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Poker Professionals And Staking - 09-01-07
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Author: Marc
September 1 - There is a perception that poker pros are worth a lot of money, which makes sense because the only times you really see them in public they happen to be at final tables of multi-million dollar poker tournaments. But the truth of the matter is that it costs a lot to play in all those tournaments, plus there are tremendous swings (known in the parlance as "volatility", known to normal people as "losses") that bankrupt the majority of pros.
But whereas bankruptcy may be a huge hurdle in most professions it is a mere blip on the screen in the world of poker, because if you have a reputation as a decent player the guys who took your money in the first place will then stake you for a share of whatever you win in the future. This is a version of the circle of life theory - you take a guy's money, but realize that poker like life is cyclical, so you may as well have a share of the guy when he wins back some of that cash from you. It's a positively Yeatsian view of life (go ahead and Wikipedia me, it's all good)!
So, exhibit A is Mike "The Mouth" Matusow. When he finished second in the Bellagio Cup Main Event in July he won $670,000. For most people that would be a bankroll for life in poker, but for Mike it brought him back above $0, barely. Remember that this is a guy who cashed in for $1,000,000 in the WSOP Main Event in 2005 and then won the ESPN tournament of champions the same year for another seven figure cash.
He also managed numerous big paydays many of them televised so how is it that coming in to the Cup he was -$620k for his net worth and owed his backers a small fortune. They collected as soon as he did, following him to the cage after he busted out heads up, and he was left with $50,000.
The next time you think these guys are worth millions take it with a pinch of salt, since many of them are still in a lot of trouble financially when they rake it in that huge payday.
This brings me to the concept of staking other players, which is now taking off on the Internet for very small stakes (comparatively) - it's a very interesting concept and you can check it out at neverbeg.com. If you're looking for a Matusow-like deal to sponsor you for $500k+ while you shake off that bogus coke dealing rap, and learn to perfect your table taunting you might be in for a rude awakening. However, if you need $10 to enter a Poker Stars SNG this could be your site, provided you're willing to split the cash with someone you met at neverbeg!
Related Poker Articles And News Items:
> The Hold'em Poker Fallacy - 09-26-07
> James Mackey Wins Big At The 2007 WCOOP - 09-25-07
> Absolute Poker Is Wide Open For USA Players - 09-19-07
> Online Poker Championship Starts On Friday - 09-13-07
> Doyle Brunson Woos The European Poker Market
> NETeller Shaken Down For $136 Million - 08-08-07
> Online Poker Legal Battles On The Horizon - 08-03-07
> Poker Stars Sunday Million Cooler Hand - 07-16-07
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