A question: The fundamentals of backing
 

Greetings,

I recently accepted backing from a member of this forum, and an odd situation has presented itself now, and i'd like to turn the issue over to the members of this forum for some feedback and a possible resolution:

Unless he wishes to make himself known in this thread, I will leave the backers identity anonymous:

I was to play SNG's with the backing and chop the winnings 50/50 for the length of the arrangement. I could stop the arrangment whenever i liked by returning the roll i had been provided. Other than a couple of small other detials not pertaining to the issue at hand, that was the extent of our verbal and written (emails) agreement.


Well to make a long story short, from the moment i began playing on the roll, i caught cards from hell. Every big pair lost to one over card, all KK vs. 77's went down in flames etc. The money was gone within 72 hours.

I sent an email to the backer sniveling about by beats and apologizing for losing all his money. He made a very simple reply: "thats poker"



I took a week of and gathered myself and am now back in action, placing in over 50% of tourneys since my comeback, on my own bankroll.



I never heard from the backer again, until this morning:

He checked me out on Poker Prophecy and sees that i'm winning nicely again and wants his cut. He says he is entitled to half my winnings and his original backing.

Whoa whoa whoa whoa!

[img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img]

You want what? [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] He says that he is entitled to this, as his backing was 'eternal' and that i am not out of this deal unless i repay the stake or 'die forever'.


hmmmmmmmm

any thoughts, suggestions? Am i a bone head to think that when i dropped his roll and came back on my own i was ON MY OWN?


WD

Re: A question: The fundamentals of backing
 

Wouldn't you be on your own *after* paying back the roll? And not merely after losing it?

[img]/images/graemlins/confused.gif[/img]

You even said yourself the aggreement entailed that:

[ QUOTE ]

I could stop the arrangment whenever i liked by returning the roll i had been provided.


[/ QUOTE ]

Otherwise you could just take the money, play whatever limit you felt like gaammmboooooling it up and once his/her role was depleted, just take your own money and play the right way. It's like a freeroll into -EV games.

Now. If you lost the roll and quit poker, then I'd assume that you don't owe him anything. If you're playing again and winning you owe him.

Also. Variance *is* part of poker. If I was your backer I'd be pretty pissed that I chose a poor horse to back who can't get his mind right. I'd be kicking myself even harder that my horse burned my money and won't make good after the variance turned around.

I'd also like to see exactly how your backer used the world 'eternal' in his/her communications to you.

Yugoslav
I imagine that there is other pertinent information here that has not been included. I assume this b/c, well, the chances are too high that you're leaving something out unintentionally or intentionally...

Re: A question: The fundamentals of backing
 

Why did you get backing and only get 50% of the profits if a week later after losing that you can now afford to play with your own money? [img]/images/graemlins/confused.gif[/img]

Re: A question: The fundamentals of backing
 

Its hard to be able to tell what the real aggrement is but after *only* hearing you side of the story it sounds like are probably on your own after you repay the roll.


[ QUOTE ]
I could stop the arrangment whenever i liked by returning the roll i had been provided.

[/ QUOTE ]

You have not done this yet so I don't see how you think you are on your own.

Or maybe I'm missing something.

Also I think that issues like this don't belong in this forum and should be resolved in the fairest way possible in private, but that's just my style I guess.

Re: A question: The fundamentals of backing
 

Obviously, I'm the backer.

This makes me sad.

Irieguy

Re: A question: The fundamentals of backing
 

You don't owe him money. You played his stake, it went badly, end of story. If he was staking you eternally he would have given you an infinite amount of cash. As long as he transferred you a certain amount (say 200$) which you played and lost you don't owe him.

Re: A question: The fundamentals of backing
 

[ QUOTE ]
Obviously, I'm the backer.

This makes me sad.

Irieguy

[/ QUOTE ]

Don't give up, as some great musicians said once;

"one bad apple don't ruin the whole bunch of girls"

Re: A question: The fundamentals of backing
 

[ QUOTE ]
Obviously, I'm the backer.

This makes me sad.

Irieguy

[/ QUOTE ]

Skipperbob: 1
Irieguy: ~a dozen

Yugoslav
This makes me mad, [img]/images/graemlins/mad.gif[/img]. Although, it isn't any of my business, I hate it when stuff like this is made public.

Re: A question: The fundamentals of backing
 

Irie, if you gave the OP a set amount of $$ and he lost it, I don't see how the stake continues. I'm not 100% on how you arranged it, am I missing something?

Re: A question: The fundamentals of backing
 

I wasn't backing him in a tournament. For a one-shot deal the vig is much higher than 50%. I was providing ongoing bankroll support.

I will not comment any further on this.

Irieguy