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#1
03-01-2006, 03:29 AM
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Backing a Player
I'm considering backing a player for all the world series of poker NL holdem events except the rebuys and main event. Thats approximately 30k in 13 events. He's one of the top online cashgame players and can play tournaments very well as well. Also, he is joining the tournament circuit and we agreed that if I take a loss in the deal he will pay me 25% of the loss on a 250k score, 50% on a 500k score, and 100% on a million dollar score. He wants a 45-55 split in his favor, since we're adding the fact thatI can get my money back if he wins later. What do you think of this deal?
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#2
03-01-2006, 03:34 AM
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Re: Backing a Player
WHAAAA??????
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#3
03-01-2006, 03:43 AM
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Re: Backing a Player
I interpreted it like this:
Nexeffect loans TourneyPlayer $30,000. If TourneyPlayer cashes for $100,000 total at the WSOP, Nexeffect gets his $30,000 back plus $31,500 (45% of $70,000). TourneyPlayer keeps $38,500. If TourneyPlayer cashes for $15,000 total, Nexeffect gets his $15,000 back, BUT with this condition: Nexeffect gets another $3,750 (25% of his $15,000 loss) if TourneyPlayer later cashes in an event for $250,000 or more, separate from the backing deal. Nex gets $7,500 if TourneyPlayer wins $500,000 or more, and $15,000 if TourneyPlayer wins $1 million or more. As for whether this deal is +EV for you, if the player is as good as you say, then it comes down to whether there is any time limitation on when he is free to keep all his winnings if you show a loss on the backing deal. If his obligation to repay you upon winning big never goes away, you're practically freerolling here.
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#4
03-01-2006, 03:55 AM
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Re: Backing a Player
Its exactly as TT says and the obligation to repay me upon winning big doesnt go away until we're back to even. Problem is I've had bad experiences backing, have lost 80k being an idiot. This seems like a genuine deal and he will even sign a contract if I want him too.
However I've discussed this with a close friend (who is against backing in general) and he says that the man is a very smart, very good dealmaker, so why would he take a deal thats -EV? Sure, you can argue he's sacrificing EV for less variance, but he has a 750k+ roll. Thats why I'm twisting up about whether I should go through with it.
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