Staking has become an increasingly popular topic in the poker world over the past decade, with many poker sites implementing it as a feature directly into their platform, allowing players to buy or sell small pieces of their action. And while the online version is a fun way to dip your toe into staking, the staking world is still, by and large, dominated by deals in which one backer owns 100% of their playerâs action.
Although there are obvious benefits to having this type of backer, namely financial stability and reduced personal risk, as someone who has been on both sides of it, I know itâs a much more complex topic than players inexperienced with staking might realize.
With that in mind, here are four questions you should consider before looking for a staking deal.
Can I prove I am worthy of staking?
Although I am no longer involved in staking other players (please donât email me about it ), I vividly remember that when I was doing so, at least 80% of people who reached out for staking, when asked why they should be staked, replied with what amounted to âtrust me, bro.â
What these players failed to realize is that taking on a stakee is, in many ways, no different than investing in a property or starting a new business. Just like you wouldnât take on either of those without doing your due diligence to assess whether there is an opportunity to earn a worthwhile return on your investment, it makes no sense for a staker to take on a player that canât prove the same about themselves.
So, before you ask someone to back you, ask yourself: Can I prove my worth to an investor? Do I have verifiable records and results that would make my long-term value seem like a smart bet?
If you donât, thatâs okayânow you know where to begin!
Do I have the emotional resilience to grind while in makeup?
Makeup is the term used in poker to describe the amount of money that a staked player is down from their backer’s initial investment. In a typical staking arrangement, that amount must be repaid before any profits are earned. Meaning that, for example, if you are $2,000 in the hole and win a tournament for $1,000, those winnings would go entirely to the backer to repay your debt.
In my experience as both a player and a backer, makeup is without a doubt the most emotionally taxing aspect of playing staked, as it inevitably leads to long stretches of time in which the staked player is playing with very little hope of making money that dayâŚor weekâŚor monthâŚor months.
And while that would technically be true when playing on your own dime too, the endorphins of winning money you get to keep, even when still in the hole overall, is infinitely more motivating than sitting at the table knowing you are a ways away from seeing any of the fruits of your labor.
So, if youâre considering looking for poker staking, make sure to ask yourself whether you have the emotional resilience to grind through makeup with the same spirit as you would on your own dime.
Am I willing to answer to someone else about my poker habits?
Unless youâre Daniel Negreanu and are able to dictate your own terms, when signing up for poker staking, youâre likely going to have to give up some measure of freedom. When youâre staked, your backer has a vested interest in your decisionsâhow often you play, what games you choose, the volume you put in, and even your mental state. If youâre someone who is fiercely independent and prefer calling all the shots, itâs important that you ask yourself whether having to answer to a sort of poker boss will end up feeling limiting or even stifling.
On a related note, when seeking poker staking, ask yourself whether you are in need of a backer alone or whether it would be more beneficial to look for one that could offer coaching as well. Iâve found that having backers who really understand the game and are willing to offer guidance (or can hire someone who will), gives both parties the peace of mind of knowing the money is being spent in a mutually agreeable way (aka the player is not punting off stacks chasing a big score).
Knowing everything I know about myself, am I sure staking is for me?
This final question requires you take all the others into consideration and, with as much honesty and self-awareness as possible, reflect on whether it wouldnât be more beneficial for your needs and personality type to forgo poker staking (at least for now). You can then focus on building a bankroll the old-fashioned wayâby playing lower limits and moving up the ranks organicallyâor perhaps by selling smaller pieces of your action through a platform like ACR Poker.
Because while playing poker on someone elseâs dime might seem like an attractive option, taking on such a big commitment without some serious consideration can lead not only to problematic situations between you and your backer, but potentially have a negative effect on your love for the game as well.
So, take it slow, think through the day-to-day realities of getting staked to play poker, and make the decision that will be most beneficial to your long-term poker goals.
Will Watson is a writer, poker player and enthusiastic student of the human mind.
Contact me at: willwatsonpoker@gmail.com
