Originally Posted by cigarman
The Joesphites can easily cash forgein checks. They have a seminary in Nigeria. They have many overseas accounts.
IF we can legally give prizes. CO would be happy to donate a big pot o miles to give out! So If anyone can claryify...
YES, you can legally give prizes (even money). The only rule about gambling/poker in TX is that the "house" or person/entity hosting the poker game/tournament does not profit or benefit financially (other than a Charity). I played in a charity poker tournament for ALS foundation (aka lou gherig's disease) in houston a year ago. It was publicly held at the convention center in the medical center. All prizes were donated by sponsors, with the grand prize being an entry to the world series of poker (or $10k). What's funny was that it was a re-buy tournament with the original entry fee being $250, and the FULL amount of the buy-in and all subsequent rebuys were tax-deductible (as per the Foundations' receipts). This was one of the best deals in terms of tournaments considering there were only about 200 entrants with a grand prize payout of $10k, and you get the tax write-off to boot! There was free booze and barbecue from the sponsors as well.
Sorry to digress, but thought I would give you a real life example. Any attorneys familiar with this? I highly doubt the law will bat an eye considering there are many successful "underground" poker rooms/clubs professionally run in/around houston.