A Knife, a Fork, and Some A-1 Sauce; Now All I Need Is the Stake

Not a lot has been written about staking other players, although it is an extremely common practice in poker, especially in the higher-limit ring games and tournaments. Of the small selection of material available, Barry Greenstein has an excellent chapter on staking players in his very insightful book, Ace on the River. I definitely recommend anyone thinking about or already staking a poker player to read that chapter. The book is so well-written and beautifully composed (containing more than a hundred color photos) that it really is a sweet treasure for any poker enthusiast.



First, let me clarify exactly what I mean when I use the word staking. I am talking about any time that one player puts up the buy-in for another player for either a single tournament or ring game, or supplies a bankroll for all or most of a poker player's action in a long-term agreement. In my many experiences of staking players, along with those of my close friends who have been staked and or who also stake players, I have learned a lot about how and, more importantly, when to stake players. Unfortunately, I have learned the hard way, and despite putting considerable time, effort, and heart into my staking endeavors, I am currently running a hefty financial loss in staking. This should not be surprising, as I believe that most people lose money when they stake poker players. Fortunately, the staking loss that I am currently carrying has not hurt me too badly financially, as I have been running well, and it also hasn't greatly affected me emotionally, because for the most part, I have not staked players for the sole purpose of making money.



The vast majority of players I have staked, I have done so to help because they are in a bind or want to learn how to play poker. For friends whom it has worked out well for, I draw a lot of satisfaction, which far outweighs the pain of losing whatever money I have lost when staking players as a whole.



So, cutting to the chase, when should someone stake another poker player? My protective instincts toward my readers are screaming at me at this moment, wanting me to yell out, "Never, never stake any poker player in any game or tournament as the downsides are vast and often deceptive. In addition, those who stake poker players generally end up losing a lot of money." However, I know that this is an unrealistic request, as even as I am writing this, I myself am staking several players, some of whom are doing well, and others, not so well. If I can't even follow my own advice on an issue about which I am quite passionate, I think it is silly to expect you to be able to. So, if you find yourself in a position to stake someone, at least try to incorporate the following advice into your staking plans.



Above all else, it is absolutely paramount that you trust the person you are planning on staking completely, and that he trusts you the same. Without trust, staking does not work at all. I would rather stake a player I trust explicitly, who is a novice but is willing to improve his game with my tutelage, over a fantastic player in whom I don't have complete trust.



Before the player you intend on staking ever plays anything for you, make it very clear what your deal is. I feel comfortable staking players only under a long-term arrangement; however, I have many friends who like doing one-time deals in which they put up some or all of the buy-in for a particular tournament or ring game for a hefty percentage of any net profit. Generally, the net profits are split equally in a staking arrangement, although it can vary widely. I prefer long-term staking arrangements because they generally include make-up. I would never agree to a long-term staking arrangement that didn't. When I refer to make-up, I am not talking about eyeliner, lipstick, or facial powder! Make-up, as a part of staking, requires both parties to meticulously keep track of how well the staked player is doing, and if the staked player is losing, his is required to pay back (make up) all the money he has lost before cashing out on a win. I also structure my staking arrangements such that the player being staked does not get half (or whatever percentage we agreed upon) of whatever he wins until he has won a certain amount of money, which I refer to as hitting a chop point. I always base the amount the player needs to win to hit his chop point upon the limits he is playing.



Also make sure that your bankroll is adequate enough to stake the player you intend to stake and keep you in action, as well. If you are staking someone in a long-term deal, be very forthcoming at the beginning about what limits you are comfortable with staking him at, exactly what type of games you expect him to play in, and who (preferably, both of you) will be keeping track of his wins and losses. To clarify what I am saying, here's an example of a mock staking scenario with which I would be comfortable:



Let's say you decide to stake a player in whom you have great trust (and whose game you respect a lot, as well) for a long-term arrangement. This player is very experienced and has had the most success playing middle-limit hold'em online, so you decide to stake him strictly online for limit hold'em games ranging from $15-$30 up to $100-$200, and you provide him with only one account to play on. He prefers full games, so you make a condition that you expect him to play only when the game is at least sevenhanded, and if it gets shorter, he is to sit out and wait for the game to fill up, or quit and find another game. He has experience playing several games at once online, so you allow him to play up to three games simultaneously. You provide him with a $20,000 bankroll and you both agree that every time he is up $10,000, you both take $5,000 out of the account.



He starts off by winning $3,000 the first session, $4,500 the next session, and $6,000 the third session. Since he hit his chop point of $10,000 during the third session, you each take out $5,000 from the account, and now the account has $23,500 in it. Therefore, when the player wins an additional $6,500 or more, you both will take out $5,000 and repeat the process. Unfortunately, in the fourth and fifth sessions, the staked player loses $3,000 and $5,500, respectively, dropping his bankroll down to $15,000. Then, he has a great session and wins $10,000, bringing his bankroll back up to $25,000. However, just because he won $10,000 doesn't mean he can take any profits yet, since $5,000 of that was make-up, as he was stuck $5,000 from the last time he cashed out. In order to cash out again, he must bring the account back up to $30,000.



I hope this example makes things clear. There is much, much more that I wish to discuss regarding staking, which I will continue to do in my next column.



As a side note, I have been keeping an online daily blog (or as close to daily as I possibly can), which can be viewed at my personal website, http://www.thunderkeller.com/, the front page of CardPlayer.com, http://www.cardplayer.com/, and several other places around the Internet. I definitely recommend checking out my blog the next time you've got a spare moment online.



Take care, and may your stakehorses never bust you.

Thomas "Thunder" Keller is a 25-year-old professional poker player and one of poker's young and rising stars. He can often be found playing at UltimateBet.com under the name thunderkeller. To learn more about him and to enlist in his new squadron, go to his website at http://www.thunderkeller.com/. Also, feel free to contact him at [email protected].