theory Optimal Play: The Sales Promise Of The Century – Most players have gotten very good using a simple mix of mathematical concepts and an understanding of how the game is played. In no limit hold ’em, all you need is basic probability and gambling math, such as pot odds, implied odds, expected value, and combinatorics.
Anything beyond that is mostly for poker researchers who develop tools that players use to improve. Here’s the thing though. If you’re developing software for poker, you’re not a poker player. You’re a poker entrepreneur. Nothing wrong with that. Just don’t confuse the two. The holy grail of poker is game theory optimal play.
The promise of game theory optimal poker is one of the greatest sales pitches ever to have been written. There is a notorious company that sells poker training software that’s trying to take advantage of this lurid idea right now. Game theory optimal strategy makes sure you never lose, and any adjustment that your opponent makes (that is not game theory optimal play) makes sure that he loses.
You’re not always making the most you could ever make, but you’re never losing. And people hate losing. Unfortunately, the game is too complex for us to memorize the exact strategy for all of it. There are 1,326 combinations of starting hands. There are 117,600 possible flops.5,527,000 possible boards come the turn.
When you’re on the river, you’re looking at 254,251,200 possible combinations of boards. Good luck remembering even one percent of what to do on those boards with one of your 1,326 combinations.
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Is income from poker taxable?
NEW DELHI: Online poker and fantasy games is set to get costly as a group of state finance ministers set up to explore the quantum of GST and mode of taxation on casinos, racecourses, and online gaming has unanimously proposed a flat 28 per cent goods and services tax (GST) on these activities.
- The group is said to have proposed that casinos be brought under the 28% tax slab while the tax will be only on the amount paid at the time of buying the betting instruments at entry and not on every betting transaction.
- The panel of ministers, which met last week, also decided that the tax will be levied on the entire “face value” or “bet amount” and not on the total transaction value.
Total transaction value includes the prize money, or the net commissions (revenues) that accrue to gaming firms. These recommendations will be sent to the Goods & Services Tax (GST) council for approval. The online gaming industry that operates skills-based games like e-sports, rummy, poker, chess, and fantasy games has been lobbying for GST to be capped under 18%.
- They had backed the demand with a claim that a move into the higher tax bracket would derail the $2.2 billion industry that has 400 players and employs around 45,000 people.
- Currently, the GST rate applicable on online games involving betting or gambling is 28%, and the rate on games not involving betting or gambling is 18%.
A tax rate of 18% is also levied on the commission collected by the online gaming platforms for each game. The industry believes that a high GST rate will make the entire online gaming industry unviable. Is online gaming even legal? “One of the most crucial parameters in determining the legality of online fantasy games is whether such a game ispredominantly a ‘game of skill’ or a ‘game of chance’.
With respect to online fantasy games, there have been numerous court rulings to lay down the jurisprudence on determining the legality of such online games. Broadly, the position of law with respect to fantasy games as per the rulings of several High Courts including the Hon’ble High Court of Punjab and Haryana, the Hon’ble Bombay High Court, Hon’ble High Court of Rajasthan as well as the Hon’ble Supreme Court of India, can be said to be settled in favour of the notion that fantasy games are ‘games of skill’ and do not fall within the purview of gambling and/or betting,” said Amay Jain, Senior Associate, Victoriam Legalis – Advocates & Solicitors.
Nevertheless, the said position is subject to change in laws, interpretation, and application of law by courts in various cases that arise.For instance, earlier in October 2021, the Karnataka state government had amended the Karnataka Police Act, 1963, to effectively render fantasy gaming as a non-bailable offence.
- However, later the Karnataka High Court struck down such amendment as ‘unconstitutional’ and held that online fantasy gaming shall be left out of the ambit of activities being declared as a non-bailable offence by the state government.
- Presently the legal regime for online gaming is a confusing matrix of a different state laws, central laws and judgements by various courts which have the effect of law.
