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Legal Concerns with Private Money League

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Legal Concerns with Private Money League

Postby TailbackU » Sat Jan 14, 2006 12:08 pm

I have started a couple small fee entry money leagues and have neither received nor paid out any money yet. However, I want to make sure there are no legal ramifications. Are you guys aware of any problems or issues I may run into? It's looking like it may be something like 24 teams with an average of $40 per team. We're looking at somewhere in the neighborhood of $1000 paid out in prizes. Everything paid in will be paid out. Is there an IRS limit on this stuff, etc? I've posted the league on a lot of forums so I want to make sure I follow the law. If anyone out there can help me with some info I'd greatly appreciate it.

Thanks!
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Postby stevethumb » Sat Jan 14, 2006 12:24 pm

state laws vary but in general as long as you are not keeping any $ for "the house" then it is no different than your saturday night kitchen table poker game
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Postby TailbackU » Sat Jan 14, 2006 3:18 pm

Thanks Steve...any other ideas? Want to make sure here.
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