Week One: Action for Sale

 

Several people have asked when I'm going to begin selling action, so I've put together a package for week one. I'm not a professional player, and I'm not going to set up some kind of staking account to handle this. Let's keep this friendly.

The Package:

• Event 14: $1500 Mixed PLO/8, Omaha/8, and Big O (one bullet)
• Event 15: $600 PLO Deep Stack (two bullets)
• Event 18: $1500 NLH Monster Stack (one bullet)
• Event 22: $1500 Big O (one bullet)
• Price: $60 = 1%
• Yes, that's a mark up of $3. No, I'm not trying to price gouge anyone. The round number is simply for ease of my accounting.

Terms:

• For everyone 1% a backer purchases, that backer will receive 1% of the prize pool remaining at the end of all four events.
• Any unused buy ins will go back into the prize pool. That means that if I don't play an event, or if I don't fire a second bullet in Event 15, you get your money back for that event.
• If I cash the event: (1) 100% of the original buy in will go back into the prize pool; (2) 75% of any winnings above the buy in will go into the prize pool.
• For example: if I buy into an event for $1500, I cash, and I receive $4500 then the prize pool would be as follows. First, the $1500 buy in goes in. Then 75% of the $3000 profit goes in, which is $2250. So the prize pool from that event would be $3750, and a backer receives $37.50 per percent they own.
• The 25% downward adjustment in the profit covers the IRS withholding rate on gambling winnings.
• EXCEPTION: In the event of a substantial prize, I may adjust the payouts to reflect actual tax liability. Basically, if I win $1 million dollars or something, the taxes will be more than 25%, so I'll have to adjust the payout percentages accordingly. This is the kind of problem we're hoping to have.
• I am not promising or guaranteeing that you'll get any money back at all. Buy at your own risk.
• I will sell up to 30% of my action. First come, first served.

I suspect there's something I'm forgetting here, so feel free to ask me questions about this. I won't be there until a few days later, but the first WSOP events begin in only seventeen days. It's time to start getting excited!