Monday, January 26, 2009

Preliminary WSOP Plans

So after thinking about it a bit today, I have preliminarily decided that I am going to try and get $50k worth of backing. This should be more than enough to cover every WSOP that I would want to play. I am going to be selling them as $500 shares so each share will be 1% of my WSOP action. Any money left over will be distributed back to my stakers in the percentage they bought in me (e.g. if someone buys 10 shares or 10% of me and I only spend 30k then that person would receive $2k back which is 10% of the 20k that would be left over).

I don't want to get bogged down with makeup so I am going to be offering a straight up 66.67%/33.33% deal where my backers get 2/3 of any profit I make and I get the other 1/3.

I will be paying for all incidentals (transport/housing/food/etc.) on my own dime.

I am not sure how the RIO does taxes - if they take a percentage out beforehand then any distributions will be made after taxes. If they don't then each staker will get there full share and will be responsible for paying their own taxes.

I will be making an ad on parttimepoker next week with all of my stats and info, so if you're interested keep checking back here and I'll have the link up.

Hopefully I can sell this out.

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