BAP Interest Thread - 25/50 PLO Livestream Best Bet Jacksonville

Anthony Martino

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UPDATE OCT 7

I have decided that the arrangement I'm willing to do with staking for this 25/50 game is:

1. I put up 5K of my own money towards bankroll
2. I sell additional action at an 80/20 split (i.e. if your profit share is $1,000 you get your backing money back plus $800 in profit)
3. no tax forms will be issued, all parties are responsible for reporting and paying any income/taxes they are responsible for
4. I pay for all my own expenses (travel, hotel, food, asian triplets)
5. If I have a losing session, the loss is shared evenly (i.e. we have a 20K bankroll and I put up 5K of it. We cash out with only 10K left. I get $2500 back and the backers get their share of $7,500 back)
6. At this time I am planning to shoot for their November livestream (expected near the 3rd week of November) so I can ensure I get in early enough to be on the livestream and so I have an opportunity to view the livestream held on Oct 23rd to see what to expect

ORIGINAL THREAD:


Just came across this today, Best Bet in Jacksonville FL has livestream poker, including some PLO. I watched a bit of a 5/5 PLO game and saw plenty of atrocious play (I have Q955, I will raise, HURR-DURR!)

I checked their schedule and saw they also have a 25/50 PLO game that is livestreamed. I'm going to do some more investigating, see if there are any prior livestreams of that limit and how the action is. Reach out to their contact for the livestreams and see what the buyins are, etc.

For those who've followed along on my journey, quit my job in Sep 2019 to play PLO for a living and still going strong. Primarily play 1/2/5 and 2/5/10 as those are the games readily available and within my bankroll. I dabble in 5/10/25 when it runs, but it's rare. And recently started playing a private 5/5/25 game but don't have a ton of time in it yet.

Anyway, 25/50 is obviously outside my bankroll comfort level, so would need to sell some action if I do play it. Most likely the smallest piece of action I would sell would be $500, and obviously would keep some of my action as well, not selling 100% of it. At the moment I'm just gauging interest, so if you'd want to buy some of my action for a livestreamed 25/50 PLO game please post here.

My graph by session since I started

Screenshot_20201003-114715_Poker Income.jpg


INTERESTED

1. k9dr
2. JustDave
3. MH (facebook)
4. Moose/FDLmold/Burke group buy?
5. TB (facebook)
6. TF (facebook)
7. Poker Zombie
8. CraigT78
9. Skylines
10. cpac54
11. Shorticus
12. Nezara
13. Lucks7Shadow
14. BarrieJ
15. Pltrygst
 
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k9dr

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I would need to discuss the details first, but I would be interested in buying some action.
 

Anthony Martino

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updated OP, thanks guys! Got an email into the contact for the livestream games, hoping to hear back early next week so I can get more details

They have one scheduled for 7pm Oct 23rd I believe
 

Payback

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@Anthony Martino I abbreviated the first and last names of people from Facebook. Probably not wise to post full names publicly, especially as they might not know you have and its dealing with staking/gambling. Some people don't want that known publicly.
 

Anthony Martino

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@Anthony Martino I abbreviated the first and last names of people from Facebook. Probably not wise to post full names publicly, especially as they might not know you have and its dealing with staking/gambling. Some people don't want that known publicly.

I can't seem to edit my post now that you did?
 

Anthony Martino

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I was on my phone earlier and the edit feature didn't appear, but seems to be there on my PC so was able to update the OP with @cpac54 and @shorticus

For everyone who is interested, here is what I'm thinking for the profit split, but would appreciate feedback.

My understanding with a traditional cash game staking arrangement is that the backer provides 100% of the money to the player and gets 50% of the profits, but the player is also responsible for "makeup" (i.e. if the player loses $1,000 this week and next week he wins $2,000, he pays back the 1K makeup and then the remaining 1K in profit is split 50/50)

There isn't a ton of information out there regarding staking cash games for just one session, but from what I could find it appears a deal could be 70/30 in favor of the backer, but without any makeup owed should the player lose.

Here are the links I found in regards to cash game staking for a single session:

https://forumserver.twoplustwo.com/24/home-poker/single-time-cash-game-staking-1553313/

https://forumserver.twoplustwo.com/...ke-advice-how-much-your-profit-split-1459958/

Knowing the variance of PLO is high has little to do with op's question (it does but understand my context). Op could be under rolled and yet a good player for this game. There's nothing inherently wrong with not having the bankroll for your game, or more specifically, wanting to reduce your personal variance.

God knows PLO can be streaky. Hell, I've seen a 21 outs favorite run the turn and river 4 times and lose them all. Where the worst winning hand was a pair of 8's. And this was at $25-$50 plo.

imho, a plo staking deal for a session with no makeup, would require at least 4 full buy ins, and 30% max for the player. But for a regular game that you can play often and are a favorite, I would say 50-50 with makeup or maybe 55-45 (player 55).

