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Sponsorship Contract Seems Odd

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  • Sponsorship Contract Seems Odd

    In a 2 page contract (obviously not written by an attorney) outlining an agreement to pay buy-in costs plus house fee for on-line and in person poker turney's. The wording of the contract says that the entry fees and buy-ins are "gifts". Then if you are successful in the turney's you are then required to pay the sponsor 10% of the winnings by eft.

    Due to this being on-line-gambling, it was $99 to join(for lack of a better word), the use of the word gift, and the IRS looking at returns so closely that claim hobby losses, I got conserned.

    The company offering sponsorship is located in NV.

    What steps do I need to take to make sure this is set up properly to satisfy the IRS?

    What steps do I need to take to get my money back if this is illegal?

  • #2
    Re: Sponsorship Contract Seems Odd

    Are they properly licensed etc.--this sounds a bit like a scam, or some kind of home-made event at least. Guaranteeing a payment would seem difficult unless credible people or state authorities are involved.

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    • #3
      Re: Sponsorship Contract Seems Odd

      They are only saying they will pay for the buy-in + house fee and if you win you pay them 10% by eft.

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      • #4
        Re: Sponsorship Contract Seems Odd

        It will be hard to enforce if they are not a known and reputable group.

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