Anthony Martino
Royal Flush
A poker buddy of mine I kinda took under my wing and helped him understand my approach to PLO that's made me successful. But he's too much of a gambler and just lacks the patience to get out of a game while the getting's good.
He has other revenue streams (business, landlord, etc) so he isn't hurting, but he does lose when he plays most of the time and he's reached the point where he wants to stop playing as much. Instead, he wants to stake me into some of the private, higher-stakes games he had been playing (where you'll see winners and losers of 5-20K or sometimes more, had one private game with 125K on the table)
This is all PLO, of course. He's working on putting the money together but when we discussed it briefly he mentioned maybe I buyin for $2500 and he puts up the other $2500 in a game, etc.
I've never done any cash game stakes before, but my understanding if I was being staked 100% would be:
1. The backer receives 50% of the profit, I keep 50%
2. If I'm losing/down then I'm in makeup (i.e. this week I'm down 5K so next week if I win 10K profit I don't just get to split it with him 50/50 because I owe him the 5K in stakeback, so he'd get the 5K back and then we'd split the remaining 5K at a 50/50 ratio)
3. The backer and I would need to agree EXACTLY what game(s) this arrangement was for (most likely just the private games)
4. A set time period where we'd re-evaluate the stake (could be based on set # of sessions, days/weeks/months, wins or losses, etc)
5. A specific frequency where I would pay the backer his share of any winnings or obtain additional funds to play if I need to reload
6. How often I would communicate updates to the backer on my results
7. What my backing limit/budget would be (per session, week, month, whatever)
8. If the backer wishes me to utilize any specific stop-loss or stop-win amount for some of the games (as many of the guys in these games have mucho mulah and will just keep throwing it at you until they get you, and if a game is uncapped or allows them to buy up to the big stack, I could turn 5K into 18K and still have it potentially all at risk)
9. What occurs if the backer or I decide to end the arrangement while I'm in makeup
So I'm going under the assumption here that he might just be going halfs with me in some of these games, rather than covering me 100%. However, he is my key to these juicier private games, which has value. So if he's just covering half my buyin would he only get 25% of the profits then (but of course still be considered for makeup?)
Could really use some input. Might be a really great opportunity for me to hit some bigger wins than possible in the local rooms and stakes.
He has other revenue streams (business, landlord, etc) so he isn't hurting, but he does lose when he plays most of the time and he's reached the point where he wants to stop playing as much. Instead, he wants to stake me into some of the private, higher-stakes games he had been playing (where you'll see winners and losers of 5-20K or sometimes more, had one private game with 125K on the table)
This is all PLO, of course. He's working on putting the money together but when we discussed it briefly he mentioned maybe I buyin for $2500 and he puts up the other $2500 in a game, etc.
I've never done any cash game stakes before, but my understanding if I was being staked 100% would be:
1. The backer receives 50% of the profit, I keep 50%
2. If I'm losing/down then I'm in makeup (i.e. this week I'm down 5K so next week if I win 10K profit I don't just get to split it with him 50/50 because I owe him the 5K in stakeback, so he'd get the 5K back and then we'd split the remaining 5K at a 50/50 ratio)
3. The backer and I would need to agree EXACTLY what game(s) this arrangement was for (most likely just the private games)
4. A set time period where we'd re-evaluate the stake (could be based on set # of sessions, days/weeks/months, wins or losses, etc)
5. A specific frequency where I would pay the backer his share of any winnings or obtain additional funds to play if I need to reload
6. How often I would communicate updates to the backer on my results
7. What my backing limit/budget would be (per session, week, month, whatever)
8. If the backer wishes me to utilize any specific stop-loss or stop-win amount for some of the games (as many of the guys in these games have mucho mulah and will just keep throwing it at you until they get you, and if a game is uncapped or allows them to buy up to the big stack, I could turn 5K into 18K and still have it potentially all at risk)
9. What occurs if the backer or I decide to end the arrangement while I'm in makeup
So I'm going under the assumption here that he might just be going halfs with me in some of these games, rather than covering me 100%. However, he is my key to these juicier private games, which has value. So if he's just covering half my buyin would he only get 25% of the profits then (but of course still be considered for makeup?)
Could really use some input. Might be a really great opportunity for me to hit some bigger wins than possible in the local rooms and stakes.