Selling Shares in GGPoker Online Tournaments – How Does It Work?
Staking has been a major part of the poker industry for a long time, with professional poker players and regular grinders in particular often getting staking (also called backing) from others or selling parts of their action for a fraction of the tournament buy-in.
Ever since the launch of online poker, tournament staking was widely available and usually done through poker forums and other third-party platforms.
On such platforms, players get to post their results, request stakes, or apply for staking offers posted by existing stakers on the platform.
At GGPoker, however, a new integrated Staking Platform allows you to sell your own action or buy pieces of other players’ action without having to leave the app.
If you are interested in getting backed to play poker or are looking to stake players at one of the world’s best online poker sites, keep reading and find out exactly how the platform works and how you can get involved with GGPoker tournament staking.
What Exactly Is Staking in Poker?
In the simplest of terms, staking is paying for another player’s tournament buy-in, with a premade agreement on how the winnings will be split in case the player ends up cashing or winning the tournament.
A simple example of this would be if you wanted to play in a $55 tournament on an online poker site.
A staker comes forward and posts the full $55 buy-in, and the two of you agree that you will split any potential winnings 50/50 after the tournament is over.
In deals like this, the player is usually staked for multiple events and required to pay back any losses (called makeup) before the winnings are split. However, the player does not owe any money if the deal ends in a loss.
Staking and Markup
In recent years, a different formula has been used more frequently, where players sell a percentage of their action at a “markup.”
For instance, let’s say you wanted to play in the same $55 tournament, but actually had the bankroll to fund it. Yet, selling some action could alleviate the tournament variance, which is a big problem for many players.
You choose to post 50% of the action at 1.0 markup. What this means is that you are selling 50% of all potential winnings from the tournament for exactly $27.50, half of the buy-in.
Now, you may be wondering how this is a fair deal if some players get the full buy-in for a 50/50 deal, and the answer is it is not a fair deal for you at all, assuming you have an edge in the tournament in question.
In this case, you would want to charge some markup, which would help pay for the time you are spending to make your backers some money.
If you think you have a huge edge in a tournament, you could set the markup at 1.5, which would mean the backer needs to pay $27.50 + $13.75 for a total of $41.25 to get half of your action in this event.
This markup may be too high for most players in most tournaments, but the general idea is that the markup you charge is there to compensate for your time and skill invested in the tournament.
The GGPoker staking platform revolves around the idea of markup and allows players to sell their action at any markup they want, making it a classic business transaction between two interested parties.
How to Sell and Buy Tournament Action at GGPoker
GGPoker is the first online poker platform ever to offer an integrated staking platform, and it’s been working like a charm.
All you need to do to start staking people or get staked is access any tournament lobby and enter the staking window.
You will get the option to sell a portion of your action, in which case your Staking Profile will become available to all potential backers.
These backers will have a chance to see your tournament stats at GGPoker and assess whether the markup you are charging is fair and whether they even want to invest in you in the first place.
Likewise, if you are looking to back people in poker tournaments, you will get to see all the players selling their action and the markup they are charging, and invest accordingly.
The Staking Platform at GGPoker is extremely intuitive and easy to use. You will not have a problem getting around it, especially if you have previous experience with staking, markup, and other associated terms.
However, even if you are completely new to poker staking, it should not take you too long to get the hang of it. We recommend trying it with some smaller buy-in tournaments, selling some of your own action, and buying a few pieces of other players for a fun sweat.
Advantages of Integrated Poker Staking
Staking successful poker players to play for you has always been a very profitable business if done correctly and it could be a great deal for both sides.
The one thing that makes it problematic is that both players and backers can decide to back out of deals and go back on their word when backing is done through third party platforms.
For example, a player could be backed to play in a tournament where the first place is $10,000. After coming first in the event, the player can decide not to pay his backers what they are owed or only pay a percentage of the owed money.
Excited to announce you can now use the @GGPokerOfficial staking platform on day 2 of phase tournaments! Checkout the video for more info as well as the linkhttps://t.co/mmJS3wRH0Q pic.twitter.com/0G6mY5pHgz
— Daniel Negreanu (@RealKidPoker) July 16, 2020
The advantage of the GGPoker Staking Platform is that all backers must pay for the shares they buy immediately, and that all winnings from the event are sent to the backers once the player is eliminated or wins the event.
This way, both the backers and the players are perfectly protected, making this integrated platform the best and safest way to get staked or stake other players anywhere in the online poker ecosystem.
Get Staked at GGPoker Now
All you need to do to get involved in the GGPoker tournament staking scene is sign up with the operator and access the tournament lobby.
There are hundreds of poker tournaments running at GGPoker every day and you can sell your action or buy other players’ action in any of them.
What’s even more, you will get a massive welcome bonus and plenty of other perks if you join GGPoker today, so download the client, sign up for an account, and find out what makes GGPoker the biggest and most successful online poker site in the world.