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In need of a staker into poker tournaments


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In need of a staker into poker tournaments

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H undreds of thousands of people visit our marketplace. As a startup founder, this excites me, but also makes me wonder who are these people and how did they find us? There are over Million fans and players of poker. Nearly every professional player has either been staked or staked another player in their career.

As we reach more recreational players and fans, part of our goal is to educate. But even with this video and the occasional bad beat story, some basic information is still lacking. The Basics of Staking. What is staking in poker? Essentially, it is like investing in a startup company. You are paying money today in exchange for the future value of that company, or some portion thereof. In poker, you are putting up money which the player then uses in the game, in exchange for the future profit that player generates, or some portion thereof.

Most poker staking is related to tournament play, although it also exists in the cash-game arena. The player can also be a backer, and be putting up some of the money themselves. If the player loses, the backers all lose. If the player wins, then the backers and player share the prize according to agreed-upon terms. Backers often want to buy action in a player whom they consider to be a winner, somebody who is more likely than average to do well in the tournament, as a means of making money, just like any other investment.

Players often want to sell off some of their action to backers, in order to reduce variance, or to enable them to play in an event that they otherwise cannot afford.

A markup of 1. Sometimes backing arrangements are long-term, and involve the same backer or group of backers investing in the same player over an open-ended series of tournaments. Most often in such long-term deals the player gets a percentage of the cumulative win for all the tournament results, wherein losses and wins are combined. In many such cases, the backers are also paying for the travel and other expenses of the player, and these costs are also added into the cumulative total.

The first rule of staking a player, in the opinion of many, is that you should only stake a player you trust. Staking deals almost never involve signed, written contracts; and even if they did, it is often not going to be worth your time and effort to sue a player who failed to meet the terms of the contract, as in most cases the money involved is not a large enough sum.

Now you and your backer are unhappy with each other, even though you were both being honest, because you mistakenly did not agree to the same deal. Most staking deals are handshake or verbal agreements between friends.

There are also online forums where people make staking deals with what are, essentially, strangers to them. The money is transferred electronically, from one individual to another, and trust is gained by cultivating and maintaining a trustworthy reputation on the forum.

If somebody on the forum, backer or player, engages in misconduct, their reputation on the forum will be appropriately tarnished, and they will find it harder to make future deals. Depending on the level of misconduct, legal trouble may also follow not far behind. If the backer and player are not personal friends, then an end-to-end market, such as is offered by YouStake , can be the safest way to proceed.

The intermediary takes funds from the backers and transfers it to the players, as well as transferring prize money from the player to the backers, and installs as many safeguards as possible in the process for the protection of both sides. It also serves the purpose of clarifying the terms of each deal, so misunderstandings as to the proper split of the prizes do not occur. It also enables the process of micro-investing. But on a site like YouStake.

And that also means backers who only want to risk small amounts can still find players in which to invest. There is also an appreciable legal benefit to using a site such as YouStake , as players know that funds from backers have already been collected before a tournament begins, and backers know proceeds from a player will be collected almost as soon as they are paid out.

And by spelling out the terms of a stake on the website before any money ever changes hands, the odds of anyone feeling slighted or guilty over an honest misunderstanding also drop precipitously. The end-to-end market also creates market efficiencies that benefit all involved. Players with laudable histories of winning have access to a broader base of capital with which to play more tournaments; members of the public well-schooled on late night poker television but perhaps not able to sweat rails in person are suddenly able to take a piece of their favorite players.

And with the wealth of players listing for overlapping events, markups tend to fall into a mutually beneficial equilibrium. Staking has long played an integral role in the poker world, and shows no signs of dissipating as it evolves alongside the game. Poker, once a game that thrived solely in felt-coated cardrooms, saw its ranks of players and fans swell to unprecedented levels when the internet took on a supporting role.

The staking process has enjoyed the same transformative renaissance, with handshake deals now supported by online operations like YouStake. To be sure, staking is really akin to investing in a startup company. And just as startups brought greater opportunity to entrepreneurs and investors alike when web-based crowdfunding took hold, staking is now following suit through near-identical means.

Greg Raymer is an active member of YouStake. Sign in Get started. Hacker Noon is how hackers start their afternoons. If you enjoyed this story, we recommend reading our latest tech stories and trending tech stories. Never miss a story from Hacker Noon , when you sign up for Medium.

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How to Find a Poker Stake - Getting Investors for Your Poker Grind

There are many poker staking sites and forums that specialize in this kind of thing. There are scenarios, however, where getting staked for cash games makes sense. Variance plays a much bigger part in the short-term results of a poker tournament professional than it does in those of a cash gamer. The best player in the world could go months without getting much going, until one day hitting that inevitable big one. The variance effect is that much greater, and being able to play tournaments with huge first prizes without worrying about money is a huge upside.

