Backing

I recently had a conversation with a man who is interested in backing me in a game which is beyond my means at the moment, but in which we (and others) believe that I would be a significant money favorite. Have any of you out there had any experience in this area, good or bad?

http://www.twoplustwo.com/cgi-bin/newforums/genpok.pl?read=32276

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http://www.twoplustwo.com/cgi-bin/newforums/holdem.pl?read=78186

Hi Andy,


I'm Chris L. from that other thread.


I posted the question because I had no experience in that area - either as the backer or the player - with the exception of the one time I spoke of.


I know how to deal with standard business arrangements but had no idea as to what was considered "fair" in the poker world.


If you can get someone to put up ALL of the money I'd say that's a pretty sweet offer.


There are alot of problems with this type of set-up - mostly his but some yours.


- How do you resolve it if you have a big first month - say, you win 200 + big bets -

split the profit and then can't pick up a winning hand for several weeks ? Are you liable for any of the money lost after the two of you split up the original win ?


I'm assuming you will be splitting profits at least once per month.


- What will you do if you get burried in the begining - let's say the same 200 + big bets - and now face the prospect of having no money coming in until the loss is made up ? If you have another substantial source of income there's no problem in this area, but what if while your getting crushed in game "X" (the one in which you're being staked) you can't lose in other games ?


This is a moot point if you're planning to share wins/losses in ALL games, but it didn't sound as though this was the way the two of you were planning to arrange things.


I'm very pleased the final agreement "we" were able to come up with (60/40 his favor) and if he wants or needs to he can take a "draw" of up to $15 per hour played (which actually is just a secondary loan of $9/hr)

so as to allay any concerns about devoting a huge amount of his time to this game and perhaps winning only a few hundred dollars (or even getting moderately stuck) and then having financial obligations to meet.


It comes down to whether you want to do what's "right" or what you can "get away with". (It sounds like your concerns are more about doing what's fair).


Look at me; all of a sudden I'm the expert on this.


* He's already ahead over $1,200 and is playing as we speak. Immediate success can make one a little smug :>)


Good luck with whatever you decide to do.


- Chris L.

Thanks to Mike H. for the links to the other debates. I had seen the one on the General Theory forum, but not the one on the General Hold'em forum.


He would be putting up all the money, and I would get half of my winnings. I'm not exactly a pro. I've been unemployed for nine months and have played a lot of poker in that time, but not full time. I've had a certain amount of success, playing mostly $15/30 hold'em in the last few months, but I've also had to spend a lot of my winnings. I do have a working wife, one who is not at all interested in being married to a professional gambler. I think that I may just have a job lined up. I'll learn more this week. In the meantime, this $30/60 stud/8 game is going off several times a week, and it's juicy. I'm stronger in stud than I am in hold'em. I had been playing hold'em because this room has trouble starting a stud game above $3/6. I haven't played much stud/8 just because it rarely got spread in this room until the last month or so. Now it's all the rage. I have played it some, lower limit, and have done extremely well when the game is loose and not overly aggressive, and that's this game. Many of the biggest contributors in town have gravitated towards this game, and the few good players that are floating around are stronger in other games. I haven't seen a lineup in this game that I didn't like. A lot.


This relationship will probably be relatively short-term. I'm serious about going back to work, and I'd prefer to play with my own money when I have some.