FREQUENTLY ASKED QUESTIONS
Why do you sell shares at all?
I often get requests to sell some of my action in tournaments. I'm not saying I'm the world's greatest player, but I do have an excellent record and a pedigree in poker going back over many years. Selling off some of my action allows me to play in more events, lower my own variance, and simply to focus on playing better.
I don't know you! Why would I send you money???
A very valid question indeed. In the poker world, your reputation is everything and if you're not trusted then you will always struggle. Some (quite a few!) of the superstar faces you see on TV or plastered all over poker media have had extremely chequered pasts, but I guarantee that someone, somewhere knows the scandal and will be only too happy to share it. I consider my own credentials as far as my honesty and integrity to be 100% watertight. You only get one chance to earn and keep trust in the poker world If you're unsure, simply ask the community. I've been playing the game a long time, and I guarantee that someone you know will know me. I might not always be top of someone's favourites list, but I'm pretty confident you won't find anybody saying "don't give him money to play a poker event, he'll rip you off".
Your quoted price for conversion of currency is higher than I get if I make the same calculation myself online. Why?
My primary concern when collecting investment money for a USA trip is making sure I have the full required amount for all buy-ins covered BEFORE I leave for Las Vegas. With large overall amounts in the past this has often meant I have ended up considerably out of pocket because I was offering investors basically the very best (spot) rate for them to send me GBP. This would mean For example my package costs $15,000 and by the time I've collected from all investors, it ends up as $14300.
Ideally, all payment in US dollars from investors would be great, but in the event of that not being feasible I MUST make sure my numbers are all in line when converting currency for the final total. As such my conversion rate is now using Thomas Cook currency rate, rather than XE.com which I used to use. This is far more realistic as to what I actually get when I change up funds. If you already have US dollars, or can change up GBP to dollars yourself at a better rate than I can offer and wish to send them instead of my converting I am more than happy to do that. It saves me a job.
Isn't part of your quoted "vig" (percentage) supposed to offset currency fluctuations?
No. The percentage I quote when selling shares is used to help with my numerous other expenses on these extended trips. Flights/hotels/rental cars and/or cab fares/ food, general living expenses etc.
OK, we've finally won some money!!! Now what happens?
For the sake of argument, you have $1000 USD to come back after a trip. You now have two choices. I can either give or send you $1000 cash in US dollars upon return, or when the day comes to convert money back to GBP I will find the best rate I can on the day, and then send you your converted funds. It's up to you.
What happens to any money that I invest that end up unused on the trip?
Any investors unused money is returned to them in full, including any mark-up, and along with any profit, typically via the same method by which it was originally sent to me. This normally happens within 14 days following the conclusion of the invested schedule once I'm back home from a trip.
You didn't play in a scheduled event. Why?
Sometimes it all comes down to personal judgement. If for instance I feel unwell or tired, or the attendance numbers for a particular tournament are very low, or for any other reason, I might opt not to play in an event at all. Investors have to trust me on this, as I take spending their money just as seriously as spending my own. If it doesn't feel right on the day, I might decide it's more prudent to fight better and stronger another time instead.
I saw that you played in a tournament that wasn't in the advertised schedule and you cashed in it! How come?
When organizing a schedule, I have to draw a line somewhere. It's never in the primary part of my game-plan, but very occasionally I will find myself with a day or two to spare on a poker trip. Whether they were scheduled days off, or maybe I busted an event early, or perhaps I decided not to play in an event until day 1b or 1c, I sometimes decide to play something else with my own money. Quite simply, if I advertised every single tournament that I might play in my investment schedule,then the schedule I put up would cost investors three times as much money.
Why must I declare I am over a certain age, and accept your terms and conditions in order to invest?
Most countries worldwide have a minimum legal gambling age for which any form of gambling is permitted. In the UK it's 18, in the USA it's 21. Although poker actually being "gambling" or simply skill is still an area for debate in some countries, it's just safer to cover both myself and potential investors on this site by incorporating an age declaration to protect against under-age gaming. The terms and conditions attempt to cover most eventualities, and are there simply to protect both myself and anyone who might consider investing money.
