Coming soon to a partypoker LIVE event near you... direct buy-in from a backer. Yes, if you have a sugardaddy or sugarmomma... they will now be able to buy-in their horses and ponies directly. In the past, a staked player would have to acquired cash in a discreet manner (usually in the hallway) from a backer and then walk over to the cage to buy-in themselves. When they cashed, they went to the cage and collected their winnings and then had to cut up their winnings and worry about any tax issues.
In this new way, the backer does all the legwork and the player can simply... play.
"Transparency and easier for everyone," tweeted Rob Yong, which sums up the concept.
Yong said that at future events, they will allow backers to buy-in players, so long as they sign a consent form.
Bill Perkins, a billionaire and high-stakes pro, tweeted, "Most grinders can't handle properly the paperwork, etc. Where backers have capital and accountants, etc. Let the player focus on cards and the backer and tournament on the BS."
In one sense, it makes the process a million times easier. When you're on the global tour, each casino is different and registration is often a pain in the arse and a waste of time.
"Let the behemoth take on complexity and sell simplicity," Perkins also tweeted. "That's what every tech company does. They sell simplicity. Should be able to do splits whatever at registration."
The allowance of backers to buy-in horses directly creates convenience and ease. It allows the players to focus on playing and simply just show up. The backers also obtain the proper paperwork, which they'll need for their own accounting records (and for tax reasons).
The big argument against this is that it allows backers and staking conglomerates to stack fields, which will put the amateur and semi-recreational player at a disadvantage. It's sort of like Ready Player One, when Wade Watts and other solo hunters is up against a legion of corporate-funded hunters from the Innovative Online Industries (IOI).
I also see it as a way for more mid-tiered or struggling pros to get back into the game and have a shot to actually get unstuck and work off any existing make up. This could be a huge leg up for the middle class of poker pros.
Online gaming insider, Kim Lund, explained, "Industry checking another box that has been unchecked since maybe 2013/2014. Backing is still a devastating practice but making it fully transparent helps."
Lund is right about the perils of backing/staking. He's also 100% correct about transparency. I think that's one of the few things that needs to come to the forefront to avoid any nasty entanglements or confusion.
Many moons ago during the first-ever $50K Player's Championship at the WSOP, pretty much the majority of the field had been staked by either Patrik Antonius (mostly the Europeans) and Erik Lindgren (Full Tilters and his friends). I joked back then on Tao of Poker that the players should have been wearing a Lindgren or Antonius logo to designate which stable they had come from.
For many years Bax/Sheets ran one of the most successful staking operations both online and in live events. Timex had his own massive stable that include online and events all over the world. And this all happened before he was even 18 years old.
Staking is a part of the game. And poker players being bad with logistical things is also a funny, yet truthful element to the poker world.
It goes without saying that most stakers have their proverbial shit together and are highly organized and high-functioning business people... many of whom also play full time while running their stable on the side. For those folks, this new twist with partypoker LIVE events helps them streamline the overall process of buying in their horses. Plus, the collection will not be a headache just in case a serious broke dick decides to make a run for it at the cage and slip out a side door. I've seen that happen more times than you can count.