Who could forget the Mel Brooks comedy, 'The Producers,' starring Zero Mostel and Gene Wilder?
Mostel portrayed Max Bialystock, a conniving producer of plays, and Wilder was his timid accountant. The plot has Bialystock overselling himself to investors. Facing possible prison time for fraud, he comes up with a desperate plan; he will produce the worst play in history, one that will surely flop, and this will get his investors off his back. He accepts an option on a musical written by a bizarre playwright and the production, 'Springtime For Hitler,' becomes a major hit.
Some of the leading poker players of the world seem to be on the same mind track as Bialystock. To cover their travel expenses and entry fees for the world's most lucrative poker tournaments and cash games, they seek out investors and sell themselves.
While some of the players are legitimate and perform honestly, others aren't so trustworthy. They take the investor's money, charge the investor for tournaments they don't even enter, and then disappear.
Still some of the top Las Vegas poker players do use backers to help them out financially. A typical deal would have an investor pay the entry fee and the player's expenses in return for 50 percent of whatever profits the tournament generates. If the investor and player have an ongoing relationship, the win money would also have to cover any losses the backer suffered.
I have heard about many top poker players who use this method of protecting themselves financially. Some years ago I joined the crowd.
Stanley Reeks was a Las Vegas poker tournament promoter who hosted a major tournament at the Riviera Casino. I had driven to Las Vegas for the weekend, heard about the tournament, and went to the Riviera, planning to be one of the competitors. Unfortunately, the horse room was on the way to the poker room and i stopped there to make a bet. Then two. Then three. By the time the tournament was about to start, I didn't have enough money to cover my entry fee.
Reeks had read some of my poker stories in the gambling publications I wrote for. When he learned of my plight, he came over to me and said, 'How much do you need to cover your expenses?' When I told him, he reached into his pocket and counted the money out.
'For 25 percent of what you win, I'll be your backer,' he said. 'Is it a deal? I told him it was a deal.
I finished third in the event and won $16,000. As I gave the money to Reeks, he smiled and said, 'I really can't believe it. I backed some of the other players who have a record for winning these things and you're the only one who delivered the cash. Congratulations.'
Two brothers, Frank and Nick DeGeorge, came up with Youstake.com, a website where people can back some of their favorite poker players. Look it up on the Internet. There are over 5,000 subscribers and they have backed people like Todd Brunson and Greg Raymer.
Many backers are players themselves and they try to make themselves aware of the people who are worth backing. If you are lucky enough to find an investor who believes in you, I strongly advise you not to burn that person. You may find that if you do that, your bank will close its doors on you and no more 'cush' will come your way.
One of the most honest poker players I ever came across was Daniel Kirkland, a part-time dealer who lives in Las Vegas. He is nicknamed Capt. Kirk after the 'Star Trek' character. I have financed Kirk in several cash games and tournaments and he has never failed to deliver. You don't have to worry about Dan squirreling away the chips. He is straight as the proverbial arrow.
If it is done properly, a poker staking deal can benefit both parties. It frees the player from stress and he can probably play better. Note I said 'probably.' In poker, you can never know until the dealing and the playing end.
Just remember this: a gambler who keeps his word will always be trusted and he will never really go broke. It's the ones who break their word which is the real losers.
Author: Geno Lawrenzi Jr.
(Geno Lawrenzi Jr. is an international journalist, magazine author and ghostwriter and poker player who lives in Phoenx, AZ. He has published 2,000 articles in 50 magazines and 125 newspapers. If you want to share a gambling story or book idea with him, send an email to glawrenzi@gmail.com ).
