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Is this a normal backing deal??

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  1. lilphil lilphil is offline

    Myrtle Beach, SC
    United States

    Posts: 80
    Joined: Jan 05

    Oct 26th, 2005 (10/26/2005 6:16pm)

    I'm going to Foxwoods next week and I'm going to play in the $500, $1000, and $2000 events. A friend of mine wants to split the entry fees with me and if I cash in any , or all of the events, we'll split the profits 50-50. Is this how a normal tourney backing deal works??

    I think its more than fair...Do you agree??

    Any thoughts or comments?

    lilphil
  2. sketchy1 sketchy1 is offline Dangerzone

    Posts: 9,597
    Joined: Apr 05

    Oct 26th, 2005 (10/26/2005 6:21pm) in reply to lilphil

    you're both putting up 50% of the buyin? if so, you could easily get a better deal. you should get anywhere from 60-70% of your action, not just 50%, for that. in general, that is. if you had someone pay you're full buy-in, you'd expect to get anywhere from 20-40% of yourself, depending on your backer and how good you are. sometimes you'll get a great deal and get 40-50% of yourself, sometimes you'll just get 20% of yourself, maybe less.

    but if you're putting up part of the buy-in, i'd expect more than 50% of my own action.
      

    sketchy1 is an instructor at PocketFives Training . To get more of his advice and to watch his training videos, click here.

  3. doomed222 doomed222 is offline

    Canton, MI
    United States

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    Oct 26th, 2005 (10/26/2005 6:28pm) in reply to sketchy1

    Hes puttin up 50% of the buy-in and theren is no gaurantee phil is gonna cash.....

    it looks fair to me.

    doomed
  4. lilphil lilphil is offline

    Myrtle Beach, SC
    United States

    Posts: 80
    Joined: Jan 05

    Oct 26th, 2005 (10/26/2005 6:32pm) in reply to doomed222

    Yes, I'm putting up 50% of all buy-in's... Last year I only entered the $500 event and out of 843 people I finished 88th...Top 80 paid...DOH!!!!

    I'm going to play a few Act Sat's for the main event also, but with those I'm on my own.

    Thanks for your input guys.

    lilphil
    Thread Starter
  5. Adam Adam is offline Emperor

    Atlanta, GA
    United States

    Posts: 12,629
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    Oct 26th, 2005 (10/26/2005 6:32pm) in reply to lilphil

    Looks fair to me as well, but I'd have to hear more about your past results to really know. If you're a very accomplished player with a great track record, it's more of a privilege for the backer to have the opportunity to invest in you, and thereby you can get a better deal. If he's just a friend who wants to help you out and get a piece of the action, I think 50/50 is very fair. All really depends on what your expectation is.
     
  6. sketchy1 sketchy1 is offline Dangerzone

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    Oct 26th, 2005 (10/26/2005 6:33pm) in reply to doomed222

    i don't know his skill level or his abilities. i know there's no guarantee, but for many players this would not be a good deal for them.
      
  7. Fox Fox is offline

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    Oct 26th, 2005 (10/26/2005 6:35pm) in reply to lilphil

    A lot of it depends on how good a player you are, but generally if he is only paying 50% of your buy-in your backer wouldn't get 50% of your winnings. If you are an inexperienced player or really need help with the buy-ins this might be a reasonable way to cut down your entry fees, and if you are doing it tourney by tourney (meaning you settle up after each tournament and not after they are all completed) then it may be a reasonable deal for you.

    Check out my article "On Stake Agreements" in August issue of the twoplustwo online mag here - http://www.twoplustwo.com/magazine/i...llace0805.html It may be of some assistance in thinking about making agreements like the one you are considering.
  8. lilphil lilphil is offline

    Myrtle Beach, SC
    United States

    Posts: 80
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    Oct 26th, 2005 (10/26/2005 6:47pm) in reply to Fox

    My experience in live "pro" tourneys is limited.. My cash game and home game experience is a lot more..( see my profile )..The $500 buy-in last year was the first "pro" tourney I have ever bought into and I did fairly well. I wasnt intimidated at all and I felt comfortable. This year I wanted to do the three events I mentioned but was going to cramp my cash game by buying into all 3 myself so have my friend offer to split the buy-in's is helping me with cash flow.

    lilphil
    Thread Starter
  9. Adam Adam is offline Emperor

    Atlanta, GA
    United States

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    Oct 26th, 2005 (10/26/2005 7:13pm) in reply to lilphil

    I'd say the deal is fair then. I would say you'd need quite a bit more experience (and some nice cashes) in big live tournaments before getting anything better than an even split there. Hope the tourneys go great for you....good luck
     
  10. lilphil lilphil is offline

    Myrtle Beach, SC
    United States

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    Oct 26th, 2005 (10/26/2005 7:23pm) in reply to Adam

    Thanks Adam...That was my thought process also. Once I prove myself then I can negotiate a better deal.

    Fox,
    Thank you for the link to your article! That helps.

    lilphil
    Thread Starter
  11. luckyshades luckyshades is offline

    Penrith
    Australia

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    Oct 26th, 2005 (10/26/2005 10:57pm) in reply to lilphil

    Hey Phil, Would enjoy hearing how you fare at the tournament. I'm going to start branching out and playing in some small - medium live tournaments in Australia over the next few months, and am a little cautious, however generally very excited. First one is the NSW State Poker Championships next month, then to Melbourne for some of the smaller Aussie Millions events and satellites. I play a lot online, and play NL cash games at my local B&M casino, so it's a big step up but I can't wait. Would be great to hear how you change your thinking and attitudes about your play when you are faced with established pros at a live table etc

    Best of luck!
     
  12. Bigpoopadump Bigpoopadump is offline

    Davison, MI
    United States

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    Oct 27th, 2005 (10/27/2005 5:28am) in reply to lilphil

    that doesn't sound fair at all if your both putting up 50% of the buy in he should get less than half cause you are putting in all of the time and work. he should get 30% of the profits
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