% trade deal reneged

sketchy1 · #1 02-22-2005, 05:50 AM

This is a weird post, but I really would appreciate everyone's input. I don't want to reveal their name, but a member of this board and I chat on AIM regularly about poker and whatnot--just shoot the [censored], we sweat touraments with each other, talk strategy, etc.

We recently made a deal for a tournament. I wanted to ease the burden of buying into a million events that week since my bankroll was in bad shape, so I asked if he wanted a piece of any of my action in the $11 rebuy on stars I was entering. He agreed to buy just $11 worth which was okay with me, but he didn't have cash on stars. So I traded him 14% ($11 worth of my total expenses in the rebuy event) of me in that event for 1/10th of a % ($11 worth of him) of his action in the WSOP as he just won a seat.

I won the event and sent him $892, which was 14% of my win. After a few weeks he's decided he is probably going to sit out of the WSOP and since the site allows you to get $10,000 instead of the seat, he's exercising that option (or he might be selling it for all i know).

As a result I feel I should be given my $892 back. He wants to give me $11 back for what he technically bought 14% of my action with and keep the $892.

Before anyone says "he's full of **** you should know better kick his ass," for one he's not (and I am not) experienced in this arena. I have very little experience with backing. I am currently receiving some backing in tournaments on Party and Stars, but I don't know all the ins and outs of % trades, prop betting and side betting and whatnot. So, some of this stuff is all new to me.

The same could be said for him, and I understand why he is confused--I am too, but so far everyone I've talked to says i am right and he is out of line. So, I decided to post this here, hope to elicit some responses so he can see that he is wrong and will give me my money if he withdraws from the deal and from the WSOP.

Thanks in advance for anyone who posts their 2 cents.

sthief09 · #2 02-22-2005, 05:58 AM

this isn't a matter meant for a strategy forum. if you post it somewhere else, where it belongs, I'll give my opinion. I encourage everyone else who intends on responding to do the same

sketchy1 · #3 02-22-2005, 06:22 AM

You can be a forum-police jerk and do that or you can tell me your definition of the "proper" forum.

Looking at the list, I see 3 possible places it could go. Please, Mr. Perfect Poster, let's analyze this.

Texas Holdem - General: This could be it I suppose. But I would interpret this title as wanting more general topics about the game of holdem, not financial deals gone bad.

Tournament Poker - Multi-table tournaments: That's where we are. Hmm, this topic relates to tournaments and deals, so I would make a wild guess this is where it would go.

Other Topics - Other Other Topics: Well, anything could go here but it doesn't seem appropriate.

Thanks for the attempt to be a jerk and the lack of effort to help but next time just be nice and answer the damn question at hand.

sthief09 · #4 02-22-2005, 06:37 AM

posts like yours start threads bring down the overall quality of the forum. people like you are too inconsiderate to realize it. I didn't mean to come off as a "jerk" but apparently you thought I did. and FYI it belongs in the Internet Gambling forum.

sketchy1 · #5 02-22-2005, 06:40 AM

it belongs in the internet gambling forum? it doesn't have anything to do with multi-table tournaments so there's no way it should be there, of course.

get over yourself. i'm not "degrading the quality of the fourm" or whatever you want to call it.

sthief09 · #6 02-22-2005, 07:56 AM

as I said, this is a strategy forum. I asked you nicely, but apparently you're too self centered for that. it's give and take here for me. I offer as much advice as I can, I spread as much of my knowledge as I can, and I respect the forum guidelines, and I take by reading what other people write. people like you only leach off what other people write. that's fine. it's a public forum. the least I ask is you don't pollute the forums with crap that doesn't belong. in other words, being that you have nothing to offer everyone else, at least refrain from making the boards worse. this is a multitable tournament strategy forum. the least you could do is post it in general hold'em, which is used as an OT forum.

and FYI, he owes you whatever his EV in the WSOP is. you made a trade. the trade was 1/7 of your EV in that tourney for 1/1000 of his EV in the WSOP. since he is not playing in the WSOP, he owes you whatever his EV is valued at divided by 1000. if he values his WSOP appearance at $20,000, he owes you $22. the deal was EV for EV. you deserve a return on your money invested, not his. if he's nice he'll throw you $100 for his troubles. he'd be an idiot to give you $800 that isn't yours

The Bloke · #7 02-22-2005, 06:40 AM

I'm no expert on deals - but from a ethical and logical standpoint, it seems to me that the deal is off.

You traded a piece of your action, for a piece of his. As there will be no action from him, he cannot hold up his part of the bargain. It was implicit in the deal that you competed in your tournament, and he in his - without that happening, the deal is void.

Tom

sketchy1 · #8 02-22-2005, 07:45 AM

Thanks, that's about all I'll need.

If he doesn't return my money if he opts out of the deal, then I'll deal with him [img]/images/graemlins/smile.gif[/img]

Pepsquad · #9 02-22-2005, 07:23 AM

Bloke is right. Your friend owes you $892 back if he chooses to not play the WSOP.

The dollar amounts really are irrelivent here. The two of you agreed he would get $11 worth of your action and you would get $11 worth of his action. HE'S PROVIDING NO ACTION. The fact that it happens to be $11 is meaningless, the deal is void.

Take care,

Pep.

The Bloke · #10 02-22-2005, 07:49 AM

Just an aside - it strikes me that this wasn't a very good deal for you.

I have no idea how good your friend is, but aren't the odds very much against him (and indeed, anyone) making the money in WSOP 2005?

Given the vast starting field, it's very much more likely that he won't make the money, than he will. And even if he does, it's very unlikely he'd make more than the $15000 prize. The chances of him making a big profit are miniscule.

However in your Stars tournament, you have a very good chance of making a small profit, and a good chance of making a big profit (as you proved!)

So you're trading a good chance of you making a small-medium profit against a very very slim chance of him making a huge profit.