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vreaa
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Anecdote: Winnings From Poker Buys RE

Sun Mar 02, 2008 11:23 am

The friday Vancouver Sun (Feb 29 2008) had a front page article 'Poker Nation' that featured 24yr old Kyle Wilson of White Rock, who bought a $1.5 Million home with his (tax-free) poker winnings.

Excerpted and archived at VREAA.
 
Super K
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Mon Mar 03, 2008 8:35 am

Um, Moderator, isn't this linkjacking? If VREEA has real estate news, it should be posted to this site. We shouldn't be redirected to their site to view original content.
 
vreaa
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Mon Mar 03, 2008 8:53 am

Okay, Super K, here's the whole piece:

Winnings From Poker Buys RE
2 March 2008

Friday February 29 2008 Vancouver Sun - This ‘Poker Nation’ front-page article (not yet citable on the web) featured Kyle Wilson, a 24 year-old BC poker player from White Rock.

Excerpts from page A13-

“These days… he puts in three to four hours a day, usually starting at 11am.”

“Gambling winnings - Wilson prefers not to call it income - are not taxable in Canada.” — “Canadian law has traditionally held that gains from gambling are incidental to the ‘entertainment’ of gambling even when earnings from gambling form the majority of one’s income..”


[It’s unclear from the article what exactly Wilson’s annual income amounts to, but we read that his online account balance at PartyPoker is $270,000 (after tax, one presumes), and that he’s won $20K to $55K in 6 different US tournaments.]

“In the open family room of Wilson’s house, Kristel gets the kids Kyle, 7, Destiny, 4, Raine, 1, and newborn Sadie dressed and fed. If she minds her husband playing cards for a living, it doesn’t show. “It leaves him a lot of time for the kids and for leisure,” she said. That, and their new White Rock home was assessed at $1.5 million”

//end
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Note to moderator: Please let me know if spirit of this thread was unacceptable, and I'd cease and desist.
VREAA aims to be an archive of RE anecdotes which any Vancouver RE blog can add to and cite.
 
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WhoAmI
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Mon Mar 03, 2008 10:55 am

Looks like this guy has won about $120K over the last 2 years.

http://www.cardplayer.com/players/resul ... lson/38045
http://www.pokerpages.com/players/profi ... wilson.htm

That's an average of $60K a year gross. This doesn't factor in the losses he surely has incurred, but the fact that his winnings are tax-free may balance out.

A $1.5 million home with a $60K annual income seems like disaster waiting to happen.
 
vancityeast
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Mon Mar 03, 2008 11:37 am

no better income then tax free income!
 
Gringo
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Mon Mar 03, 2008 11:45 am

It's a perfect anecdote and metaphor for the kind of speculative excess that typifies the BC real estate market:

- high risk
- high stakes
- keep bluffing 'em
- winner takes all

And if you happen to lose...

- fold 'em and walk away

So who's running the casino?
 
blazespinnaker
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Mon Mar 03, 2008 1:21 pm

Who knows if any of this is true.

Seriously, folks. Are you really sucked in by this?
 
vreaa
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Mon Mar 03, 2008 1:40 pm

blazespinnaker - What do you mean? Please elaborate.

--------------

Note - WhoAmI links to pages that cite Kyle Wilson's live poker earnings, yet he appears to make most of his money as an online player (that's where he spends his 4hr work days).
 
blazespinnaker
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Mon Mar 03, 2008 1:51 pm

Welll, I don't really want to bump your sad ass attempt at getting free advertising for your blog, but hey, the moderators don't seem to care so who am I to argue? It's not my forum.

(Though in the future, make sure you don't force us to redirect to your blog)

Anyways, media never gets it right, except when they cite primary sources. In fact, trust nothing, unless it cites primary sources.
 
vreaa
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Mon Mar 03, 2008 2:52 pm

Well, the Vancouver Sun DID cite primary sources - this guy admitted to having $270 K in his online account at one poker site, and he refered to his other winnings (that was consistent with figures that are verifiable on the web). How much more primary do you want than that?
 
InvisibleSoul
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Tue Mar 04, 2008 12:42 pm

Looks like this guy has won about $120K over the last 2 years.

http://www.cardplayer.com/players/resul ... lson/38045
http://www.pokerpages.com/players/profi ... wilson.htm

That's an average of $60K a year gross. This doesn't factor in the losses he surely has incurred, but the fact that his winnings are tax-free may balance out.

A $1.5 million home with a $60K annual income seems like disaster waiting to happen.
I don't know anything about this guy, but I guarantee you he has won WAY more than $120K over the last two years. Those pages that you linked only list the big cashes in live tournaments that he has played in. Assuming he's a good player (and there's no reason to think he's not), he has likely won many times that playing online tournaments and cash games.

There are people who regularly pull in over six figures per month playing online poker, and I'm talking about people that you have never heard about on TV. Granted, I'm not sure exactly how many people fall into this category (probably a handful), but there are MANY that pull in five figures per month online, easy.
 
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Marco911
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Tue Mar 04, 2008 1:03 pm

^ I can believe that.

My friend's younger brother is 22, mortgage free with a nice home in Richmond, a few cars and money in the bank.

He plays poker online and at River Rock a few times per week. How much money he has I'm not sure but he's an unknown in the poker world and yet lives very well.
 
Greenhorn
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Tue Mar 04, 2008 1:30 pm

^ I can believe that.

My friend's younger brother is 22, mortgage free with a nice home in Richmond, a few cars and money in the bank.

He plays poker online and at River Rock a few times per week. How much money he has I'm not sure but he's an unknown in the poker world and yet lives very well.
A lot of drug dealers use poker as a way to launder money.
 
blazespinnaker
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Tue Mar 04, 2008 5:10 pm

Yes, I think a lot of laundering is going on.
 
Greenhorn
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Tue Mar 04, 2008 5:24 pm

Yes, I think a lot of laundering is going on.
Richard Scarpino who was gunned down at Gotham Steakhouse claimed to be a poker player. Well, we all know he was really a drug dealer.

http://www.cbc.ca/canada/british-columb ... otham.html

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