Another commonplace way for MTT players to deal with variance is selling poker tournament shares. Instead of covering the entire buy-in of a tournament or series of tournaments, they sell a percentage to buyers often with mark-up multiple, which is like charging a fee for your services. In this case, the player still assumes some of the risk, since he puts up the rest of the money himself. Selling shares is a simple and effective way to manage your bankroll and take controlled shots.

Are you convinced that you want to seek for a full staking deal? Here are some topics you must understand first. Still unsure if getting staked is for you? The moment you sign that poker staking contract, your freedom is long gone. While virtually every poker player struggles with mental issues every now and then — tilt, motivational problems, you name it — the palette of negative emotions associated with the job becomes much more diverse when in a lot of makeup.

Yes, in case you wondered, I speak from experience. A friend of mine was one of the most celebrated figures in MTT circles a while ago.

I went out for dinner with him one night, wondering why he was picking the cheapest dish at the restaurant and drinking tap water. He was living on loans. This is one of the best reasons to reach out for a stake. Many of the biggest poker staking stables pay top pros for group coaching sessions, do one-on-one hand history reviews, produce exclusive video content and provide other learning material. While getting staked can certainly hurt your finances in the long run, many players have also successfully built their bankrolls that way.

If done right, it can be an effective tool to do so. I know a couple of people who bought houses with more or less their entire bankrolls, because that had simply always been their primary goal. As soon as they had the money, they did it without hesitation. Every poker player has dreams that have more to do with experiencing something specific rather than monetary gains, such as playing in a WSOP event.

Most stables have large Skype groups and they encourage horses to independently work with one another. Talking to like-minded people with similar goals can also help you achieve yours.

However, in situations where a player is selling pieces of himself, the general rule is there is no buy-in makeup. Situations where you trade pieces with another player should generally be treated the same as if you are selling him a piece and he is selling you a piece i. For one-off deals without makeup, it is very easy for a staker to be in a negative EV situation even when staking a winning player. The nature of tournaments is such that the vast majority of entries will result in a loss.

This means that four out of five tournaments for even world-class players will end up as a bust. But in no makeup deals, a staker can get buried in a negative EV situation even if the player is a consistent winner. He asks if you want to make some money with him, and you agree to buy his action in ten different WPT main events at 1. Looking up at the chart above, we see that this equates to It sounds like a fair deal. You get your It is easy to understand that staking a losing poker player will always be a negative EV proposition… but if the numbers are wrong, staking a winning player can be just as negative EV.

One of the biggest problems that I constantly see in staking deals has to do with when it comes time to pay Uncle Sam. You should always assume the best when you are entering into a staking deal. Assume that you will hit every tournament out of the park and that there will be a lot of gambling winnings that will have to be reported to the IRS. Unless you discuss the tax liability at the start, a successful staking deal can quickly turn into a nightmare.

The right way to handle staking deals from a tax point of view is for the player to have the staker sign a Form Statement by Person s Receiving Gambling Winnings for every tournament win which issues a W-2G. Some casinos will allow the player to file the Form and will then issue W-2Gs to all the stakers individually. Other casinos will only issue W-2Gs to the actual player, and it will then be up to them to get the s in order and get the right reports to the IRS.

When you are dealing with foreign stakers, the tax situation becomes even more of a nightmare. Most foreigners are required to have the casino withhold winnings for tax purposes.

This gets messy very quickly if there is not a clear agreement in place and the staker expects you to just pay them their share when you collect it from the cage. I can tell you that in practice, most poker players fall apart to an IRS audit. The majority of staking deals are handshake agreements usually entered into without even a written contract, let alone a Form This is just the dark truth of poker, and I expect we will continue to see many high-profile players facing problems with taxes.

For a staking deal to be successful, it is very important for a staker and player to trust each other. The gambling world is filled with stories where players ripoff stakers. Tournaments are easily tracked and most major tournaments publicly report the payouts. It is harder for a staker to get ripped off from a player if that player has to show receipts for tournaments he has entered.

Some tournaments will allow you to unregister for a full refund. There is a growing trend for hosting casinos to report all of the entrants in their tournaments. The WSOP started doing this a couple of years ago, and I hope its a trend that catches on, as it makes it more difficult for players to ripoff their stakers. In general, staking deals are almost always for tournaments rather than cash games. The nature of cash games makes it all to easy for the player to pocket winnings. Even in situations where every hand played can be tracked, such as online, a player can still just lose money to a friend at the table.

As a rule, you should generally stay away from staking arrangements for cash games unless it is with someone that you have complete trust in. If you are a staker looking for a player to give money to, your options are wide open. The rail of every major tournament is filled with players looking for a staker. The vast majority of these railbirds are losing players.

Most poker staking is related to tournament play, although it also If a player is charging a markup, the investor will have to pay more than. When you want to play in poker tournaments but you don't have the cash for the buy-in, staking is your best option. Here we discuss how. Focus on crushing poker tournaments, not bean-counting in Excel or Google Docs. don't play. TastyStakes will calculate refunds for your stakers automatically.