So, lots of stuff to update on!
We did a twitch session which went down amazing! Really popular and we loved the feedback. Will likely do more in the future.
Link:
https://www.twitch.tv/videos/131602884
March Results
****ing disaster. Remember, we need around 400k profit/month to hit our targets.
**** show of a result. The huge downswings are generally just bricking Sundays, which happens, but the overall crushing of other days wasn't as apparent this month. More to this later.
Year to date
We should be on around 1.2m profit right now. We do have some extra profit from live poker, but lets not count that till later. You can see we started off amazing, but last month really ****ed up the speed of progress.
Quarterly Review - London
We had our first big overall review of the year meeting this weekend in London. Party Poker let us use their offices and resources,which turned out to be really helpful.
We plan to do around 3-4 of these big reviews/year.
We had lot of topics that I won't go into, lot of stuff that would just be boring to you guys but is important for us to grow as a company.
We then went into analysing all of our main stable guys, overall we think we have amazing guys, they are all top players who we would take over a lot of guys who are considered sick high stakes regs, the one downside was that overall volume for our better guys wasn't as good so we had to look into different ways of improving that. Anyway, 1am after the first day we decide to finish, get some food and go home back fresh for the next day.
The 2nd day we overviewed the development stable. There was good and bad news here. Good news - We have 2/3 of the guys who have improved immensely and that we see great futures. We have given them feedback, they have taken it o board and improved immensely over the last 2-4 months, soaking information like sponges. Their volume is crazy good and overall, out of our profit, around 50% of it came fro dev stable, which is pretty crazy when there is less guys than in main stable and the abi is less than 50%.
The bad news is that 1/3 of the dev stable wasn't performing close to the expectations that we demand. We decided to remove the bottom end of the dev stable and have tiers 1-9 instead of 1-14 like previously. This way we only work with guys who are really close to the main stable and guys who are in the main stable. Lower amount of guys means that we can give more focus. Somehow we had let this happen for the 2nd time in less than 6 months. Previously we dropped a bunch of lower ev guys in roughly 100k makeup, and now we are doing it again. Dropping people is super expensive in general, but its also important not to get attached to makeup. The legendary Zima told me one day, maybe even in one of these threads "don't chase makeup, be prepared to write it off early" and we have stuck by that pretty well. Either way, there was a flaw in our business model and we cost ourselves some money, but doing big quarterly reviews lets us be responsive and make quick action. We look at it like we saved ourselves $1m rather than costing ourselves $100k. This way our main stable guys who coach the development guys will now have more time to play better volume and perform optimally as players, which should be their primary focus. When you have a lot of guys to coach its tough to play poker full time, youre tired after sessions, you have to respond to questions/feedback etc, I personally know its tough to handle both things, so this will now allow the guys in development stable who have a really chance of making it to tier 1 get extra attention whilst also allowing our top guys to chase ev's of $1-300,000.
How does this effect our target of $5m? I'm not quite sure, every guy we dropped was a profitable horse, their ev's were roughly $20k each, so we have month to catch up on, but we're more determined now than ever before to crush as a stable.
Working between the three main investors was deemed to be not efficient and optimal as could be. Basically theres 3 of us, without roles and responsibilities, who all work a lot of hours, try really hard, are involved in everything, know the company inside out. We think moving forward that working effectively will be to stick to different parts of the company in areas where we excel or that we enjoy doing. We started working on ways to visualise and assign these and moving forward it is really going to help (hopefully!)
Today was the last day, we didnt leave the office and get home till 4am! Both days starting at mid day, but we treat ourselves to 5 great tickets to Arsenal vs Man City. Was good to take our stressed minds off the stable and enjoy something different. The game was action packed and 4 goals, so pretty good.
Today I played a session, I don't think I lasted longer than 45 minutes in any tournament on PokerStars. I think I found a mental game leak, I busted the $1k (RI****INGP stars $1k+ lol) with set vs flush draw for big pot and immediately afterwards I thought "I will write each bust out hand on the blog from every $1k+ moving forward" then realised I felt like I needed to justify to people why I've lost over 300 game sample there despite thinking I've played great, which really is very dumb! But either way, its good to know its their somewhere in the back of my mind somewhere.
Anyway, going to be a really busy week this week and overall this month, this thread will be huge.
I will go to Party Poker Millions, play the £25k, £10k, £5k, £2k, then we go to Marbella for the bitB bootcamp at the end of the month which should be amazing to see all the guys again <3 Hopefully luck turns around online for everybody, but either way a lot of the month will be focused on getting everybody ready for the biggest month of the year. Powerfest, SCOOP, XL Series.
IN BEFORE BROKE!