aknapp1112 0 Posted December 22, 2006 Share Posted December 22, 2006 I have a question, what is the general rule of thumb when a player backs you? A friend of mine has seen me play some cash games here in Va beach, and I was talking about trying the WPT $500 buy in event in January at Borgata. He has some money, no kids, etc. and mentioned that he would like to get in on some of that. If I cash, what is the standard for splitting up the winnings? Would like to keep it informal, no corporation or anything like that.Thanks in advance. Link to post Share on other sites
Steamed Rice 0 Posted December 22, 2006 Share Posted December 22, 2006 if he pays the full buy in, i would think 70/30 sounds fair Link to post Share on other sites
mentallyretardedpear 0 Posted December 22, 2006 Share Posted December 22, 2006 I have a question, what is the general rule of thumb when a player backs you? A friend of mine has seen me play some cash games here in Va beach, and I was talking about trying the WPT $500 buy in event in January at Borgata. He has some money, no kids, etc. and mentioned that he would like to get in on some of that. If I cash, what is the standard for splitting up the winnings? Would like to keep it informal, no corporation or anything like that.Thanks in advance.Three free nights of Huggling (anal seks optional) and a reserved 15 minutes of "penis resting time" on your back everyday. Link to post Share on other sites
aknapp1112 0 Posted December 22, 2006 Author Share Posted December 22, 2006 if he pays the full buy in, i would think 70/30 sounds fairI was thinking alone the same lines, but closer to 60/40... but, as an example lets say he backs me and my cash out is 10 grand. well after taxes that is about 6500 lets says. Do we split the 10 grand or the 6500? if we split the 6500 at 60/40, i will be paying just about the same in taxes then i take home.or, should i take my 4 grand out of the ten, pay the 3500 in taxes and he gets the rest, problem with that is he gets only 2500.or am i thinking wrong? Link to post Share on other sites
blacktie31 0 Posted December 22, 2006 Share Posted December 22, 2006 This is just something you need to negotiate with him.Normal would be something around 60/40, you getting the 60.The casino should be able to set you up with a form to fill out for tax purposes, they will prob take out the taxes before they give you the money depending on how they pay you, and how much it is. Link to post Share on other sites
suicideking 0 Posted December 22, 2006 Share Posted December 22, 2006 Take out taxes.. Split actual prize money received. Link to post Share on other sites
Jrobb25 0 Posted December 22, 2006 Share Posted December 22, 2006 I have a question, what is the general rule of thumb when a player backs you? A friend of mine has seen me play some cash games here in Va beach, and I was talking about trying the WPT $500 buy in event in January at Borgata. He has some money, no kids, etc. and mentioned that he would like to get in on some of that. If I cash, what is the standard for splitting up the winnings? Would like to keep it informal, no corporation or anything like that.Thanks in advance.I back some of my friends....and we do 70/30. And we both are totally cool with that. It should be something your both comfrontable with. Its not worth losing a good frienship over money.So set the standard and stick to it. Like precentage and how many times he'll buy in for u, things of that nature. GL Link to post Share on other sites
GrinderMJ 0 Posted December 22, 2006 Share Posted December 22, 2006 70/30 is god awful for the player, and I could never see myself accepting a deal like that. Link to post Share on other sites
aknapp1112 0 Posted December 22, 2006 Author Share Posted December 22, 2006 I back some of my friends....and we do 70/30.30 for you?what do u do for taxes, or is it 70/30 after taxes? Link to post Share on other sites
fatman 1 Posted December 22, 2006 Share Posted December 22, 2006 Three free nights of Huggling (anal seks optional) and a reserved 15 minutes of "penis resting time" on your back everyday.I laugh everytime I read a joke about this Link to post Share on other sites
channjalen2003 0 Posted December 22, 2006 Share Posted December 22, 2006 Take out taxes.. Split actual prize money received.I agree. Split it up after taxes. Link to post Share on other sites
beans422 0 Posted December 22, 2006 Share Posted December 22, 2006 I put some of my friends into tourneys when they come out to Vegas and always we're splitting it 60/40 (60 for the backer, 40 for the player). I read above that some are splitting it more for the player, while I don't know if that's the norm or not; I think the person who is risking his money should get the better end of the deal. Link to post Share on other sites
MyPlayIsRAB 0 Posted December 22, 2006 Share Posted December 22, 2006 you coudl do 60/40, or give him his 500$ back and chop the profits evenly. as for taxes, move to canada Link to post Share on other sites
quadaces 0 Posted December 22, 2006 Share Posted December 22, 2006 I back some of my friends....and we do 70/30. And we both are totally cool with that. It should be something your both comfrontable with. Its not worth losing a good frienship over money.So set the standard and stick to it. Like precentage and how many times he'll buy in for u, things of that nature. GLDo you get your buy-in back before splitting it up or are you just out the buy in? Link to post Share on other sites
BeaverStyle 1 Posted December 22, 2006 Share Posted December 22, 2006 I was under the impression that it is normal to:1. split the winnings 50/50 2. backer gets original buy-in + half of winnings3. say the backer fronts half the buy-in, he gets 1/4 of the winnings.Meh? Link to post Share on other sites
pocktdeuces 0 Posted December 22, 2006 Share Posted December 22, 2006 I was under the impression that it is normal to:1. split the winnings 50/50 2. backer gets original buy-in + half of winnings3. say the backer fronts half the buy-in, he gets 1/4 of the winnings.Meh?ya, thats what i thought too. and they split the money after taxes...or at least estimate the taxes and then split the money. Link to post Share on other sites
