Happy New Year = Planning for the WSOP

I am definitely an early bird, but I like to get my finances set up early so I have already put up my BAP for the WSOP. For those that don't know what a BAP is, it stands for Buy A Piece, and it is the method I use to sell my action for the WSOP.

You can find my ad here.

I actually thought long and hard about what sort of cut I wanted to offer this year. Last year there was basically a buying frenzy before the World Series so I offered what was a very good cut for myself at 67/33 (the investor gets 67% of their profit share) and was still able to sell it out. I was thinking of offering the exact same cut this year since I was one of the few on parttimepoker who actually profited last year, but I decided in the end to offer an even better cut to my investors and ended up offering a 75/25 cut. Since I will buy 1/3 of my own action (i.e. I will pay $10k of my own money and am looking for others to pay $20k), I will end up keeping exactly 50% of any profits I make this year and distributing the other 50% to my investors.

I did this for quite a few reasons:

1) I believe that the amount invested for this year's series is going to be much lower than it was last year.

2) I wanted to help set the bar for this year's series. PTP has gotten a little bit out of line with "standard" staking deals. A standard deal is usually an 80/20 cut without makeup or 50/50 with makeup. Obviously the players who are trying to sell their action can and should try and get better deals if people are willing to pay for it, but the standard 70/30 cut on PTP is really a steal for the players and I am not so sure investors will be jumping at that cut anymore.

3) I want to sell out as quickly as possibly and with as few investors as possible so I am willing to give up some percentage in myself in order to do so.

When all is said and done, I try my best to be as fair as possible. I don't like getting cheated and I don't like cheating others. I felt like this offer is pretty rocksolid in terms of fairness. Now I get to wait and see how the market feels.