Backing Horror Stories

Backing another player in poker can oftentimes be done with ease. Many players who loan money to others do so without any written agreement. Instead, a handshake or Instant Messenger conversation is sometimes all that is required. However, is this the optimal way to conduct business? Holdem Bonuses will share with you some of the biggest pitfalls that backers and staked players run into in this growing segment of the industry.

Show Me the Money!

Perhaps the most flagrant case of a backer versus player agreement gone wrong is the latter party not coughing up money when they win; in some cases, they don’t even play at all. Could you imagine an instance where you loaned a friend $100 and they never paid it back? This happens in backing all of time, even between acquaintances. It’s very important to have a written agreement of some sort to avoid this. If you’re a backer, you’re loaning someone else money on the assumption that they’ll pay you a portion of their winnings. If you’re a backed player, you’re accepting someone else’s money based on your reputation. Doing this haphazardly is likely to land both parties in trouble.

The easiest solution is to devise a written agreement. This can take one of several forms, including a simple contract that a lawyer draws up or even an old conversation you have saved on your computer. Exchange e-mails, send Instant Messages, or even open up Microsoft Word and start typing. Whatever the case may be, be sure to keep a paper trail. Should anything go awry, you will be very happy you did.

Limits? What Limits?

Another common drawback of backing occurs when the staked player does not adhere to predetermined limits. For example, they may only be allowed to play up to $100 NL and $20 buy-in sit and gos. However, when the backer falls asleep at the wheel, the player begins to register for tournaments that are out of his league. Although the backer may use a program like PokerTracker or sift through a few tournament lobbies to figure it out, it’s already too late. Unfortunately, there are not many ways to combat this problem. However, it is one that can be fairly common if clear direction is not given beforehand.

Cooling Off

Just because a person is running well now doesn’t mean that they’ll be destroying the competition in two months. Oftentimes, backers overestimate the capabilities of a potential horse. Rather than take the time to interview them and thoroughly analyze past play, some backers would rather ride the hot hand of a recent Sunday Million or Full Tilt Online Poker Series winner. Sure, the strategy might pay off in the short-term. However, once a few months have passed, the backer will likely grow tired of his failed investment. Then what? Can he easily get out of his arrangement? Is he doomed in an endless cycle of payments? It all depends on what the parties agreed to originally, which can oftentimes be difficult to sort out.

Can You Say Complacency?

Webster’s defines complacency as, “self-satisfaction especially when accompanied by unawareness of actual dangers or deficiencies.” You’ve seen this before in other industries besides poker. You’ve witnessed an NFL lineman receive a multi-year multi-million dollar contract, evaporating his motivation. It happens all of the time. Backers need to give their staked players motivation to improve their games and try their best. After all, when you stake a player, you assume all of the risk. The only thing that a backed player has to worry about is losing your money. Poker is an ever-evolving game. If you let up your guard for even one second, you can make a decision that could potentially cost you thousands of dollars. Don’t let complacency become the death of your backing arrangement.