The standard deals Ive heard are more like this:

You take all the risk.

He gets to keep 35% of the profit.

Of course normally the player has some of his own money in there as well so he's actually getting more than half of the profit.

Are you a Poker Player? He'd be better off either giving or oweing you money and you stick it in your bankroll and give him a share of your profits. Less messy anyway...