Going 10% of each other question.

[CigarMike]

I play in a few live tourneys in my area, one is at Lucky Chances Casino in Daly City. I have a couple friends, that I go 10% with in the bigger tourneys, by bigger I mean, to me anyway, a 1st place prize that pays $10k or more.

So lets say, on a particular day, we agree to go 10% as always, I bust out early, leave to go home, wake up the next morning, and go online looking for the results, to my surprize, my friend took 1st place for $40k. I was a little surprized why he didnt call me with the good news the previous night.
I call him, he tells me that he forgot to inform me that he was playing a ticket that someone else won on a satelite, and they had agreed to split the winnings with my friend playing the ticket. It also turns out that he chopped it up 3 ways with his share being $25k. He goes on to tell me, that since its only half his money now, that I will only be recieving about $1100, after tips etc.

Now in the past, The tip was always on the player, i.e., when I won $40k in another tourney, he recieved the full $4k share, and another time, he won $28k and I pocketed $2800. Thinking about this now, I'm not seeing the point of my share now only getting less than 5%, plus now tips are taken out? when we had agreed on 10%. Had I cashed, he would of recieved 10% from me, My thinking is he needs to go to the player he had 50% with and explain to him that I made adeal with someone else, and give that person less.

Am I out of line to insist that he stick with our deal, or just take the money and be happy, I'd hate to lose a friend out of the deal, but Im feeling this just does not seem right either. Any Thoughts here?.

[futuredoc85]

he should have told you before the tourney, he owes you $2900, but how important that is to you vs how hard he will fight it and how that will affect the friendship you have to figure out yourself.

[Seb86]

you got scammed. you should have exactly 4K (minus eventually the tip, that shouldnt make a big difference anyway).

Lets assume you and your friend have a 100% ROI (just to illustrate how bad is that deal for you) and the buy in was 1K. In term of EV you gave him 200$ (10% of 2k) and he gave you 100$ (10% of 2K / 2).

[scott1]

[ QUOTE ]
I'd hate to lose a friend out of the deal, but Im feeling this just does not seem right either. Any Thoughts here?.

[/ QUOTE ]

On the flip side, do you want a friend that you'll always feel screwed you out of cash?

You need to find out a number you both feel is fair. Somewhere between $1250 (10% of his take before tips) and $2500.

[Poseidon65]

So your friend sold more of himself than he thought he was selling. That's his problem, not your problem. Now he wants you to take the hit. He owes you the full $2900 on top of what he's offering.

Also, ask yourself this: you paid 10% of his buyin, but you didn't have 10% of his action. Regardless of the tournament's outcome, you are entitled a refund for the portion of his buyin on which you got no action. If he'd busted out and won nothing, do you think he would have given you this refund?

[bav]

If the agreement is "we share 10% of our profit with each other" he did just fine. That's what he's doing. And that's the only agreement I would ever go with--if I win $400 in a $340 tourney for going out on the bubble at the same time as another player, I ain't giving you $40 and keeping $20 for myself; you're getting $6. And if someone else pays my way in to the tourney, the agreement with that guy holds, and again, you'll get 10% of my profit. And if I have a 10% agreement with 3 other players, I'm obviously not giving 4 people $40 each and losing money on this.

So I see nothing wrong with this, other than it sounds like you haven't been doing 10% of profit in the past...sounds more like you've been doing 10% of the gross take.

[Poseidon65]

[ QUOTE ]
If the agreement is "we share 10% of our profit with each other" he did just fine. That's what he's doing. And that's the only agreement I would ever go with--if I win $400 in a $340 tourney for going out on the bubble at the same time as another player, I ain't giving you $40 and keeping $20 for myself; you're getting $6. And if someone else pays my way in to the tourney, the agreement with that guy holds, and again, you'll get 10% of my profit. And if I have a 10% agreement with 3 other players, I'm obviously not giving 4 people $40 each and losing money on this.

So I see nothing wrong with this, other than it sounds like you haven't been doing 10% of profit in the past...sounds more like you've been doing 10% of the gross take.

[/ QUOTE ]

What if he'd sold all of himself? Then I guess you'd get $0 regardless of where he finished?

[bav]

[ QUOTE ]
[ QUOTE ]
If the agreement is "we share 10% of our profit with each other" he did just fine. That's what he's doing. And that's the only agreement I would ever go with--if I win $400 in a $340 tourney for going out on the bubble at the same time as another player, I ain't giving you $40 and keeping $20 for myself; you're getting $6. And if someone else pays my way in to the tourney, the agreement with that guy holds, and again, you'll get 10% of my profit. And if I have a 10% agreement with 3 other players, I'm obviously not giving 4 people $40 each and losing money on this.

So I see nothing wrong with this, other than it sounds like you haven't been doing 10% of profit in the past...sounds more like you've been doing 10% of the gross take.

[/ QUOTE ]

What if he'd sold all of himself? Then I guess you'd get $0 regardless of where he finished?

[/ QUOTE ]
Yes.

Say I'm sitting with $200 wasting time playing 4/8 at Bellagio when someone says "you're so good, I'll buy you into the $1000 tourney for 50% of whatever you money". If I have a 10% arrangement with 5 other people, would y'all prefer I refused saying "sorry, I owe 50% to others so I'll make 0 by doing that" or would y'all prefer I say "great, thanks" and then share 10% of my profit with the 5 of you?

[Poseidon65]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
If the agreement is "we share 10% of our profit with each other" he did just fine. That's what he's doing. And that's the only agreement I would ever go with--if I win $400 in a $340 tourney for going out on the bubble at the same time as another player, I ain't giving you $40 and keeping $20 for myself; you're getting $6. And if someone else pays my way in to the tourney, the agreement with that guy holds, and again, you'll get 10% of my profit. And if I have a 10% agreement with 3 other players, I'm obviously not giving 4 people $40 each and losing money on this.

So I see nothing wrong with this, other than it sounds like you haven't been doing 10% of profit in the past...sounds more like you've been doing 10% of the gross take.

[/ QUOTE ]

What if he'd sold all of himself? Then I guess you'd get $0 regardless of where he finished?

[/ QUOTE ]
Yes.

Say I'm sitting with $200 wasting time playing 4/8 at Bellagio when someone says "you're so good, I'll buy you into the $1000 tourney for 50% of whatever you money". If I have a 10% arrangement with 5 other people, would y'all prefer I refused saying "sorry, I owe 50% to others so I'll make 0 by doing that" or would y'all prefer I say "great, thanks" and then share 10% of my profit with the 5 of you?

[/ QUOTE ]

This would be fine, and each of the 5 stakers would put up 5% of the buyin in advance, not 10%.

In this case, OP sold 10% of himself for 3% of his friend, and I doubt that was the spirit of the arrangement.

[psandman]

Bav, I think you aren't seeing the ituation.

The OP's deal isn't we will split 10% on all our tournament wins. It was today we are playing a tournament lets swap ot 10% of this tournament. Now the player says oops I forgot i already gave away 50% of me so in fact you were putting up 10% of your win in this tournament against 4%of my win in this tournament.