USAC Banner 728x90



No announcement yet.

Sponsorship Contract Seems Odd

  • Filter
  • Time
  • Show
Clear All
new posts

  • 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.


    • #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.


      • #4
        Re: Sponsorship Contract Seems Odd

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


        Previously entered content was automatically saved. Restore or Discard.
        Smile :) Stick Out Tongue :p Wink ;) Mad :mad: Big Grin :D Frown :( Embarrassment :o Confused :confused: Roll Eyes (Sarcastic) :rolleyes: Cool :cool: EEK! :eek:

        the color of a banana is... (write the answer twice with an "@" between the words)

        widgetinstance 213 (Related Topics) skipped due to lack of content & hide_module_if_empty option.