Even Daniel Negreanu, one of the best known and most successful players, with $22 million in career earnings, took to Twitter to sell pieces.
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"I'll be selling 50% of my action for The One Drop $1 million buy in this year. Get at me if you want to buy a piece. $5k minimum," Negreanu wrote.
Negreanu finished second for a prize of $8.3 million, a pretty good return for his backers.
Vanessa Selbst, the only woman in the event, told pokernews.com "I definitely do not have all of myself, I'm not that sick in the head. But I have investors here and there, and I just hope to make them proud."
Why do they do it? It's just bad bankroll management to put up a such a large chunk of your money for one tournament. Normally a player would never spend more than 1 percent of his poker bankroll on a tournament entry. That means you would need $100 million on hand to make playing this tournament a wise expenditure.
While not overexposing oneself to financial loss makes perfect sense, there are other reasons players sell action as well. For instance, to reduce "variance," a fancy word for luck. By buying or swapping pieces of several players, it reduces the chance of losing hundreds of thousands of dollars on one bad card.
It's also fun. Players like to trade with their friends so they'll have a "sweat" once they've been eliminated from the tournament, or even if they didn't enter at all.
The thing you need to know about selling pieces is that everyone does it. Nearly all the big pros you see on TV winning millions of dollars will have to split their prize money with investors.
But it's very rarely talked about in public because it's a lot cooler to see one guy standing behind a huge pile of money than 10 guys behind 10 smaller piles.
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I'm looking to sell 60% of the 2018 WSOP Package ($20k) at 1.25 markup, meaning each 1% costs $250.
Terms are below; please email This email address is being protected from spambots. You need JavaScript enabled to view it. if interested. I will keep an eye on the comments here as well, so you can use that for questions.
- I need paperwork from backers for taxes if I cash
- 5% minimum, though I have no objection to people subdividing a 5% among themselves as long as I only have to deal with one person
- Any endorsement money, prop betting money, or other money I make on the side because I play in the tournament is mine to keep
- I can receive and send money with BoA, paypal, cash in Italy/Switzerland, or cash / chips / tournament lammers at the Rio from July 1st. I’d rather get the money beforehand because it’s one less thing to worry about while I’m traveling
- I’m allowed to make swaps, sell small pieces to family and close friends, etc.; that is, although I’ll have significant skin in the game, I don’t want to create the appearance that I’m only selling/swapping 60%
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Roby is always looking for partners and sponsor who are eager to partecipate in this success.
