i got an offer to be staked......

[stratknight 0]

A wealthy friend of mine has followed my game for the past 5 years. A few nights ago, he watched me run well at his house playing 5/10 limit on Stars. We got to talking, and he wants to stake me. He wants me to draw out a plan, and we'll go from there. It needs to include an hourly wage, a percentage of the winnings, and possibly incentives for reaching certain goals per day, per week, etc. It's looking like I'll be playing 5 hours a day, M-F at his house. If anybody has any experience with what my proposal should look like, it'd be a great help. I have a few things in mind, but wanted everybody's opinion before I sit down and show him my proposal. I need it by this weekend. Thanks.

[justblaze 0]

A wealthy friend of mine has followed my game for the past 5 years.  A few nights ago, he watched me run well at his house playing 5/10 limit on Stars.  We got to talking, and he wants to stake me.  He wants me to draw out a plan, and we'll go from there.  It needs to include an hourly wage, a percentage of the winnings, and possibly incentives for reaching certain goals per day, per week, etc.  It's looking like I'll be playing 5 hours a day, M-F at his house.  If anybody has any experience with what my proposal should look like, it'd be a great help.  I have a few things in mind, but wanted everybody's opinion before I sit down and show him my proposal.  I need it by this weekend.  Thanks.

clause a) I do hereby acknowledge that as a direct result of this agreement, our friendship will ultimately be terminated.

[stratknight 0]

I don't have to play at his house, but he has a sweet office I can use.

[Ron_Mexico 4,219]

I liked the last guys response that got deleted. And I agree. It did sound a little happy. (I wouldn't use the other word)

[TheWynn 0]

Next thing you know you'll say he has a sweet bed you and him can use.

[stratknight 0]

A wealthy friend of mine has followed my game for the past 5 years.  A few nights ago, he watched me run well at his house playing 5/10 limit on Stars.  We got to talking, and he wants to stake me.  He wants me to draw out a plan, and we'll go from there.  It needs to include an hourly wage, a percentage of the winnings, and possibly incentives for reaching certain goals per day, per week, etc.  It's looking like I'll be playing 5 hours a day, M-F at his house.  If anybody has any experience with what my proposal should look like, it'd be a great help.  I have a few things in mind, but wanted everybody's opinion before I sit down and show him my proposal.  I need it by this weekend.  Thanks.

clause a) I do hereby acknowledge that as a direct result of this agreement, our friendship will ultimately be terminated.

I don't think so. He's insanely rich, and considers it an investment. He understands all the angles.

[DK 0]

Next thing you know you'll say he has a sweet bed you and him can use.

LOL!!

[SuM827 0]

I've staked a friend before. I don't recommend it, the money didn't mean much to me, and we're still friends, but based on that experience I will say that this will end badly. I'd be wary of the fact that he's asking you to "draft a proposal", usually these deals are made between friends without a contract.

[stratknight 0]

I've staked a friend before. I don't recommend it, the money didn't mean much to me, and we're still friends, but based on that experience I will say that this will end badly. I'd be wary of the fact that he's asking you to "draft a proposal", usually these deals are made between friends without a contract.

Thank God, finally a response with some merit. It's not so much a contract, just more of a guideline on how things are going to be run. I graduated college in May of 04, but haven't really found a job I cared for. So I've made my ends by playing poker for the past year and a half. We're both pretty laid back people, so in a worst case scenario, I still think we're fine. He's a businessman, and understands the risk. We see an opportunity to do business together, and we're gonna take a chance and see how it goes.

[pokerplayer24 0]

This seems way to technical for a deal made just among friends.I'd say just take 50% of the profit and have him take the full risk. Thats really all you need.

[TS Clark 0]

A wealthy friend of mine has followed my game for the past 5 years. A few nights ago, he watched me run well at his house playing 5/10 limit on Stars. We got to talking, and he wants to stake me. He wants me to draw out a plan, and we'll go from there. It needs to include an hourly wage, a percentage of the winnings, and possibly incentives for reaching certain goals per day, per week, etc. It's looking like I'll be playing 5 hours a day, M-F at his house. If anybody has any experience with what my proposal should look like, it'd be a great help. I have a few things in mind, but wanted everybody's opinion before I sit down and show him my proposal. I need it by this weekend. Thanks.

clause a) I do hereby acknowledge that as a direct result of this agreement, our friendship will ultimately be terminated.

I don't think so. He's insanely rich, and considers it an investment. He understands all the angles.

Justblaze is right. You'd be amazed how even relatively insignificant sums of money can become problems in a friendship. When you inject money into any personal relationship, the dynamics of that relationship change. Shakespeare wrote few things as true as, "Neither a borrower nor a lender be."It might work, it might not. But you'd be foolish to discount the potential effect this will have on your relationship with this guy. So, if you don't need the money, don't take the money. Build your bankroll the old fashioned way and don't mix business and friendship.