Some of these laws predate the online era of gaming. It is a welcome move to have a central committee evaluate and recommend a modern regulatory regime that’s uniform and attempts to keep up with the developments in the sector. One of the key elements would be to have a clear and well-defined distinction between games of skill and games of chance.
The same treatment cannot be given to online betting on horse races as given to selecting a fantasy cricket team and winning money as per the real-life performance of the players or to playing Call of Duty or Fortnite online where there is zero element of chance,” said Shoubhik Dasgupta, Partner, Pioneer Legal.
In absence of a unified code on gaming, different courts have taken differing views on how to treat online games. Barring few exceptions, games of skill when played for stakes are excluded from the gambling bans in most Indian states. “With the increase in interest in this sector, a uniform regulatory regime clarifying on aspects relating to tax implications etc.
- Appears to be the way forward,” said Rishi Anand, Partner, DSK Legal.
- When is indirect tax charged? International experience in the skill gaming suggests that the indirect tax is generally charged on the gross gaming revenue or rake fee that i the revenue earned by the gaming operators.
- If the platform offers game of chance that is characterized as betting or gambling, then the tax is applied on the entry fee or the wager.
” With the proposed convergence of GST rate by GoM at 28% for online gaming, it will be interesting to see how the valuation mechanics would be prescribed for skill-based games. The expectation is that in line with international practices, the value for online gaming should be the gross gaming revenue or the rake fee (platform fee) and not the entry amount or stake.
- This is a critical aspect that also needs immediate consideration to give clarity to the sector.
- It is apprehended that charging GST on the entry fee or the stake would mean that operators will then possibly have to pass on the higher GST burden to the players.
- In such a scenario, player’s winnings could get squeezed and could get discouraged.
Consequently, this may impact volumes, overall value economics and may also affect the compliance behavior,” said Hardik Gandhi, Partner, Deloitte Haskins & Sells LLP on online gaming and taxation. Currently, most online gaming platforms pay 18 per cent on the commission collected by online gaming platforms for each game, while those involved in betting or gambling attract 28 per cent.
- On horse racing, GST is levied at 28 per cent on the total bet value.
- World over, the fees from online gaming is taxed in the range of 15%-18%.
- According to a report by Copenhagen Economics ” the tax-rate should not exceed 20%.
- The reason being that at higher tax-rates, gaming operators as well as consumers will choose not to join the licensing system.’ The report shows how France, which levies an extremely high tax rate on GGR (of approximately 37% on online poker and 45% on sports betting), achieves a per capita tax revenue of merely 41% of that of the UK, which levies a 15% tax on GGR.
GST authorities, meanwhile, have issued notices to various industry players, proposing to recover incremental GST owing to the valuation dispute. However, the Punjab and Haryana High Court provided much-needed relief recently, by directing GST authorities not to take any coercive action till a clarification is available from the government.
What does the industry think? An increase in taxation would not only have a catastrophic impact on the industry, but also encourage offshore operators who would circumvent Indian tax jurisdiction by hosting games in some other country, Games24x7 Co-CEO Trivikraman Thampy said. “It would be a triple whammy — the industry loses out, the government loses out on tax revenue and players lose out as they would be exposed to unscrupulous operators,” he said.
An association of online skill-based gaming platforms has made a representation before the authorities for retaining Goods and Services Tax (GST) at the current level for the industry which has 400 companies employing about 45,000 people. According to Thampy, GST is currently charged on platform fee, termed as Gross Gaming Revenue (GGR), rather than on the entire amount pooled in for a game.
- International best practices also highlight the optimal taxing bracket for the online gaming industry between 15 and 20 percent.
- Our current GST rate at 18 percent is in line with best practices and reduces the incidence of illegitimate operators,” he said.
- Online games of skills are inherently different from games of chance, and that the skill-based gaming industry does not constitute to gambling or lottery, he added.
