Staking and Getting Staked: An Introduction

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Over the past few years, it’s become commonplace amongst the poker community for professionals and recreational players alike to get involved in staking or backing groups, selling pieces of their action on forums, or swapping action with friends in a high-profile tournament. Much like many other aspects of poker, the complexity of determining what exactly might be considered ‘standard practice’ or ‘fair conduct’ (as well as the disappointing frequency with which people tend to ignore these concepts entirely) makes it very difficult for someone new to staking to figure out how it all works. This article will elucidate some of the key considerations for those of you thinking about looking for a staking arrangement.

Should I get staked?

As with everything else in poker, the answer is always ‘it depends’. If you’re just starting out in poker, but you’re very motivated to succeed and you’re looking for an environment in which to grow your game, receive coaching from better players, and connect with other poker players, then being part of a ‘stable’ or staking group could be an excellent choice.

Additionally, if you have the track record to prove that you can beat stakes of a certain level but you can’t currently afford to play those stakes for bankroll reasons (maybe you just cashed out half your bankroll for a down payment on a house), then staking would be a good way for you to maintain your competitive edge without needing to drop down in stakes for months to rebuild.

However, if you’re simply looking for a way to get yourself into higher stakes games before you’ve proven you can compete at that level, then you should seriously consider foregoing a staking arrangement in favour of spending more time grinding it out at the lower limits and developing your game. Discipline is crucial as a staked player, and if you don’t have it, getting staked will hurt you in the long run.

How do I get staked?

So you’ve decided that getting staked would be a good option for you right now. Where do you go? What do you do? Well, the first and best option you have is probably to visit a poker forum like the TPE forum, TwoPlusTwo or a number of others, and search for staking groups or stables who are currently recruiting. Most will advertise on forums and provide information on how to apply. When applying, ensure you put effort into your application the same way you would for a job – your staker is guaranteed to see staking you as a big deal, so you should approach it like it means something. Just PMing them a picture of your SharkScope graph is going to get you nowhere.

Failing that, you have the option of selling your action in a variety of ways without entering into a long-term deal – poker forums are once again an option, while websites like TastyStakes and PokerMarket offer a chance to buy and sell action with a simple and easy to use interface. If you’re selling action, be aware that charging ‘markup’ (a premium added to each investment that rewards you for your expected ROI in the tournament) is only really acceptable once you have a track record substantial enough to show people you expect to be a winner in the tournament. Losing players charging markup will not receive much in the way of investment.

Do’s and Don’ts

Do always check the reputation and background of the person or group offering you a stake. If they’re offering coaching along with it, check their coaching history to verify the validity of their strategic insights.

Do always treat your backer like you would your boss – they are your boss. Be respectful, communicate regularly and clearly, and never do anything with their money without asking!

Do take appropriate steps to secure your poker accounts. Obviously nobody else should ever have your password, and if you don’t have an RSA security token for PokerStars, now’s the time to get one.

Do be available on Skype as much as possible, for coaching or hand history discussions, and participate in group conversations whenever you can.

Do discuss game selection with your backer regularly. Never play in any tournaments or cash games that aren’t explicitly covered in your agreement.

Do put together a written agreement which you will both adhere to over the course of the staking arrangement. Clearly outline the terms, duration and parameters of your collaboration, and the procedure for profit sharing.

Don’t get staked by someone who is not a poker player. They do not understand tournament poker variance, even if you have explained it to them. It is a recipe for ruined friendships and financial disputes.

Don’t expect anything to be yours automatically. If you think the FPPs you gain through playing are yours, ask your backer – if you neglected to include that in the agreement, make efforts to come to a fair deal. If they’re not yours, don’t dispute the original deal just because you failed to read the fine print.

Don’t assume that backing deals are without legal recourse. There is precedent for poker players to be taken to court for stealing their backers’ money!

Don’t get staked by someone who seems a little shady, just because you’re so desperate to play more poker. Be patient. The right deal will come along.

A final word

Getting staked can be the jumping off point for a great poker career. But what you shouldn’t forget is that with getting staked comes a list of obligations you must be willing to adhere to – you have to be willing to see poker as a form of employment for which you are being contracted. If poker is nothing more than a fun pastime for you, it’s unfair to ask anyone else to invest their money in it. Be fair to them, and take handling their money as seriously as you would expect someone to take handling yours.