Looking for WSOP steps backer.

[Dale]

Hi,

This post has been written for the two plus two forums. But as Blonde Poker was my first poker forum I would like to extend this opportunity to you guys. I'm looking for a pretty large stake ($20K minimum) but may consider a consortium.


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I'm looking for a backer for the WSOP steps on PokerStars.
They are running right now but I'm looking to start as soon as Stars advertises them and they get decent volume from the fish.

I will leave this offer open for at least week to make sure that I get the right backer.


Info on stars step program:

http://www.pokerstars.com/wsop/qualify/steps/

Click to see full-size image.

How the backing deal will work:

Backer ships me the stake. (We can buy into the steps using $W so if backer can buy $W at a discount he gets an instant edge from that, if he ships me cash I will try to buy $W at the best rate and we both get effectively get an edge from that).

I will grind the steps starting from Step 3 with the initial stake until the stake is spent and all that is left is Steps tickets.

Step 6 payout is 1st: $12,500 package, 2nd/3rd $1.5K cash, 4th/5th $1K cash, 6th $500 cash.

You have to "play" the first package you win, then you get $W. In the case of the WSOP, stars can't buy you in direct so they pay you cash. This is from the 2008 WSOP Package FAQ
http://www.pokerstars.com/wsop/faq/#a1

# 1. I understand that if I win a seat to the Main Event in a PokerStars satellite that you will not buy me into the event, but will simply deposit the $10,000 (plus $2,500 for travel) into my

PokerStars account. Is this correct?
# Yes.
# 2. So does that mean that I have to buy into the Main Event myself, even having won a satellite on PokerStars?
# Yes. We will put the money into your account within 5 business days of you qualifying, and then you will have to buy directly with Harrah’s. For more information please visit the World Series

of Poker website www.worldseriesofpoker.com

I would assume the same would apply this year but stars haven't updated their WSOP package for 2009 yet, so will keep an eye on that.

Profits from the Step 6's will be reinvested into the Steps program starting at Step 3. Any cash payouts I will try to buy $W at the best rate I can before playing the steps.

As rake is high in SNGs I will pay my backer $8 for every 1000 FPPs earned. This will work out at ~14% rakeback direct to thebacker, I will pay out on this weekly, bi-weekly, monthly or whatever backer wants.

When the WSOP steps quit running (i'm guessing a week or 2 before the WSOP main event) all $W will be sold at the best rate we can get. Backer will have the stake returned before any profits above this are split 50%/50%.


Couple of examples of what might happen:

Initial stake of $20K.
Account balance as result of step activity after $W sold: $40K
Backer gets $20K returned plus 50% of the $20K profit = $30K returned. Backer makes $10K profit plus rakeback.


Initial stake of $20K.
Account balance as result of step activity after $W sold: $17K
Backer gets the full $17K as less than initial stake. Rakeback doesn't count towards return of the stake, if I already paid backer $6K in rakeback he still gets the full $17K because it's less than the initial stake,


I will have pokerstars email a report of all Step activity so that results and FPPs earned can be verified. I will also keep all hand history files.


About me:

Been playing SNGs seriously for 3 years.

I have played easily over 100,000 SNGs lifetime. A lot of these were across multiple accounts (for 100% rakeback bonus whoring) on the old tribecca network in 2006. In 2007 I played a lot on prima on several skins, on one skin I won their SNG leaderboard every week for months and even won a bahamas package as a result. I've played a bunch on Party and BOSS/IPN under many different accounts. I've played smaller amounts on most other sites, a few hundred on Cake under the account Daleroxxu which can be tracked. I've made profit on every account I've had.

On pokerstars I have played over 40,000 SNGs, since this site is fully tracked by Sharkscope and all my SNGs were played under the 1 account I will post stats:





Recently I have been playing the high stakes double or nothings. These, given their payout structure, have much more in common with the steps than ordinary payout SNGs do.
I'm currently ranked #1 on the Sharkscope leaderboard for Double Or Nothings for all sites.



I'm also currently ranked #2 for $35-$100 games for any site and any game.




I played the Steps on stars when they first came out 2 or 3 years ago, grinding from the $7.50 Step 1s I reached two Step where I cashed but didn't win packages. It was still a nice profit from the low stakes I bought in at. During this time I studied the ICM push/fold math for each step and created some custom structure files for SNG Power Tools to do this.

I've been on 2p2 for 3 years and have met many people from the forum in real life and can supply references to confirm my integrity.


What I'm looking for in a backer:

Preferably has experience of high stakes SNGs and/or the step program, but not essential.

Someone who is committed to investing a decent chunk of cash into this deal so that we can make the most out of it. I think $20K would be the minimum.

Someone who understands how sick variance is likely to be in these games. Running good or bad in coinflips in the Step will make the difference between tens of thousands of dollars.



What you get from me:


A solid SNG player with years of winning experience and a great understanding of ICM and how to apply it to any SNG payout structure.

I use a HUD and can identify other good players and regulars by their stats. I will use game selection so that I don't end up loading a bunch of games where there isn't good value.

I tile my tables, I don't cascade or stack and I rarely play more than 12 tables at a time. You can be assured that the games you back me for will be given a lot of attention, I will be getting solid reads on players from watching/note taking and from HUD stats and won't just be playing like a robot.

Although I will still be playing my own games (standard structure SNGS) during the staking period (on my own dime) I will commit to a minimum number of steps per week as agreed with the backer.

The fact that I will be playing my own games during the staking period has the advantage to my backer that if the Steps are full of regulars one night I just won't play them, where if I was committed to only playing steps all the time this would be tougher if I had set aside this time to grind.

I will communicate progress regularly.

I won't quit you during the staking period while not in profit.

[Longy]

Such a good opportunity for someone with the $. If only everyone made such good proposals.

Gl Dale.

[booder]

Such a good opportunity for someone with the $. If only everyone made such good proposals.

Gl Dale.

[snoopy1239]

Do you just want one backer, dale, to shell out the full 20k?

[cambo]

awesome proposal mate, gl with this

[TheChipPrince]

Good luck, cracking opportunity...

Can I ask why, if you've won over 32k this alone on DoN would you need 20k investment?

[Dale]

Thanks for the kind comment Longy and the +1 booder


TheChipPrince,

I think I'm easily +ev in these

There will be other grinders at the highest steps but the very nature of the steps means I will be playing $2000 SNGs with some guys who are fish used to playing $5 sngs that got lucky in a few steps.
Hopefully once stars sends out the emails saying the WSOP sats are gogogogo the fish will come flooding to the steps like they seemed to last year.

However, I don't want to deal with the variance involved in playing effectively $2K SNGs, I've always been very risk adverse (a huge nit) and seeking a backer for these games seems like the prudent thing to do. $20K is a minimum but more would be useful to withstand any short term variance, $20K is < 9 step 6 buyins effectively. Ever lost 9 preflop allins in a row where you were 70/30 favorite or better? I have, it sucks in $100 sngs and would be absolutely soul crushing in $2K SNGs.

I'm making the offer really really good by paying out rakeback to the backer so even if I do run as bad as possible there will still be a regular payout.

[Dale]

Do you just want one backer, dale, to shell out the full 20k?

Snoopy, yes for now, and 20K absolute min (although may not need all of it transfered to me at once). I will have this same proposal on 2p2 for a week once I get approval to post it.

One person would make this much easier for me but I realise theres very few people who can afford such a large stake.

If no baller comes forward then I will extend the opportunity to a consortium of people, like has happened with other stakes on Blonde. This would be harder to manage with multiple transfers from multiple accounts and having coming in and out and to communicate to other people, but on the flipside it would probably make a good sweat thread and allow a lot of people in on the action.

[TheChipPrince]

Thanks for the kind comment Longy and the +1 booder


TheChipPrince,

I think I'm easily +ev in these

There will be other grinders at the highest steps but the very nature of the steps means I will be playing $2000 SNGs with some guys who are fish used to playing $5 sngs that got lucky in a few steps.
Hopefully once stars sends out the emails saying the WSOP sats are gogogogo the fish will come flooding to the steps like they seemed to last year.

However, I don't want to deal with the variance involved in playing effectively $2K SNGs, I've always been very risk adverse (a huge nit) and seeking a backer for these games seems like the prudent thing to do. $20K is a minimum but more would be useful to withstand any short term variance, $20K is < 9 step 6 buyins effectively. Ever lost 9 preflop allins in a row where you were 70/30 favorite or better? I have, it sucks in $100 sngs and would be absolutely soul crushing in $2K SNGs.

I'm making the offer really really good by paying out rakeback to the backer so even if I do run as bad as possible there will still be a regular payout.

Good explanation, very best of luck...

[boldie]

If only I'd won the lottery this weekend..I'd jump on this.

[Jim-D]

Good luck with this Dale and Flushy   

[matt674]

your graph shows you make a steady regular profit playing regular sit and go's - especially at the range between $40-100.

Why not just get the staking to play those and earn the same money where you have proved to beat variance in the past?

[Longy]

your graph shows you make a steady regular profit playing regular sit and go's - especially at the range between $40-100.

Why not just get the staking to play those and earn the same money where you have proved to beat variance in the past?

He doesn't need staking for those. He wants staking for steps as his hourly is far greater in those but involves a crap load of variance so wants a backer to avoid the swings.

[pokerfan]

I like it gl Dale.

[maldini32]

Absolutely awesome proposal dale.

All the best.