What about personal tax? Winnings from lottery and gambling such as poker are subject to tax. India imposes TDS or tax deductable at souce, to all winnings from gambling. Under section 194B of the Income Tax Act, winnings from lotteries and games have a corresponding TDS of 30% provided the amount is at least Rs.10,000, excluding cess.
- The net rate after cess amounts to 31.2%, without the benefit of the basic exemption limit.
- For online poker, the tax is automatically deducted from your winning.
- Once you receive the payout, you will no longer be required to pay for other taxes.
- However, if TDS is not deducted from your winning, you will be obliged to file for income tax within 30 days after receiving the amount.
For example, Mr Pinto earns Rs 2 lakh as annual income and has also earned Rs 30,000 from online gaming. His income is below the basic exemption limit.i.e.2.5 lakhs. But Mr Pinto will still have to pay 31.2% tax on Rs.30,000 including cess. But after that, no Deduction or any expenditure will be allowed to be applied to any such income.
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What is the average salary of a poker player?
As of Nov 22, 2022, the average annual pay for a Poker Player in the United States is $42,591 a year. Just in case you need a simple salary calculator, that works out to be approximately $20.48 an hour. This is the equivalent of $819/week or $3,549/month.
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Can poker be a full time job?
What is a Professional Poker Player? – Duties As an experienced professional poker player, you would need to perform the following tasks:
- Gain an in-depth knowledge of the game via extensive research and networking with people in the industry.
- Regularly engage in the game at different levels of difficulty to develop the strategic skills necessary.
- Manage your finances effectively and choose tables or stakes in keeping with your budget and skill.
- Maintain records of your previous playing performances and evaluate the data to minimize past errors going forward.
Day In The Life While having a career in poker might seem easy, there is much more to it. Besides having solid skills in the game, you will be spending time tracking your schedule and ensuring that you are tuned into the best tournaments, either online or in real time.
An experienced online player will be signing in to tables first thing in the morning to play at a live game. The beauty of online poker is that at some place in the world, there is a game taking place. Many poker players in Vegas head to the tables for three to four hours in the morning, before heading off for lunch.
While a few people are full-time professional poker players, most have to balance a day job and evening outings to play poker matches. You may spend many of your breaks at work reading up poker books or browsing websites to watch game strategies. Once you reach a level of expertise, you will travel frequently throughout the year to attend real-world tournaments.
This involves many hours sitting at a poker table and being clear-headed against other players under casino lights. If you treasure a fast-paced life of action, this is an exciting career path for you! Work Schedule And Typical Hours As with any other profession, you need to invest some hours in a day to practice and hone your skills.
In addition, you may also travel many times in the year due to poker tournaments located at various locations across the country, and even internationally. This is a game that will require long moments of concentration and isolation. The risks are also high and result in high-stress levels for the most experienced of players.
While a pay-check is not guaranteed from month to month, you will enjoy the rush of the game if you are dedicated to the craft and able to stay positive even in the face of failure. Growth Of The Job Poker is always an exciting career and once an individual gains the knowledge, it is also a perfect alternative for huge profits in no time.
However, there is not much opportunity for career growth since this field is fiercely competitive with many poker pros looking for their big break. Typical Employers While professional poker players work independently in the field, several choose to supplement their poker winnings with a full-time or part-time day job.
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Do pro poker players bet their own money?
Do professional poker players use their own money? This question depends mainly on the game format, stakes being played, and player goals. It’s easier to bankroll yourself for cash games as they have fewer swings than tournaments. Likewise, if you are happy with the stakes you are playing and have no desire to move up, it will be easier to play with your own money.
On the other hand, if you play tournaments with huge field sizes, varying buy-ins, or want to move up in stakes, then playing with your own money will be possible but more complex. What we know about here at Pocarr are multi-table tournaments (MTT’s). Most of our players have a desire to improve and move up in stakes.
For this reason, many are giving up a percentage of their profits not just because they need the financial backing but because they want the coaching we provide. Another large section of our players want their own money to be working for them in other ways.
