LAS VEGAS–Michele, check out beapokerboss.com. I\’m not sure what to make of it yet — it\’s a site that helps bring together backers and backees, whether they be pros or amateurs. They\’ve been a quiet but noticeable presence here at the WSOP … and while in general I\’d tend to dismiss any company with a CEO named \”G Cash\” as little more than snake-oil poker, these guys seem like they might be legit.
I\’ve also learned about how other backing deals work in high-stakes tournament poker … it\’s not always so simple as \”buy me in and you get 50 percent.\”
In the $50,000 HORSE event, Tom didn\’t want to put up the whole $50k buy-in … too big a risk against such a tough field. So he sold pieces of himself for 90 cents on the dollar. By the time cards went in the air, he had put up $34k … meaning were he too have cashed, he would\’ve gotten 68 percent + 10 percent of 32 percent … or 71.2 percent of any prize money. In the main event going on right now, he has a standing swap of 3 percent with three of his Arizona Posse buds.
Chris Como, who qualified for the main event on Full Tilt with $24, decided he, too, wanted to hedge his bets and sell off some of his buy-in. Como, of course, is well known around Dallas as a great player. But in the scheme of things, as the 9,684th ranked player in the world, he\’s relatively unaccomplished, with just a $40k Bellagio win (there was a chop involved that doesn\’t get reported officially) on his resume. Anyhow, he sold 45 percent of himself for 80 cents on the dollar. Both he and I, frankly, were surprised at how quickly he got bought up. In retrospect, his market value might have commanded 60 cents on the dollar. But oh well … he\’s happy because he\’s already banked $4,500 for his satellite play so even if he busts out on the first hand the whole experience is a win. And if he does make some money, 64 percent of it is all Como gravy. That other 36 percent will get sprinkled around to his friends, who are betting anywhere from $150 to $1,500 directly on him.
Win-win-win, no?
(Except for Pokerati — we were going to solicit backers right here in this space in exchange for a slice of the Como pie, but available shares were already sold out within two days of conceiving the idea.)
OK, one more interesting backing story … involving Tom Schneider in the $2,500 7-Stud/Omaha Hi Lo … where he won his first bracelet. Adeeb Farb, a poker friend of his, handed Tom $250 and said he wanted a piece of Tom\’s action. \”I get 10 percent, right?\” he said (paraphrasing).
\”Uh, no,\” Tom answered. \”You\’ll get 5 percent and like it.\”
Adeeb balked, Tom shrugged … He handed back to Adeeb his $250, and then went on to win $214k.