Wednesday, October 7, 2015

The $500 Stake

I got a message sometime yesterday for a guy who I will forever keep confidential and will be referred to by an alias only. I will refer to him as "Chris".  Chris got in touch with me and gave me his email and asked me if I would be interested in a stake for poker.  I was very touched by this offer and figured that he might be looking to stake me to a couple of  live tournaments and hopefully I can make some money for both of us which would be great, but Chris had something else in mind.  His thought, if I was acceptable to it, was too transfer to me $500, and from this point I play what I feel is best what I feel is going to get us to our goals.  He would like weekly updates which is only natural, and I'm free to blog about it, but what I do and how I utilize the stake is my concern I have discretion.  if I were to lose the $500 I do not owe him anything, but of course that would end any future staking relationship that we may or may not get into.  If I am successful, I will turn that $500 into $2,000 and then I will send Chris $750 of that $2,000 giving him a 50% return on his investment and quite frankly giving me $1,250 to continue my poker journey with.  I am very touched and extremely appreciative of the offer, and decided to accept.  The money was transferred to my paypal this morning and I immediately sent it to my bank account which according to PayPal will take 3 to 4 business days, could arrive as early as tomorrow, but at the latest will arrive by Wednesday.  Assuming it does so, come Wednesday, I'm back playing live again.  The only question is what is the best approach. 

As much as I dislike the electronic tables it looks like that's the way I'm going to have to go.  I will simply look at this as I have to put my time in and the better I perform the more I make the faster I can get away from them, but having to start out on the lowest rung of the ladder just like any job that you go in entry-level it's what needs to be done.  I could take the $500 and play the $45 tournament at the Golden Nugget or at the Linq or a variety of $40 tournaments but that would only give me 10 buyins at the most and while it may be enough we all know that coolers can dictate things far differently than what we might wish.  They happen and they happen to everybody and I'm not so arrogant as to think that it's not going to happen to me that's why bankroll management is so important, that's why multiple buyins are so important.  if I play all 4 tournaments at the Plaza, 10:30 a.m., 2 p.m., 5 p.m. and 9 p.m. if it goes off then that is a total of $60 in entry fees per day with an average buyin or ABI of $15 that gives me 33 buyins and the best chance of success.

As the bankroll increases I can also increase a buyin here and there. For example when I reach $1,200 I can then on Thursday and Saturday night play the $45 tournament over at the Nugget since on those nights the Plaza has their $35 Deepstack and if I'm going to spend $35 on a tournament I'd rather spend $45 at the Nugget than $35 on an electronic table so with all that said as soon as the transfer from PayPal hits my bank account I will be back at the Plaza on a daily basis grinding a minimum of three tournaments a day and possibly 4 tournaments a day 5 days a week.  It will all depend if those 9 p.m. tournaments actually go off as scheduled and how tired I am.

I don't like the way the Plaza plays around with their so called guarantees, I don't like how they make up their own rules regarding the guarantees, I don't particularly enjoy electronic tables, but then again I'm not in a position that I can do much about it at this time.  My whole purpose my whole focus is going to be to make to get that $2,000 as fast as possible utilizing correct bankroll management and bringing my A game with me every minute of every day.

I no longer am grinding online.  Still have 5 freeroll tickets for being a new depositor, but I withdrew $100 and they're going to send that to my paypal account and that will be used for expenses.  As soon as the money hits my bank account.  I'm going to be out so much during the day playing that I'm not going to have time for online play anyway.

That's all for now.  A big thanks to my backer Chris.  Take care one and all and I'll see you at the tables.

7 comments:

  1. That is a very generous staking offer from Chris. Best of luck!

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  2. Oh, I have been meaning to ask, what are the rakes charged by the casino with these low buyin tournaments? Do you take that into consideration to figure out if a particular tournament is beatable?

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  3. Hello pokerdogg hope all is well with you. First off thank you for the well wishes on this. Now lets talk rake.

    4 tournaments daily. Two $20 tournaments with reentry and $5 addon $15 goes to the prize pool $5 to the house so 25% juice.

    Two $10 rebuys. The initial $10 goes to the house and all rebuy and add-on money goes to the prize pool. The 10:30 a.m. has a $150 guarantee. If they do not get 10 players in the tournament and that does happen then the prize pool guarantee is out the window but when that happens they take no rake and that initial $10 is part of the ptize pool. The $20 tournament always seem to make their guarantee as they always get at least 10 players. If a tournament gets less than 10 players they pay out the top two spots, if the tournament gets 10 players or more they pay off the top three spots. For my 3 days that I played there the average payouts for the $10 rebuy were $75, $50 and $25. The average payout for the $20 tournament was in the neighborhood of $125, $75, and $50.

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    1. Wow, that is a lot of juice, especially with the $10 rebuy. Assuming the average player rebuys twice, that makes it 33% juice. I think it would be tough to beat that game.

      Have you considered grinding MTTs online on Bovada? They have a fair number of daily tournys between $5 and $10, quite a few with guarantees. With around 10% juice, the ability to multitable, and play for meaningful money even at the $5 level, it may be the most profitable and least variance way to go.

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  4. id be very reluctant of accepting stakes on paypal. someone could set u up. u could withdraw the stake, start losing it, and the person suddenly REVERSE the paypal transaction, and get all their money back, causing ur bank acct to be overdrawn, (which would make your bank file criminal charges against u).be aware anyone can reverse a paypal at any time for up to 2 months without a valid reason, its not safe.

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  5. I understand what you're saying pokerdogg, but since I'm in Las Vegas living here now unless I have absolutely no choice there is no way I'm not going to play live even if it is an electronic table. the juice can be a bit pricey, but as long as we get 10 people in the tournament it is a $150 guarantee which is better than nothing in the $10 rebuys

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  6. Tony, it amazes me how you try to give advice when you have absolutely no idea what you're talking about. I knew you were dead wrong, but I called paypal anyway. That two months has to do with people buying things online from an online merchant like eBay in case they didn't get the product that they paid for then they have 2 months to file a claim. A person to person transfer cannot be reversed and that comes straight from PayPal themselves.

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