[TS Clark 0]

This seems way to technical for a deal made just among friends.I'd say just take 50% of the profit and have him take the full risk. Thats really all you need.

While the terms mentioned above are probably fine (I'm certainly no expert on staking anyone in poker games), the contention that this is all you need and that this is too technical a deal for friends is something I strongly disagree with.I own my own business, so trust me when I say the following. Write things down. Frost was right when he wrote, "Good fences make good neighbors" (however ironically he meant it). Both of you agree on specific written terms and sign the document.I have a buddy who is an attorney. He told me something once that's always made a lot of sense to me when it comes to protecting yourself at work or in a business deal..."Paper is like condoms. Keep it between you and your partners at all times. It's for everyone's protection."

[Jeepster80125 0]

I've staked a friend before. I don't recommend it, the money didn't mean much to me, and we're still friends, but based on that experience I will say that this will end badly. I'd be wary of the fact that he's asking you to "draft a proposal", usually these deals are made between friends without a contract.

No. I would be wary of someone using my bankroll in their name. He says they are friends, but money can do crazy shit to people. Good luck. If you are serious about the long term, make sure your sponsor (not friend) understands variance. Make sure you understand it as well.Just my $.02

[Pokerdad2222 0]

I havent had any experience with this but I think it could work for the right people under the right circumstances. I would make sure he knows that there is variance and you may have had a better than ordinary run at his house. You should probably keep things pretty clear as far as when cashouts would occur, or when you would move up stakes if things were running well. I think 50% is a very fair share if he is putting up all of the money. Like someone ssaid before. Keep everything in great detail so that you can chart out an average profit.

[pokerplayer24 0]

Something not mentioned yet is that in order for this stake to be at all worthwhile for you you need to jump a bunch of limits. As in not just to 10/20 or 15/30. Since the biggest game after 15/30 is 30/60 thats about the only game that would be worth taking a stake for, unless of course hes willing to go higher. So I hope your friend understands that a worthwhile stake for you would consist of him putting up something in the range of 20k.

[TS Clark 0]

Something not mentioned yet is that in order for this stake to be at all worthwhile for you you need to jump a bunch of limits. As in not just to 10/20 or 15/30. Since the biggest game after 15/30 is 30/60 thats about the only game that would be worth taking a stake for, unless of course hes willing to go higher. So I hope your friend understands that a worthwhile stake for you would consist of him putting up something in the range of 20k.

I definitely agree with this in the big picture sense. Though I would say it might not be a bad idea (if you decide to go ahead against all the advice you've heard here) for you to take a stake from your friend for a 15-30 game and see how that goes. If everyone is happy with the arrangement and you're performing up to yours and his standards, then you can talk about expanding his investment to bump you up to a 30-60 game.This accomplishes a couple of things -- first, it minimizes financial risk during a "feeling out" period. Second, it allows you to test yourself in bigger games before making a quantum jump. If you're a 5-10 player, making an immediate jump to 30-60 (or higher) might end up being an exercise in getting your ass kicked -- which doesn't help you financially or from a confidence standpoint.

[stratknight 0]

Something not mentioned yet is that in order for this stake to be at all worthwhile for you you need to jump a bunch of limits. As in not just to 10/20 or 15/30. Since the biggest game after 15/30 is 30/60 thats about the only game that would be worth taking a stake for, unless of course hes willing to go higher. So I hope your friend understands that a worthwhile stake for you would consist of him putting up something in the range of 20k.

I definitely agree with this in the big picture sense. Though I would say it might not be a bad idea (if you decide to go ahead against all the advice you've heard here) for you to take a stake from your friend for a 15-30 game and see how that goes. If everyone is happy with the arrangement and you're performing up to yours and his standards, then you can talk about expanding his investment to bump you up to a 30-60 game.This accomplishes a couple of things -- first, it minimizes financial risk during a "feeling out" period. Second, it allows you to test yourself in bigger games before making a quantum jump. If you're a 5-10 player, making an immediate jump to 30-60 (or higher) might end up being an exercise in getting your ass kicked -- which doesn't help you financially or from a confidence standpoint.

Fair point. I jump back and forth between 5/10 and 10/20, so I've had a lot of experience in the 10/20 game, but nothing higher than that.

[pokerplayer24 0]

Not to be an ass but i'm almost positive i've seen you at the 3/6 level recently.