checkymcfold 0 Posted December 22, 2006 Share Posted December 22, 2006 there are a couple options that are fairly common:1. backer pays entry fee, split all winnings 50/50 (NOT less buyin) before taxes so that less money is taken out--make sure you make some sort of contract with your backer so that there is documentation that the winnings are to be split just in case you're audited.2. backer pays entry fee, accommodations, split winnings 60/40 in favor of the backer. same thing applies re: contract for tax purposes.3. backer pays entry fee, split all winnings 50/50 AFTER the backer takes the original buyin out of the prize money. again, make a contract. this method is typically used when a backer has begun to lose a little faith in his/her horse, but not always. Link to post Share on other sites
Jrobb25 0 Posted December 22, 2006 Share Posted December 22, 2006 30 for you?what do u do for taxes, or is it 70/30 after taxes?30 for me after yes Link to post Share on other sites
MychCumstien 0 Posted December 22, 2006 Share Posted December 22, 2006 The real question is "how good is the horse?" Your willingness to back them should be based on their skill, and ability to cash.If I'm backing a player, I'm not giving 70/30 to them, unless they are a very good player, and stand a very good chance of cashing. Well, come to think of it, I've never backed somebody 70/30. I'll go the 50/50 route, especially for high entry fees. If they don't like it, they can find the entry fee else where, i.e. play a satellite.side note, 50/50 works really well if you're backing a friend, as it keeps things "fair". Link to post Share on other sites
PrtyPSux 0 Posted December 23, 2006 Share Posted December 23, 2006 70/30 is god awful for the player, and I could never see myself accepting a deal like that.why not? if you have no other way of getting in a 25k bellagio event and someone randomly comes up and tells you he'll put you in for 70/30, you're telling me you wouldnt do it? Just for the experience alone..fck, if someone payed my buyins and my trip expenses I'd play for 25%.to the OP, it honestly depends on how good you are and how badly you want to play. If I can afford a tourney I wont take a backer, but if I can't afford it and I bricked a few sats my "price" goes down depending on how much I want to play. Another thing to settle before you take a deal is what will be done for taxes? If you win 100k and you have to pay 100% taxes on the win, well then you'd see how screwed you are. Also, you can tell him that if you make him some good money, he should start backing you in more events since he is essentially freerolling on you and you've proven (in the very short term) to be a decent investment. Backing deals can get sketchy at times..I had a backer for 3 events in the series who handled everything perfectly so that there was no doubt in anyone's mind before I started playing, he had a contract printed and had us sign etc..its probably the best way to go for anything big to avoid disagreements. GL Link to post Share on other sites
_Great_Dane_ 0 Posted December 23, 2006 Share Posted December 23, 2006 This is just something you need to negotiate with him.Normal would be something around 60/40, you getting the 60.The casino should be able to set you up with a form to fill out for tax purposes, they will prob take out the taxes before they give you the money depending on how they pay you, and how much it is.Here's the info about the form that you need to present to the casino:http://www.pocketfives.com/DD6E4B33-181C-4...E6A8AF8C.aspx#5 Link to post Share on other sites
Abbaddabba 0 Posted December 23, 2006 Share Posted December 23, 2006 I think a lot of you are extremely optimistic about staking.If anyone wants to strike a deal with me for anything close to what you're talking about here (for an individual tournament), i'm definitely up for it.I can provide you with databases of roughly 300k hands with some of the highest winrates on AP at that level (of people who have played 100k+ hands in recent history). Link to post Share on other sites
GrinderMJ 0 Posted December 23, 2006 Share Posted December 23, 2006 why not? if you have no other way of getting in a 25k bellagio event and someone randomly comes up and tells you he'll put you in for 70/30, you're telling me you wouldnt do it? Just for the experience alone..fck, if someone payed my buyins and my trip expenses I'd play for 25%.to the OP, it honestly depends on how good you are and how badly you want to play. If I can afford a tourney I wont take a backer, but if I can't afford it and I bricked a few sats my "price" goes down depending on how much I want to play. Another thing to settle before you take a deal is what will be done for taxes? If you win 100k and you have to pay 100% taxes on the win, well then you'd see how screwed you are. Also, you can tell him that if you make him some good money, he should start backing you in more events since he is essentially freerolling on you and you've proven (in the very short term) to be a decent investment. Backing deals can get sketchy at times..I had a backer for 3 events in the series who handled everything perfectly so that there was no doubt in anyone's mind before I started playing, he had a contract printed and had us sign etc..its probably the best way to go for anything big to avoid disagreements. GLI was referring to long term deals, in the terms of your situation I would of course accept. Link to post Share on other sites
PrtyPSux 0 Posted December 23, 2006 Share Posted December 23, 2006 I was referring to long term deals, in the terms of your situation I would of course accept.I might still take something like 35/65 longterm w/out make up...it might even be a better deal than 50/50 + make up....it goes all sorts of ways. Link to post Share on other sites
Socrates 0 Posted December 23, 2006 Share Posted December 23, 2006 From your post I'm assuming you're one of the best young poker players out there. I would ask that you be staked and get 95/5. You seem too good to give up 30%. Put an ad on Criagslist, I'm sure someon will back you. What does AC stand for again? Almost competent? Link to post Share on other sites
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