Hiring a friend to beat .50/1

[cassette]

I have been making some decent money the last 6 months or so and am looking to invest it. I don’t really like the idea of stocks as I am incredibly ignorant in this type of thing and when it comes down to it there are very few companies that I would like to support anyway.

I also happen to have a few friends that have been wanting to get in on making money in their underwear.

So here is the plan: I will hire a friend to beat .50/1. I will provide a bank roll, coaching, and reading material for the first 100 hours. For this time period I will pay this individual $9 an hour.

My involvement will be somewhat minimal. I expect this individual to be self motivated and dedicated to learning the game in the same manner that they would be dedicated to a job paying a little more than minimum wage. I can provide a list of reading material and the order in which to progress with it. I will spend ~1 out of every 5 hours with this person reviewing hand histories, explaining bonus whoring, sitting in on play, ect.

I expect to be able to teach my friend to beat .50/1 for more than $9 an hour within 100 hours. At this point I will take any profit that they make beyond $9 an hour until I make my $900 back plus a figure I haven’t really determined yet. Maybe another 4 or 5 hundred. Assuming they can beat .50/1 for $15 an hour this should be another 80 hours or so. So in total, this will be about a 6 week commitment from this person. (Assuming 30 hour weeks)

What I get: $500 that I wouldn’t otherwise have. I would also hopefully get a bunch of “refer a friend” bonuses.

What I give: 36 hours of my time spent hanging out and talking poker with a friend. I think that I would also learn from this as a teacher often learns as much as the student.

What my friend gets: 6 weeks of employment at $9 an hour with a substantial raise after this time period. (Not to be mean, but $9 an hour is actually a pretty decent wage for the people that I would consider hiring for this. Most of them are currently washing dishes or performing other “service industry” jobs for $6.65/hr.)

What they give: 6 weeks of their time. Possibly quitting a more stable job.

Obviously if I were to go through with this a lot more detail would be put into it, but this is just a start.

So is this a ridiculous idea?

[Xelent]

This gave me an idea...

[Alobar]

This is a bad idea on just so many levels. You can do so much more with your money than earning a small reuturn on what some guy grinds out in the .5/1 game.

the biggest reason this idea will never work is 1)Why is someone going to play for $9/hr for you, when if they are a winning alot more than that, they could easily just go do it on their own? It will also be completely obvious to them they could be making. So it has to be someone you completely trust 110%.

But whatever, 6 weeks of work for $500? Thats a pretty crummy investment. Especially considering the risk, as you could easily lose money over that period of time.

[Michael Davis]

I don't have many friends that I could teach to beat 0.50-1.00 for $9 an hour. The friends I have that could learn this stuff could beat 20-40 within a few months, I think.

-Michael

[Master5hake]

[ QUOTE ]
I expect this individual to be self motivated and dedicated to learning the game in the same manner that they would be dedicated to a job paying a little more than minimum wage.

[/ QUOTE ]

I think you over estimate the self motivation most people have while working for just over min wage. There is a reason most workplaces with low wage employees have very hands on management keeping a close eye on their work.

I also think you under estimate the difficulty in beating the Party .5/1 for 9 dollars an hour for someone you have just taught how to beat the game - the rake structure of this game means beating the game by a large degree to be able to crank out 9 dollars an hour -

[Somekid]

do you have any math showing hands per hour and a winrate that could prove this anywhere near possible?

[cassette]

[ QUOTE ]


the biggest reason this idea will never work is 1)Why is someone going to play for $9/hr for you, when if they are a winning alot more than that, they could easily just go do it on their own?

[/ QUOTE ]

This person I'm talking about has never played poker in his life. I expect they would be losing money for the first while rather than making more than $9 an hour. This person has also considered doing it on their own, but do not have the money to get started, and it would take them A LOT longer to learn on their own, rather than with my coaching.
For the first 100 hours they will be aware that I am paying them more than they are worth, and for the last 80 hours they will realize that they could be making more on their own. I see it as evening out the money they would make over 180 hours and I would hope they would see it this way too.

[ QUOTE ]
It will also be completely obvious to them they could be making. So it has to be someone you completely trust 110%.

[/ QUOTE ]

This is why I would do it with a friend rather than hiring someone random. I do trust this person 110%.

[ QUOTE ]

But whatever, 6 weeks of work for $500? Thats a pretty crummy investment. Especially considering the risk, as you could easily lose money over that period of time.

[/ QUOTE ]

I realize this isn’t the greatest moneymaking scheme of all time. It's more like I was thinking that I would like to make some passive income, hang out with a buddy, and get my friend out of washing dishes.

I also feel fairly confident that most intelligent, dedicated people can easily learn to beat .50/1 over this time period. And if they start on a downswing and it takes longer it isn’t really a huge deal.

Thanks for the comments so far.

[cassette]

[ QUOTE ]
do you have any math showing hands per hour and a winrate that could prove this anywhere near possible?

[/ QUOTE ]

My winrates after 5 months of poker:

60 000 hands at 2BB/100 x 4 tables = $4/hr
Clearing a 7x bonus pretty much constantly = $18/hr
Approximately $22/hr in USD
I live in Canada so…
22 x 1.22 = $26.75/hr in Canadian money.

If you want to get really serious without any extra training you can mix in some casino whoring which at a conservative estimate should be about $35/hr

So: (26.75 + 35) / 2 = ~ $31.25/hr

So I think that with coaching $15/hr after 180 hours is reasonable.

[Sponger15SB]

My roomate is fairly decent at poker, better than breakeven at the lower limits. You know what I did? I just put money in his account and let him play! I did not get a cut of the money, I just gave him the cash when he didn't want to play any more.

I wish more people would be like me [img]/images/graemlins/grin.gif[/img]

[cassette]

[ QUOTE ]
My roomate is fairly decent at poker, better than breakeven at the lower limits. You know what I did? I just put money in his account and let him play! I did not get a cut of the money, I just gave him the cash when he didn't want to play any more.

I wish more people would be like me [img]/images/graemlins/grin.gif[/img]

[/ QUOTE ]

But did you pay him to play? The reason I want to do this is so that my friend can quit his shitty job and I can actually dedicate some time to teaching him properly.