However, with any staking agreement, especially with close friends, there needs to be an agreement on quitting the deal ahead of time.


That mentions "30% max for the player" so I'm thinking instead of trying 70/30 I would go 80/20 in favor of the backers for this to give you all a bigger profit share.

So as a for instance, if I plan to roll into the 25/50 PLO game with a session roll of 20K, and 15K of that is going to be action I sell and 5K is money I'm putting up, it would look like this:


WINNING SESSION

Starting Session Roll: $20,000
Ending Session Roll: $30,000
Session Profit: $10,000

Profit Split:

25% of the buyin was my own funds so I get $2,500 of the profit

That leaves $7,500 to be divvied up. Of that I get 20% or $1,500.

This means there's $6,000 in profit to be split up between backers, plus they get their original backing money back as well.

Someone who put up $1,000 into the session roll would thus receive:

$1,000 back plus their share of the profit ($400)



LOSING SESSION

Starting Session Roll: $20,000
Ending Session Roll: $10,000
Session Loss: $10,000

Bankroll Split:

We all lose half the money we put up, so my 5K becomes $2,500 and someone who put up 1K gets back $500.



I would be responsible for paying for hotel, gas and food expenses on my own, although during gameplay tips and any time rake expenses would be made out of the bankroll in play.

My initial plan when starting out would likely to be to buyin short so I have time to feel out the other players and the flow of the game. I may be able to run the short buyin up and do well, or I may decide to add-on to a full stack if the game conditions and the bankroll I have with me is appropriate.

Each individual would be responsible for reporting and paying their own taxes on any profit, no tax forms would be issued. Backers would be paid any funds due within one week of the completion of the session. It would be livestreamed so there'd be verification of my results available for confirmation.

I'm open to discussion if anyone thinks this arrangement needs any tweaks, and of course hoping to hear from BestBet this week so I can get additional details on the buyins, straddles, etc. It looks like the 25/50 PLO game is scheduled Friday Oct 23rd at 7pm so in about 3 weeks time.
 

Anthony Martino

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On initial look, I'm ok with it. However, I'm my 3rd martini into the night and should not make financial decisions right now. Unless I have 4-5 suited, then I'm jamming after 3 drinks, because you cant defeat alcohol.

Really, that's a thing. Ask @CraigT78

Lol, this is all still preliminary. My assumption is that this game will be 2K-10K buyins but I really don't know, I'm just going off my local stakes where you can buyin for up to 2K in the 2/5/10 game.

I friend-requested and messaged the contact at BestBet on Facebook as well to see if I can get a quicker answer than the email I already sent, so I know what to expect with straddles and min/max buyins.

I'm assuming the bare minimum I'll want to roll into this game with would be 10K, but ideally it'll be 20K with enough backers, and I'd take more if there's enough interest. IF people are buying in for 10K stacks there could be some serious coinage to win in this game. Will update once I know more.
 

JustDave

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Are you trying to get staked for 15k? If the 11 folks interested are in for 500$ each you are still 9500 short. Looking for a lot more backers, a lower stake, or folks to stake beyond the minimum.
 

Anthony Martino

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Are you trying to get staked for 15k? If the 11 folks interested are in for 500$ each you are still 9500 short. Looking for a lot more backers, a lower stake, or folks to stake beyond the minimum.

It's going to depend on the details of the game, what the min and max buyins are, straddle rules, etc. I think the minimum I would want to roll into the game with would be 10K, and that's assuming a min buyin of 2K is permitted, I just don't have the details yet. Given my experience in 2/5/10 I think having 20k for the session would be decent assuming a 10K max buyin, should I decide the game conditions warrant I buyin for the max (but again, would buyin for the min on the first buyin as I learn the flow of the game and players before I sit deeper)
 

Anthony Martino

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Heard back from the Poker Room Manager Saige at BestBet

Min Buyin: $2,500
Max Buyin: No Max!

Straddles: Button straddle permitted

He said there are currently 12 players on the list for the game, and they are 8-handed so I may not get on the livestream. He mentioned there are regular 5/5 ($300-no max) and 10/25 ($1,000 - no max) games they run as well that I could play if I wasn't on the livestream.

He also mentioned this is the first time they've done a 25/50 livestream for PLO. So I think it's probably best for this time around to sit it out, watch the livestream to see if the game is action and what to expect, and try to get in for November if they schedule it again.

Given it's uncapped, if deep-pocketed players are showing up with more money than god, I'll likely have to Rolf Slotboom it and short-buy to take advantage of their over-aggressiveness.

Pretty crazy they do $300-no max on the 5/5 game. Like, a dude could sit with 300 grand and just run the table over?
 
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