Sunday, December 12, 2010

new stake

I've just finalized an agreement with a new backer.

The agreement is 60/40 just for the profits for the first month, I get all fpp's. I send his share of the profits after each month. First cashout is on January 1. From then, 50/50 sharing on profits, bonus and points earned. Investor is from Sweden, plays poker full time.

I was chatting with the backer on skype for about an hour. He had questions about why I was looking for a stake, clarified expectations and all that. The backer planned to start the stake on January 2011 pending pokerstars' announcement on the new VIP system. I suggested that we start the stake today, but instead of sending money for a higher stake, we start off at 2NL. This way, backer can see how things go the first month on a much lower risk exposure--he is only putting $75 at risk. He said that if I was going to risk my reputation for less than a hundred dollars, then so be it.

What I like about this stake is that backer will bankroll my game for higher stakes even if I only made 1bb/100 over a decent sample size. Decent sample size is about a month's worth of play, which is ~30k hands.

Not bad.

All in all, I think there was about 3 to 5 inquiries from my ad. I got myself a stake within three days since posting the ad.

Here is my new bankroll to set a baseline for calculating profits: