I’m considering selling some of my action for Panama in order to reduce the outlay. I don’t feel like I need to as I’m quite comfortable financially, however if I’m going to play a variety of higher entry tournaments it probably makes sense to reduce the associated variance.
Staking is a hotly debated topic in the Poker community as there have been a number of documented cases of agreements turning sour. For the most part however, staking makes sense for all those involved if the player is profitable long term.
Those new to Poker may be asking themselves “If a player is winning money on Poker, why does he need to be given extra money to play while sacrificing a percentage of their winnings?”. Simple really. It allows a player who’s typically used to grinding out £5 tournaments to enter a couple of £50 tournaments without taking a massive chunk out of their roll. There is a lot of variance in tournament poker and if we can reduce our risk and get to play a much bigger tournament, why wouldn’t we?
There is, however, a variety of different types of staking. Some are long term. Some are short term. I’m not interested in getting staked long term; to be tied into a contract with little flexibility about what tournaments I can play and when. I have a full time job. I’d also like to think I also have a social life (ha!), so to be put on a someone elses schedule is a ‘no no’ for me. Panama is likely going to be a one off so I’ll treat it accordingly. I’m probably looking to sell between 10-20% of any tournaments I enter. This will take the edge of the entry fee and enable me to play the tournaments I want at a reduced price, hopefully rewarding any stakers with a decent cash in the process.
Now it’s just a question of finding a couple of stakers willing to buy a piece. Often this can be the most difficult part of the whole process. I’ll offer any action to friends first however everyone has their own financial concerns which is totally understandable. I’m reluctant to sell any % to anyone I don’t know. This drastically limits the amount of options available to me but there’s a certain amount of trust needed to send and receive money to people online. One of the worst recent examples of this can be read here. I don’t want to be naive, even if I’m the one receiving the initial money. Trust after-all is a two way street.
My preliminary schedule for Panama (Obviously subject to how I do):
March 12th – $1100 Pokerstars National Championship (Main tournament I’ll play)
March 14th – $330 Deep Stack Single Re-entry
March 15th – $220 Deep Stack Single Re-entry (should I be out of $330)
March 17th – $550 Deep Stack / Cash Poker
March 19th – $220 Deep Stack Single Re-entry
So there it is. $2420 worth of Tournaments right there. You can see how selling 20% can reduce my outlay to under $2k, whilst still being able to play in all of the tournaments.
I’ve decided to focus on the Deepstack tournaments. These are a lower variance form of the game than the much quicker Turbo’s. It should give me a better chance of getting a decent result. I may decide to play some cash poker on one or two of the nights as this can be a lot more reliable in winning money on the short term, although tournaments are my personal preference as its my strongest format of the game.
It does seems like a lot of money on the face of it, however I’ve got a poker roll online which currently covers all entry fees. Ideally I wouldn’t have to use it as there’s more ways I can save money other than staking – I’ll see if I can satellite into the tournaments either online or while I’m there. In the meantime I’ll continue trying to increase my online Poker roll to give me a better cushion should I brick all the events.
Only 2 and a half weeks to wait…