I often get requests to sell some of my action in tournaments. I'm not saying I'm the world's greatest player, but I do have an excellent record and a pedigree in poker going back over many years. Selling off some of my action allows me to play in more events, lower my own variance, and simply to focus on playing better.
I don't know you! Why would I send you money???
A very valid question indeed. In the poker world, your reputation is everything and if you're not trusted then you will always struggle. Some (quite a few!) of the superstar faces you see on TV or plastered all over poker media have had extremely chequered pasts, but I guarantee that someone, somewhere knows the scandal and will be only too happy to share it. I consider my own credentials as far as my honesty and integrity to be 100% watertight. You only get one chance to earn and keep trust in the poker world If you're unsure, simply ask the community. I've been playing the game a long time, and I guarantee that someone you know will know me. I might not always be top of someone's favourites list, but I'm pretty confident you won't find anybody saying "don't give him money to play a poker event, he'll rip you off".
Your quoted price for conversion of currency is higher than I get if I make the same calculation myself online. Why?
My primary concern when collecting investment money for a USA trip is making sure I have the full required amount for all buy-ins covered BEFORE I leave for Las Vegas. With large overall amounts in the past this has often meant I have ended up considerably out of pocket because I was offering investors basically the very best (spot) rate for them to send me GBP. This would mean For example my package costs $15,000 and by the time I've collected from all investors, it ends up as $14300.
Ideally, all payment in US dollars from investors would be great, but in the event of that not being feasible I MUST make sure my numbers are all in line when converting currency for the final total. As such my conversion rate is now using Thomas Cook currency rate, rather than XE.com which I used to use. This is far more realistic as to what I actually get when I change up funds. If you already have US dollars, or can change up GBP to dollars yourself at a better rate than I can offer and wish to send them instead of my converting I am more than happy to do that. It saves me a job.
Isn't part of your quoted "vig" (percentage) supposed to offset currency fluctuations?
No. The percentage I quote when selling shares is used to help with my numerous other expenses on these extended trips. Flights/hotels/rental cars and/or cab fares/ food, general living expenses etc.
OK, we've finally won some money!!! Now what happens?
For the sake of argument, you have $1000 USD to come back after a trip. You now have two choices. I can either give or send you $1000 cash in US dollars upon return, or when the day comes to convert money back to GBP I will find the best rate I can on the day, and then send you your converted funds. It's up to you.
What happens to any money that I invest that end up unused on the trip?
Any investors unused money is returned to them in full, including any mark-up, and along with any profit, typically via the same method by which it was originally sent to me. This normally happens within 14 days following the conclusion of the invested schedule once I'm back home from a trip.
You didn't play in a scheduled event. Why?
Sometimes it all comes down to personal judgement. If for instance I feel unwell or tired, or the attendance numbers for a particular tournament are very low, or for any other reason, I might opt not to play in an event at all. Investors have to trust me on this, as I take spending their money just as seriously as spending my own. If it doesn't feel right on the day, I might decide it's more prudent to fight better and stronger another time instead.
I saw that you played in a tournament that wasn't in the advertised schedule and you cashed in it! How come?
When organizing a schedule, I have to draw a line somewhere. It's never in the primary part of my game-plan, but very occasionally I will find myself with a day or two to spare on a poker trip. Whether they were scheduled days off, or maybe I busted an event early, or perhaps I decided not to play in an event until day 1b or 1c, I sometimes decide to play something else with my own money. Quite simply, if I advertised every single tournament that I might play in my investment schedule,then the schedule I put up would cost investors three times as much money.
Why must I declare I am over a certain age, and accept your terms and conditions in order to invest?
Most countries worldwide have a minimum legal gambling age for which any form of gambling is permitted. In the UK it's 18, in the USA it's 21. Although poker actually being "gambling" or simply skill is still an area for debate in some countries, it's just safer to cover both myself and potential investors on this site by incorporating an age declaration to protect against under-age gaming. The terms and conditions attempt to cover most eventualities, and are there simply to protect both myself and anyone who might consider investing money.