World series of poker question?

Question

Hi if a friend asked me to be a sponsor for him in WSOP what would that require? It would mean i think putting in 200 bucks but would that mean I get money if they win and if so how much? does anyone know about being a sponsor? please reply ASAP

Answer 1

You need to get an agreement befor you give the money. In writing. It should say "I (your name) am putting up $200 dollars for r(his name)'s wsop entry.  In return, I will recieve X% of all winnings.  That will protect you both in the agreement.  He can't stiff you if he wins.  You can't stiff him on how much you get.  It's a contract, just like any other agreement.

Answer 2

This is referred to as "Selling Action" or "Selling a Piece". In a standard agreement by giving him $200 toward his what I assume is the Main Event 10k buy in, you would be buying 200/10,000 or .02 of his action.

If he cashes for the minimum for example, around 30,000. You would receive $600.

On a side note, if you feel you need a written contract to ensure payment, this is not the type of person you want to be buying action from. A man's word should be worth a lot more than $200.

Answer 3

You would have some predetermined agreement where you are paying towards his entry fee and he would give you a percent of the winnings.  If you put in $200, you are buying a 2% share.

Regardless of who he is or how close you are, I would get some written agreement in place.  If, by some longshot, he wins, you are talking about hundreds of thousands of dollars that 2% could equal