Scene: Covid pulled my pants down financially. For first time ever a friend backed me in two recent series that i bricked for ~40k in loss. The deal was no makeup, he took 70 i got 30 of any profit..... There was very none ;-)
Im now almost back on my feet. Without any pressure he would like to carry on the staking to get a shot at money back. I dont. I want to be out in my own for mental peace of mind. I dont think being staked had a significantly adverse affect but i didnt feel totally comfortable, which might just have been the new situation as much as playing on someone elses $.
Advice/thoughts: As a gesture of thanks and a slight feeling of a moral owed debt, id like to repay in some gifted ev/% type way. Id appreciate feedback from the community and those with backing history.
Im thinking along the lines of gifting a % of buyins up to a value. What value tho? Should i take into consideration the prev split was 70/30 (so i gift value of say 30% or 70% of the 40k) or the whole 40k. Just looking for advice on how to do this as in whats the viewed reasonable number without being offensive or ridiculously over generous. Should i allow him to pick the series/events and buyin pieces? Should it be the same two series this year that i played last year? Or just start now and run it until we hit the number? etc etc
TLDR: Got staked 70/30. No makeup. Lost 40k. Would like to repay in some way to give him a shot at value and chance for a ROI. Am i mad? How do i do it?
Obviously, you’re under no obligation to do this based on your previous backing arrangement. He understood what he was agreeing to and understood the risk he was taking (assuming he knows how poker variance works). But he knew the risk well enough to factor in the lion’s share of any profit.
So even morally, I would still say you’re under no obligation to let him stake you again or repay the loss. As a former backer, that’s the risk you accept when staking someone. It’s similar to an investor losing money when a business goes belly up. That’s just how it goes sometimes.
All that being said, I understand your sense of guilt with losing someone else’s money. I think as long as you played well and didn’t donk it off, the guilt should be minimal. But if you do end up binking a future big score, I could see kicking him back maybe half of what he had invested.
Is he pressuring you at all? Giving you a guilt trip? Is he cool with everything? Is he financially well enough that 40k doesn’t matter much?
No pressure from him at all and its not that he needs the money. He knew the risk and hed have happily pocketed the 70% if id binked the Main.....as id have happily paid. He laughs when i say i feel bad and hes saying not as bad if youd had to give me $7M ;-)
Its cool. Just feels right thing for me to do something in return.
I wouldn't give him anything - you had an agreement, both parties abided by the agreement, and all is squared away. Had you won a massive tourny would he of said oh I won't take 70% let's split - no he wouldn't and he shouldn't. If you feel a moral obligation I wouldn't mix friends and business in the future.
If you feel a moral obligation I wouldn't mix friends and business in the future.
While that's generally good advice, a lot of people had difficulty getting access to funding during Covid. If it was a straight business deal, he shouldn't get anything back now. If it's the kind of "friends & family" deal where somebody is basically doing you a favor, there's nothing wrong with doing them a favor now.
While that's generally good advice, a lot of people had difficulty getting access to funding during Covid. If it was a straight business deal, he shouldn't get anything back now. If it's the kind of "friends & family" deal where somebody is basically doing you a favor, there's nothing wrong with doing them a favor now.
