Playing the percentages

Gary Clarke, 10/03/08 | Print this article

Getting staked might seem like a good idea now, but could it be one you regret forever?

A common occurrence in poker is players being staked. This happens when a player sells off a percentage of themselves in order to pay some of a tournament entry outside of their own money. In simple terms, in order to buy a 10% stake in a person playing a €1000 tournament, the cost is €100. More often than not the stake is without a premium. The reason for this is because players who command a premium generally are playing for 100% of their action. I cannot see why a player with a positive expectation would want to sell percentages. It is akin to selling shares/currency for below the market value. It does not make financial sense.

The reason this staking occurs despite the obvious fallacy is because of money or indeed the player’s lack of it. Poker players will argue that being able to enter a tournament you otherwise cannot afford has its benefits. This is a misconception. The pendulum of the tournament has been turned on its head I would suggest. The more % you sell the better a result failure becomes and vice versa. For a very realistic example, if a player wanted to sell 60% of his action, he may see this as a wise move. Should he secure the backers, he now gets to play the tournament while only having to pay 40% of the entry fee. So far so good it seems. The problems begin once the tournament starts however. The further the player progresses in the tournament, the more of a disaster the pre game deal becomes. If the winner of this month’s Irish Open is forced to give away anything over 25% of his winnings, this would be a travesty I declare. In essence, the best result for the player would be to not cash. That way he has obtained the “experience” of the tournament without incurring the maximum loss on his profits.

Stu Ungar’s win in the 1997 WSOP main event had more people waiting at the cage than the queue at a Motor tax office on the last Friday of the month. He was broke and needed the funds to be bought into the tournament much to the delight of his backers (on this particular occasion). He was not just selling percentage; he was selling his edge and thus his profits. Why wouldn’t you buy percentages in a man of his class? He may have had over 5 x expectation in the event after all.

We often forget that Ungar did not see the colour of his advertised $1,000,000 win. It saddens me that a player of his immense talent did not get 100% reward for being the best player in the world that day. To think that this eventuality continues all the way down the poker’s winner’s enclosure from big to small worries me. Even last year’s 2007 WSOP final table contestant Jon Kalmar was a victim of “shared” success. With all due respect to Kalmar this could well be the last time he gains such a major score in a big tournament. If this is the case I suspect he will rue selling out on his day of glory forever.  A big result in a tournament such as the Irish Open or WSOP is a once off occurrence for all but the extremely elite. Do not let this day be marred with regret for not taking a chance on yourself on the day of your big spin.

I feel this is important at every level and is largely the reason I myself will not be playing the Irish Open this year. Play your tournament for 100% I would suggest. If you do not have the bankroll then I urge you to not play the tournament.  No matter how low down the ladder it may be it is important to play for yourself so that you can obtain maximum reward. The “experience” of playing a high profile tournament may well be the worst experience of your life should you be forking out a chunk of your profits to shrewd backers on your day of glory. Play for yourself and play for 100%.

Gary Clarke can be contacted at gary.clarke@pokerireland.ie

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