[Royal_Tour 0]

A wealthy friend of mine has followed my game for the past 5 years. A few nights ago, he watched me run well at his house playing 5/10 limit on Stars. We got to talking, and he wants to stake me. He wants me to draw out a plan, and we'll go from there. It needs to include an hourly wage, a percentage of the winnings, and possibly incentives for reaching certain goals per day, per week, etc. It's looking like I'll be playing 5 hours a day, M-F at his house. If anybody has any experience with what my proposal should look like, it'd be a great help. I have a few things in mind, but wanted everybody's opinion before I sit down and show him my proposal. I need it by this weekend. Thanks.

clause a) I do hereby acknowledge that as a direct result of this agreement, our friendship will ultimately be terminated.

I don't think so. He's insanely rich, and considers it an investment. He understands all the angles.

Uhh. Insanely rich people dont usually see card gambling as a form of investment.Insanely rich people play high limits as a hobby, or just to say "i play 100/200" etc...Usually the only gamble these insanely rich people take with their money is one that will show huge profit over short spans. or Enormous profit over long spans.If i was a millionair, i would invest money into companies, ideas, markets. Not so much a person playing poker.No offence, just sounds a bit made up. I think the correct story is you have a buddy who has a poker account with some cash in it, and he works monday to friday, and has offered you to go to his house and play his account, and he will split the winnings with you.That sounds more realistic

[stratknight 0]

Not to be an ass but i'm almost positive i've seen you at the 3/6 level recently.

Yeah, I'm there right now. Just woke up and wanted to start off small before I head out to the gym.

[stratknight 0]

A wealthy friend of mine has followed my game for the past 5 years. A few nights ago, he watched me run well at his house playing 5/10 limit on Stars. We got to talking, and he wants to stake me. He wants me to draw out a plan, and we'll go from there. It needs to include an hourly wage, a percentage of the winnings, and possibly incentives for reaching certain goals per day, per week, etc. It's looking like I'll be playing 5 hours a day, M-F at his house. If anybody has any experience with what my proposal should look like, it'd be a great help. I have a few things in mind, but wanted everybody's opinion before I sit down and show him my proposal. I need it by this weekend. Thanks.

clause a) I do hereby acknowledge that as a direct result of this agreement, our friendship will ultimately be terminated.

I don't think so. He's insanely rich, and considers it an investment. He understands all the angles.

Uhh. Insanely rich people dont usually see card gambling as a form of investment.Insanely rich people play high limits as a hobby, or just to say "i play 100/200" etc...Usually the only gamble these insanely rich people take with their money is one that will show huge profit over short spans. or Enormous profit over long spans.If i was a millionair, i would invest money into companies, ideas, markets. Not so much a person playing poker.No offence, just sounds a bit made up. I think the correct story is you have a buddy who has a poker account with some cash in it, and he works monday to friday, and has offered you to go to his house and play his account, and he will split the winnings with you.That sounds more realistic

He retired at 27. He owns 33 houses that he rents out. 7 figure income. He's a risk taker. He sees this as a small risk, with a chance at a decent return, and if it works out, it's win-win for both of us. I really have no reason to come on to a message board and make up a story.

[mclark340 0]

I agree with those stating that friends should not bring money into their relationship. That being said...here is my advice:The 50/50 agreement would be standard and probably something you could both live with.Here is the problem...how much money is he willing to put on the line and how do you stop this relationship? This is probably the hard part. When he is up or down $X and wants out...and you do not agree.Also, how do you get your money out of the pot?These are all issues for anyone...let alone friends.I would set a dollar and time limit to re-evaluate.

[Royal_Tour 0]

I really have no reason to come on to a message board and make up a story.I dissagree.P.S. Owning property is not a risk.staking a poker player is a huge risk, maybe not financially. Since he could be a millionair investing a few hundred, but technically letting his money fall into the decisions of a mouse click on which you have decided your pair of jacks is good is a large risk for projected return on investment.Think about it.

[mclark340 0]

"Owning a property is not a risk"?????Come on! Real Estate is one of the biggest risks one can take.1. It is a highly leveraged asset with no guarantee of going up2. It brings with it taxes and upkeep3. The risk of collecting your cash flows (rent)I know a couple of people who have been killed on real estate. Changing jobs and having a market crash around them.I know what you meant, but that statement was so far from the truth I had to respond.

[Royal_Tour 0]

"Owning a property is not a risk"?????Come on! Real Estate is one of the biggest risks one can take.1. It is a highly leveraged asset with no guarantee of going up2. It brings with it taxes and upkeep3. The risk of collecting your cash flows (rent)I know a couple of people who have been killed on real estate. Changing jobs and having a market crash around them.I know what you meant, but that statement was so far from the truth I had to respond.

what are you new?since when is owning property a risk. Sure the market fluctuates like everything and you could end up selling for low, but if you are not in a need to sell, you will do nothing but make money off your property.