Selling Action to the WSOP
So now that I actually won my seat to the WSOP ME, I'm going to look again to sell a % of myself this year. I did the same thing last year, but they were all for smaller Venetian/Caesar's Palace events in which I cashed in a couple, but wasn't enough to generate any positive ROI for those tournaments (thank God for cash games). In any case, I'm looking to do the game again this year...but since I don't really know my schedule yet, I'm only going to sell % of myself in the ME (if you really want to, I can throw a tentative schedule for other events that I'll play in).
I'm looking to sell maybe 50% of myself in total, and right now I have a couple of guys who have already said they were interested but as of writing, all 50% is still available.
Looking to sell it at a 1.1 : 1 ratio ($110 USD for 1%), where as you have guys on 2p2 selling them at 1.3+ with just semi-decent results. By no means do I think I'm better than them comparing (heck, my results is pretty much a tad above break even if you take out my $12K package win), but I definitely think that I have a positive ROI playing in the ME given the nature and skill levels of majority of the players that will be playing. Right now, my bankroll definitely cannot afford for me to have 100% of myself (as much as I want to), but I am also not going to miss the world's softest $10K buyin event with a shot for millions of dollars + potential sponsorship deals that might come along with it.
So if anyone is interested, please shoot me a PM, or e-mail me at westside8 [at] gmail [dot] com. Feel free to post any questions or what not on here.
I'm looking to sell maybe 50% of myself in total, and right now I have a couple of guys who have already said they were interested but as of writing, all 50% is still available.
Looking to sell it at a 1.1 : 1 ratio ($110 USD for 1%), where as you have guys on 2p2 selling them at 1.3+ with just semi-decent results. By no means do I think I'm better than them comparing (heck, my results is pretty much a tad above break even if you take out my $12K package win), but I definitely think that I have a positive ROI playing in the ME given the nature and skill levels of majority of the players that will be playing. Right now, my bankroll definitely cannot afford for me to have 100% of myself (as much as I want to), but I am also not going to miss the world's softest $10K buyin event with a shot for millions of dollars + potential sponsorship deals that might come along with it.
So if anyone is interested, please shoot me a PM, or e-mail me at westside8 [at] gmail [dot] com. Feel free to post any questions or what not on here.
Comments
ME is actually a very +ev tournament for anyone with half a clue about tournament play. There are so many clueless players there that any decent player will certainly have a decent ROI in the event. The only problem is that due to the size of the tournament, the variance is also enormous, thus leading to the need to sell action to lower the variance.
I mean technically I could just take the money and not play, but that is IMO pretty stupid because you can't really find another tournament this soft and the potential for not only immediate return, but future returns being very high.
Now to answer a couple of questions I have been asked:
1. Will you consider selling smaller than 1%?
I would, even though I do prefer to sell it in chunks of 1%, we will see how many I manage to sell/swap before I will make a decision.
2. Will there be a contract signed?
Yes, while I know most people on the forum here knows me, this is just to protect both parties in case I luckbox my way and make a significant score.
3. Does this include any bonuses/sponsorship money I will receive?
No, any action bought will strictly be for the amount of money I cash from the tournament. Bonuses/sponsorship money that I could potentially receive will not be part of this deal.
4. How will you accept money if I buy a piece from you?
PokerStars/Full Tilt is preferred, but I will accept Canadian dollar if you see me in person. I am going to be looking at $120* CDN per 1% accounting for the 1.1:1 ratio + the current exchange rate.
*this also could be changed depending on the fluctuation of our Canadian currency against the US Dollar
too much luck factor in a tournament with such a large field, IMO. I hope you well in any case.
One question - what about withholding tax? I've never played poker in the US, but as I understand it, the IRS will immediately take 30% withholding tax off of any significant win. This tax can be refunded to you (in part or whole) at a later date if you have documented (legal) US gambling losses to offset the winnings in the same tax year.
So if you win $10 Million - it's essentially 30% off all of it.
However, if you end up min cashing in the ME and don't cash in any other WSOP event you enter, your taxable amount will vary significantly - more so if you have or will be doing any other gambling in the US in 2009.
Did you have an idea of how you will handle this? Would you pay out immediately strictly based on the winnings you brought back to Canada and then another small payout later after getting a refund (if you do get a refund)?
I think you're terribly mistaken to the meaning of having a +ev in a tourney
No matter what the skill level of the field is, it is pretty tough to make the money. One bad beat to the wrong donkey and you're out. I think he means that your chance of getting your investment back is pretty slim.
Jim, it's the WSOP ME! You gotta take a stab at the Bracelet man!
I don't disagree, I actually agree with him - hence why I'm selling to lower variance. But the fact remains, statistically, any decent player should have a +roi (and thus +ev) in this tournament given the skills of most of the participants.
Agreed. For those who are not affected by the 30% tax/rake, the WSOP Main Event is the most +EV tournament so the US pros make sure they play it every single year in their lifetime.
That was what I gathered from talking to guys like Watts. Looks like you were able to get an awesome deal from your buyers.
You are right...that's how I'm gonna do it. Just spoke with someone who has a CA and they said it is far better for me to give the money post-withholding given my status as a non-pro.
That's my point basically. With so many players, its really hard to make it to the money. Your job is to prove me wrong
I would never play the ME if I could sell the satellite. I don't need the money but I would rather use it towards other lower buy-in tournaments with similar structures. More bang for the poker buck! but that's just me. Although I do plan to play the ME down the road when the mortgage is paid off.
So let me know if you're interested.
more genius
welcome back, we have missed your nuggets of poker wisdom.
Well, with your generous 2/5 bankroll, and the ME being such a +EV event, I surprised you are not playing it year after year. Do tell?
Then you would need to pay tax on your online winnings as well if you report it.
Do you accept casino bucks? How much will $1 US get me? We can work out the details over pm.
Congrats on winning the seat.
Thanks.
I don't play mtts.
Booked Bellagio for 5 nights. July 2nd - 7th...got an extra bed if anyone is interested. Otherwise I'm just going to get a king instead of 2 queens
Unsure about the contract (but leaning towards not signing at this moment at least), but I'm taking the $1K instead of the room at the Palms.
I get up to Supernova and the invites to the party/players package, but I don't get any options IF I make it deep, or even the option of taking money to wear patches if I make it to a TV table. Especially this year where ESPN will cover ALOT of the main event, it might be more beneficial for me to wait and see how I do in that regards. My volume on Stars isn't high enough where I will be able to use the VPP and make SNE or something.