I am the backer. I am going a stake a trustworthy friend in live cash game, so there shouldn't be any problems. Are there any terms I should add/edit/remove? I also need some help to turn this into a contract. Any help would be greatly appreciated.
Thanks
Quote:
Profits will be split 50/50 with make up (after expenses)
Minimum of $2000 must be made to split profits 50/50
Minimum of 100 hours must be played to split profits 50/50
Minimum of 200 hours must be played if the stakee ended up losing in the first 100 hours.
Bad beat jackpot, tournament entries, and any other promotions/jackpots will be added to the total profits to be split 50/50 when the requirements are met.
Stakee
I. Stakee must play a minimum of 100 hours every 6 months (Fail to do so will result in a fine of $20/hr minus from profits or add to make up).
II. Quiting before the requirements are met (in profit)
A. If stakee made at least $2000 but played less than 100 hours, he/she will only receive 0.5% of the total profit for every hour he/she played.
B. If stakee made less than $2000 but played at least 100 hours, he/she will only receive 0.5% of the total profit for every $20 he/she made.
C. If stakee made less than $2000 and played less than 100 hours, he/she will receive 0.25% of the total profit for every hour he/she played and 0.25% of the total profit for every $20 he/she made.
III. Quiting before the requirements are met (in make up)
A. If stakee quits before finish playing 200 hours, he/she will have to pay back all losses.
Backer
1. Backer may terminate this deal at any time. The profits will be split. The stakee will NOT be responsible for any make up.
Rules
1. Stakee may NOT use backer's money/chips to buy anything (example: drinks and food).
4. Stakee may NOT choose to have 100% of his own action without backer's agreement.
2. Stakee may NOT play any casino games with backer or his own money.
3. Stakee may only play No Limit Holdem with blinds at $1/3 in the casino.
5. If the stakee play any casino games or higher limit of No Limit Holdem other than No Limit Holdem with blinds at $1/3 with backer's money, all profits belong to the backer and the stakee will be responsible for all losses.
6. Stakee may ONLY tip when he/she won a pot that is at least $100. The tipping amount must NEVER exceed $1.
These are some examples for splitting profits before requirements are complete.
Stakee made $2000, but only played 50 hours. He will earn 0.005 * 50 hours = 25%.
Stakee made $1000 and played 100 hours. He will earn 0.005 * (1000 dollars / 20 dollars) = 25%.
Stakee made $1000 and played 50 hours. He will earn 0.0025 * (1000 dollars/ 20 dollars) + 0.0025 * 50 hours = 25%.
If all the requirements are met, he earns 50%.
How good do you have to be to beat the low limits with flat rake at $5 + tips every hand?
Last edited by isaacicic; 10-13-2009 at 05:57 AM.