Proxies and Tips?

[Hotpizza]

A buddy of mine was a winner earlier in the season as a quarter winner in the Circa Millions and won just shy of $50K. He advised that they will be taking the taxes out of his winnings which is about $11,850 so he'll net around $37,500. He hasn't gone and collected his winnings as of yet due to work obligations and likely will get out there in December.

He asked me if he was obligated to tip the proxy and if so how much. He paid $1,000 to the proxy before the season started to enter in his picks.

I am asking those that have won what they did or how it should be handled. The money is important to him and he's far from being well off and I think that's where a lot of this might stem from, but that's just an observation I may be seeing wrong.

 

[MAGAking1]

Isnt a thousand pretty high to being with, sounds like proxy got tipped in advance.

 

[Dr.Love]

He paid $1,000 to the proxy before the season started to enter in his picks.

$1k proxy fee? Geez. How much was the entry fee to the contest?

 

[Dr.Love]

I'm seeing it was a $1k entry fee for the contest. To double that and pay a proxy $1k as well is absolutely insane.

Let's call that some bad money management.

 

[powerz]

He should tip between 2.5% and 5% - But the proxy fee was high so I would probably do 2.5%

 

[Hotpizza]

Contest cost $1,000 to enter but the $1,000 to the proxy for was for 10 total entries into this contest and others. So in essence he paid $100 per contest entry.

 

[MAGAking1]

 

[Hotpizza]

2.5% to 5% is that the standard?

 

[brendanjack]

Yeah 1000 for proxy fee is really high . I won 76k in 2016 after taxes we cleared low 50s tipped my proxy 4K . To me it was found money and karma is huge what goes around comes around

 

[brendanjack]

I came up with my number based on local barbershop contests 10% to the house is pretty standard. I get it your paying them for a service so why tip . Everyone does it differently. What makes you happy

 

[Hotpizza]

For future reference for him and to help him alleviate this tip situation.

For 10 entries into multiple contests, what is the standard? If $1,000 is to high, what should it be.

As for the tip portion, it's 2.5 5 and 10% which have been mentioned. Would 5% be fair?

Such a tough spot for him to be in, to figure what to tip off contest winnings. Uncle Sam gets theirs with no negotiations.

 

[REDEYE]

I will tip Sharkey and team when I win

 

[GimmeDattt]

Contest cost $1,000 to enter but the $1,000 to the proxy for was for 10 total entries into this contest and others. So in essence he paid $100 per contest entry.

This is highway robbery IMO
He paid the proxy $100 a week to enter his 5 picks for 10 weeks for a total of $1000
a normal proxy, most all proxies charge $300 in total for a whole season contest, then if you want to tip, which you should tip something, that's it.

I'm not sounding cheap, but if I paid $1000 fee to the proxy, that's $700 more than a normal fee, so to me, that's a nice bonus to him.

 

[Hotpizza]

I thought I made it clear earlier maybe not,

He paid $1,000 total and had a total of 10 different contest entries, not all of them were for William Hill. He has Circa and Westgate entries as well.

So it was basically $100 per contest entry.

 

[REDEYE]

I thought I made it clear earlier maybe not,

He paid $1,000 total and had a total of 10 different contest entries, not all of them were for William Hill. He has Circa and Westgate entries as well.

So it was basically $100 per contest entry.

that's pretty standard.. no issue as far as I see here

 

[CaptainLee]

I've won money in a few Vegas contests. The tip should be based on the net. That includes all fees and costs.

A dime tip would be fair, because the 1k total proxy fees were very reasonable for ten entries spread around three casino contests.

 

[HotshotGambler]

I didn't think you paid taxes on Vegas Contests winnings, under a certain amount.

I'm very confused on the Tax situation, do they take the taxes out before they cut the check or do they let you handle the taxes.

Please someone with info let me know, if they take taxes out do the Contests even offer +EV ?

I would ask for $$$ and or Casino Chips and cash them out slow and steady to avoid paying taxes on such a small amount won.

I have other concerns also, they tax you what if you have loss $50,000 playing slots or the amount you put into the contests ain't those loses you can write off of the winnings.

Sorry never understood the rules, no one really explains them when you sign up.

Also what Pizza was saying, is he put in $1000 proxy fee for the proxy to submit picks for all 10 entries for the entire contests he signed up for.

cheap compared to some.

 

[REDEYE]

I didn't think you paid taxes on Vegas Contests winnings, under a certain amount.

I'm very confused on the Tax situation, do they take the taxes out before they cut the check or do they let you handle the taxes.

Please someone with info let me know, if they take taxes out do the Contests even offer +EV ?

I would ask for $$$ and or Casino Chips and cash them out slow and steady to avoid paying taxes on such a small amount won.

Don't be jinxing your contests entries my man by worrying about tax consequences...lol.. just sayin... finish your run first bro.. I've ran my mouth in the past.big mistake..

 

[HotshotGambler]

lol REDEYE

not me cashing, I have a friend that may cash and he has tax ??? all the time

I have said the same thing to him, that you just told me.

Win then worry about getting out of the taxes.

 

[$tinky]

Sounds like his proxy built the tip into the front end of their deal. I'd tip them and shop for a new proxy next year.