- They may be more comfortable having their money in real estate or stocks and prefer to leave the poker swings to us.
- Lastly, many players need financial staking and do not have the means to play the games they want to play without financial assistance.
- In the MTT community, it is widespread for professional poker players to be staked.
It is far less common in cash games, and it seems most are using their own money. : Do professional poker players use their own money?
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Do poker players play real money on TV?
Poker players don’t take home the stacks of cash you see on TV — here’s who does In the early 2000s, professional poker reached new heights in popularity. Between ESPN, the 1998 movie “Rounders,” and Chris Moneymaker’s out-of-nowhere win at the 2003 World Series of Poker, the lure of turning professional and earning millions brought many to Las Vegas.
- Poker, however, is a game where players can go long periods without a win or reaching a spot that earns cash.
- When a player does finally win, it can be thousands or even millions of dollars.
- Many players will agree that one must consistently enter games in order to be successful.
- The financial risk, can be a heavy burden, especially if someone is beginning a career.
To offset this financial risk, players turn to staking. A person, or backer, will put up the money for a player to enter a tournament. If the player wins, the backer receives a portion of the winning. If the player loses, the backer loses. It’s a method of playing that for years took place outside of casinos between players and people in the know.
Recently, entrepreneurial poker players have developed websites that can bring the idea of poker staking to the masses. It’s a new way for fans to interact with poker professionals, much like daily fantasy sports. Poker staking, isn’t always easy or guaranteed to earn anyone money. There’s still heavy risk involved both financially and legally.
When the World Series of Poker airs each year and a winner takes home stacks of cash, keep in mind not all of that money will be going to that player. : Poker players don’t take home the stacks of cash you see on TV — here’s who does
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Do TV poker players use their own money?
That economy is based on players not only betting with their own money but also getting ‘staked,’ or financially backed by former and current players. Many players also agree to invest in each other and swap a small part of their earnings.
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Do professional poker players have a gambling problem?
Poker players at higher risk of other types of gambling addictions
Almost 40% of poker players have moderate to severe gambling problems and are at high risk of developing gambling-related physical and mental health problems, research has found.The study, conducted by the Australian Research Centre, provides one of the first detailed understandings of the gambling habits of poker players across all forms of gaming. It finds that people who regularly sit down for a game of poker are at high risk of gambling-related harm, largely due to their participation in other forms of gaming.
The study found about half of all poker players had one or more gambling-related problems. Poker players were the most likely to have moderate to severe gambling-related problems (39% of all regular players). About one quarter developed physical or mental health problems due to gambling.
The lead researcher, Andrew Armstrong, said much of their money went into other types of gambling, other than poker. Regular players spent about $1,758 on poker over the year. They spent much more on other forms of gambling, about $3,673 each year. Poker players with gambling problems spent about $5,434 a year on gambling overall.
“What we do get a sense of, is that those players with problems, they tend to be spending more on other products than they are on poker,” Armstrong said. “So poker is still a high spend for them, but when you look at their overall expenditure, it’s higher in total across other products than it is on poker.” Armstrong said the research was valuable in identifying poker players as a cohort that is at high risk of problem gambling generally.
- You’re quite likely going to be providing gambling safety information to someone with problems if you’re handing it to poker players,” Armstrong said.
- Poker is a form of gambling which players go into with a sense of control over their risk, more than other activities in particular.
- You can estimate your level of skill against your opponent, by virtue of an immediate win or loss, the way the money is moving, the way the table is shifting.
“So these people are high-risk gamblers, but they’re not losing their money predominantly on poker.” The research gives broad demographic information about typical poker players. They are less likely to have a university education than the average population.
- Most are men, employed full-time, and are under the age of 50.
- The Australian Gambling Research Centre, part of the Australian Institute of Family Studies, based its analysis on data collected from the annual household income and labour dynamics in Australia survey (known as Hilda), led by Melbourne University.
: Poker players at higher risk of other types of gambling addictions
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