How Do Players Arrange the Chopping of Pots?

With a contest like Circa Survivor, you read about a possible chop or partial chop of the pot when it gets down to only a few players left. My question is, what are the logistics of how that is accomplished? I would think you'd need to get a lawyer like Bob Nersesian to draft an agreement for you, but the time it takes to draft the agreement, make edits/changes, have everyone approve it, and have everyone sign it, seems like it'd be difficult to get accomplished with only a few days between one NFL week and the next. And I certainly wouldn't trust a handshake deal with a bunch of internet strangers. So how is that done?

Good questions and yes, a number of legal and logistical issues are definitely involved in chopping pots.

What does chopping a pot entail? It happens when the last few players still standing in a tournament, such as the recent Circa Survivor football contest, or a poker, slot, or video poker tournament, get together and agree to a guaranteed split of the prize money.

Someone who's been involved in pot chopping is our very own Anthony Curtis, a tournament pro in his early days as an advantage player. Luckily, in a recent YouTube video, he reminisced about pot-chopping experiences in which he was involved, discussing the very issues you raise in your question.

Instead of transcribing his "answer" from the YouTube, we're putting it right here at your fingertips. Click the arrow, move the time ball to the 3:45 mark, and tune into Anthony's personal stories and his take on the Circa Survivor chop.

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AyeCarambaPoker Feb-05-2024

Chopping in poker

Some casinos won't facilitate chops and will only hand the prizes to the person who finishes in that designated position

One of the vloggers (Ben Deach if I recall correctly) posted a story whereby the remaining players agreed a chop but the casino paid the 1st place money to the designated winner with the intention that he would give some of that to the other players - as soon as he got the cash he walked out of the casino reneging on his verbally agreed chop

Thomas Dikens Feb-05-2024

Poker Chops

An explanation of the mechanics of a Poker Tournament chop would be interesting.  I have been involved in enough chops to understand how they work on some levels.  Usually, at the Aria, where they do alter the  official payouts to match the chop agreement.  But a lot of places refuse to do this. So, they know what they are sending as a report to the IRS is incorrect and should be modified by the players when they do their taxes.  Also, I think what they send to the Hendon Mob would be incorrect.  Why do some Casinos refuse to alter the official payouts?  If they did some tournaments would finish faster - which is good for the Casino.  I notice that the TV poker shows don't mention anything about chops - I guess it would reduce the drama if they did but the IRS and the Hendon Mob should be getting the real story.  Of course, then there is the whole matter of investors paying part or all of the entry fee and then getting a share of the winnings.  Add in ICM etc. and this gets complex.

Kevin Lewis Feb-05-2024

The tax monster

My question is, if you wind up winning and then honor your agreement by remitting a portion of the "pot" to other players, will the IRS believe you when you say you only won the nat amount, or will they tax you for the whole goddamn thing?

My experience says, the latter.

Question of the Day - 05 February 2024

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