After hitting up my buddy Geoff for the $1500 entry fee for a WSOP bracelet event, I came up with the idea of crowdfunding. This was used by the folks leasing my business property to start their bakery, and they raised $10,000. So, here is my "deal". I will split winnings 50/50 with any of my crowdfunders based on your contribution. So, a $15. "investment", would earn you 1% of the ultimate winnings. Keep in mind, I went pretty deep in the event last year with horrible awful card dead holdings. I finished around 430th out of 2300 players (roughly). The payout was over $500,000 for first place. Had I won that using the above crowdfunding technique, a $15 investment would have returned 50% of $500,000 = $250,000/100 = $2500!!!! And, $150 would have gotten you $25,000. Nice work if you can get it!
O.K., reality demands to consider the "what if" I had merely cashed in the event. I believe that the minimum cash was around $3500 for 250th place. So, 50% would be $1,750. and 1% would be $17.50, a tidy $2.50 profit, or 14% return on invested capital (ROIC) of $15.00. Try to get that kind of return at your local savings & loan!!!!
Anyway, it may be too late to organize this for 2014 WSOP, but there is always next year. I am thinking of leaving everyone's options open on this however, and to "sweeten" the pot, will provide a free World Series of Poker souvenir for any pledges. Remember, if I do not achieve my goal of $1500 then there is no committment. How much are you in for?
2 comments:
I would finance the whole thing if I could because I have great faith in your poker playing ability. Unfortunately, this is extremely bad timing. As indicated in an earlier comment on the "gypsy curse" entry, I will be in and out of town a lot over the next few months and will probably only be playing in the Sunday tournaments. No live play. No turbo tournaments. No financing. I hate to say that. Please think about me if you decide to do this next year. I just know you will go deep and I will be sorry. I'm bummed.
P.S. I would still like a souvenir - LOL!!
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