Tuesday, July 17, 2007

'Millionaire' parties can aid nonprofits

Due to the popularity of online gambling and increased television coverage, poker's popularity has skyrocketed.

And nonprofits betting on the trend may find it pays off in terms of fundraising.

Nonprofit organizations can tap into the casino gambling market as a fundraising source by conducting Texas Hold'em poker tournaments via a millionaire party license.

A "millionaire party" is an event where casino games, such as blackjack, roulette and poker, are used to raise money. In addition, a millionaire party license allows for cash or merchandise prizes, the sale of charity game tickets and raffles in conjunction with the event.

A nonprofit organization is limited to four millionaire party licenses per calendar year and the maximum amount of money the organization may receive in exchange for imitation money or chips is $15,000 per day. Hosting events such as Texas Hold'em poker tournaments can raise a significant amount of money due to the entertainment appeal.

It is important to note that only members of the nonprofit may handle chips, cash and game records. But dealers do not have to be members.

In addition, even though millionaire parties have stringent reporting requirements, they are relatively easy to run. Instructions are available online.

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