I have some friends and relatives ask me if they could help sponser me in some tournaments. I never thought of it but it could help help offset the cost of the some of the higher amount buy in tournaments. I was just wondering if anyone has ever done this in exchange for a percentage of the winnigs. Would you charge for the the tournament all expenses ie:airfare,hotel,meals etc. Any suggesatios for a contract so you have it in writing? Any suggestions would be appreciated. Thanks All and good luck to everyone. Chris
Sponsorship Sure I know several players that have and are sponsored in tournaments me included. Most of the time a backer will want at least a 50/50 split, this will include your entry fee and travel expense. You can work out a better deal some times; you just need to decide what it is worth to you to be backed. Last year at the LV Hilton I was backed (when I got 3rd place one month $6,000) our deal was he paid for my airfare ($330) and entry ($1,000) in return he got 60% of any winnings that tournament, but nothing from the finals last May. So I elected to pay more then ($3,600)so if I had won the million it would have all been mine. I also went on to make two more finals that same week plus 10% split with a player on another tournament so I came out head when I could have made nothing sitting at home due to no funds. That is just how I worked it out to keep the finals all to myself. If you want someone to back you for the Hilton lets say you want airfare and entry ($1,250?) for one of the last two qualifiers, I would think that your backer should get half of everything you win that month plus 10% of anything you win in the finals. I would also have your backer pay for your airfare back out to finals. I think any deal better than this I would jump on if you don't have the money yourself. That is the key, what is it worth to you to give up some of your winnings vs. not getting to go at all.
Thanks TX. I was just wanting to get a feel on what some others are doing. I can afford the tournaments but I was thinking "why should I risk all my own money". Thought maybe I would spread the wealth in case of a win. I would like to start traveling a bit more to some of the other tournaments and thought this would help out some. I hate the thought of having to split any winnings.....Yea I'm greedy . I would also like to take this time to thank everyone posting on the board...It has been a fantastic help. Ken you started a great place. Keep up the good work and hopefully we will meet at a tournament some day. Oh wait you can stay home so someone else has a chance... . Have a great and lucky day all!!!!!
TX, At the Million $ finals at the Hilton will they let the final table work a deal to split the pot a little more equitably say $750K for first $250K for 2nd and $75K for 3rd? Seems like the poker guys get a little fairer split.
The Hilton won't participate in any split at the final table. That doesn't prevent a deal being made between the players, but it would have to be done covertly, and it would be difficult to handle all the legal details. And, with that much money at stake, it would need to be a formal agreement. The final table split is truly horrible at the Hilton. It's basically a winner-take-all format. Can you imagine making the finals, and getting $3000 for your efforts? The final table breakdown is one of the reasons I picked the two tournament recommendations on the homepage. Both Bally's and the Frontier have a very nice prize breakdown.
Have a contract handy Ken told you right, the Hilton will pay the winner the $1,000,000.00. Any deals you have are between you and the other player(s) are between you and them and the Hilton wants no part of it. So if the winner doesn't pay you, you’re SOL. You will have to take them to court to get your cut; do you have the money for a long court battle? they have a million dollars. It sucks I know, but it happens. I wouldn't split with anyone unless you know him or her very well and even then have a contract is drawn up. The contract only helps if you go to court and if they blew the money you can't get SHIT! This is really the dark side of tournaments. Only once did I have a problem splitting with someone and it was only for $400. The guy won $4,000 and told me he couldn't afford to pay me right then...DUH. It was a free tournament, (that I had gotten him in), his room and food was free, (he bitched about putting up a credit card) and he had rode to the tournament with my wife and I and didn't even offer to pay for gas. I finally got paid about 3 months latter. Twice before we had split 10% once he paid me and once I paid him with no problems. I haven't split with him again since the $400 split and that was over two years ago. Money makes people act funny so be careful when and if you make deals, you don't want to lose friends. Last year (at the Hilton) I had seven contracts made up just in case I was lucky enough to make the final table. I wound have loved to have made a deal that would have allowed everyone to walk away with $50,000 minimum from the final table. Mostly you hear of a 10% split that is only a few thousand dollars at most and no problems getting your money. I have been involved in several splits, I believe in "A little bit of something is better then a lot of nothing". And if I win $10,000 or higher, I’m not upset about giving $1,000 away knowing that I could have been the one getting the $1,000. It just increases your odds of winning money and any trip where you win or break even is a good trip. Like most players I enjoy playing the tournaments, but they are not my livelihood. Anything made from tournaments is found money to me. If you’re going to the Hilton finals in May you should sign up for the Stardust on the 16/17 of May the day after the Hilton. It’s a pretty good tournament played with Live Money and new format has better spread from top to bottom.
I actually wouldn't mind splitting the final prize payout. Even if you have to split 7 ways depending on the grand prize you still would make out okay. From what I understand this is a common occurence in the WSOP at Binions and some other well known poker tournaments. Of course the Hilton wants the press coverage out of there tournaments so who knows. Okay TX and Ken we can split the million 3 ways.....I'm for it!!!!!
Okay!!!!!!!!! Christo124, I'm all over that three way split and I don't think we would have to twist Ken's arm to much either...LOL. Yes your right poker has allowed spliting the money as had the PGA tour in sudden death. Talking to Jimmy Wike about this last year they wanted the Million given away to the winner abd after that do what you want with it, only leave them out of it (the Hilton).
Tax Issue Regarding spliting the winnings, is the taxman no where to be found at the payouts at these tourneys? Seems like they always have their hand out....
The tax situation is another substantial headache when you start splitting big prize money. For something like the Hilton finals, the winner would have to issue 1099 forms to the other finalists involved in the split, to avoid having to pay tax on the entire amount. There are often deals cut, among friends at the outset of tournaments, or between finalists in an event. However, in my own play, I do very little of this any more. It's just too much trouble.
I didn't even think about having to to issue the 1099's and all the paper work. guess that idea will be put on hold idefinitely. Sounds more like a pain in the %$*&# than it is worth. Thanks for the info Ken.
