Re: Backing, Loaning & Crapshooting

by , Jul 7, 2007 | 5:12 pm

LAS VEGAS–Michele, check out 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.

8 Comments to “Re: Backing, Loaning & Crapshooting”

  1. Fawcett

    So you have a blogger that was WSOP player of the year and you have not put up how he did day one yet…seriously?

  2. DanM

    Yeah, well you know … it’s the weekend. And really, what does Day 1 mean?

    Tom made survived with 26k — leaving him kinda short going into Day 2, but not problematically so. He’s on a plane right now back to Phoenix, because he’s getting sick of Vegas and the Rio and wants to rest up for when play really starts to matter.

    “You can’t win the main event on Day 1, but you certainly can lose it,” he says … which he did not do.

  3. rick

    Dan slow down and get your facts straight. The web site you mentioned is I know the web site because i signed up. G cash’s real name is Greg Cash. Actually his nickname is G Money. The web site is definetly legit. Over one hundred fifty top pro’s have signed up. It’s not that they need the money,it cost’s half a million a year to play all the major tournaments. Since the player’s can add and subtract, why not save that money and put it in the bank. The best thing about this new concept is you can buy 1% or all of a player, or anything in between. Some of the player’s will be backer’s or investor’s also.

  4. DanM

    Rick, thanks for pointing out the mistake … though it is just a typo, and in fact links to

    Indeed, a lot of pros have signed up, but I think some of them are skeptical. The only ones who are getting actively behind it — i.e. wearing their gear — are the guys who seem to be always desperate hustlin’ for a buy-in and/or on the verge of going broke.

    But with that said, I think I really do believe in the concept. And G Cash seems to be a salt-of-the-earth entrepreneur, so that’s not bad.

    But you tell us — have you seen any results yet from your listing? I know it’s still early in the game, but am curious how this thing would work for a solid-poker-playin’ “regular guy” like yourself.

  5. greg cash

    Rick asked me to check out this blog, so i did. Thank,s for mentioning our web site even if it was mispelled.
    You mentioned some people being skeptical, this is only natural. When Henry Ford told people he was going to build a car, people where skeptical. When we told people we where going to send a man to the moon, people where skeptical. Any time you have a first time ground breaking concept, it’s only natural to be skeptical.
    As far as the guy’s wearing the gear. They paid 100.00 a piece for those jersey’s. they ordered them off our web site. Even though I’ve had 30 or 40 asked where there jersey were. You mentioned that these guy’s on the verge of going broke, Sir our you looking at the same web site i am.

  6. DanM

    Greg, thanks for stopping by, because really, I am curious to see how your site works out, and wish it the best. That probably was not fair for me to say that you were being pimped out by a bunch of degenerates. Of the dozens and dozens of players signed up as players on your site, I personally only know of about three that are verifiably broke. Maybe four if you count Justin.

    I definitely wasn’t referring to your immediate team that is spreading out across the floor, by the way. Was referring to those poker players whose names I don’t know … that are always hanging around the big tournaments … but never seem to be playing. Poker can be a tough life — one that isn’t as affordable as it might seem. Isn’t that kinda the reason your exists?

  7. Greg Cash

    Well Dan I ran out of room before I got around to your question.First of all we do not open till Aug.15th
    We have had 43 people fill out investor forms and try to fund an account in the last 23 days.The investor see the light they can buy 5% of 20 players instead of
    70% of one.Now a regular guy like you and I it gives us a platform to work from.We can self permote tell our frends go to bapokerboss and buy 1% of me in such n such
    event.and have three or six mounths to sell out.and when we cash our pay rate go,s up.What do you thank

  8. Greg Cash

    Yes that is why exists. That and to give the regular player a chance to get into tournaments he/she would not be able to play on there own.Well it’s 7:37am in vegas let me peek out the window
    and make sure the sun came up.Yup it’s my bed time good night.