Greg Raymer Needs A Stake
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Greg Raymer Wants You to Stake Him for 2014[ return to main articles page ]
By: Bill Grinstead [See all articles by Bill Grinstead]
Published on Jan 17th, 2014
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Greg "FossilMan" Raymer (pictured) recently turned to the poker community to solicit backers for a slightly unorthodox staking partnership that would see shareholders bankroll the 2004 Main Event champion in tournaments and cash games for the entire year.
Unlike most staking deals that are only usually set up for one or a series of tournaments, Raymer hopes to raise "at least" $100,000 to use as his entire bankroll while he plays a variety of tournaments and cash games hosted around the US and globally.
Buying shares at $1,000 a unit, backers will be entitled to a total of 60% of any winnings, while Raymer will claim the other 40%. In the unfortunate event that he closes the year in the red, all investors will lose equally in accordance with how many shares they own. To make sure he is "incentivized properly," FossilMan will kick things off by purchasing at least 20 shares of himself.
Perhaps allaying fears of potential investors, Raymer also mentioned that this isn't the first time he's cut such a deal. "Prior to the 2004 Main Event, I had done something similar. I sold pieces of my action to a group of about 18 individuals, who bought 1-10 shares each, while I bought a much larger portion."
For those shareholders, he wrote periodic reports on his progress, something his backers admitted was a fun perk that led to their continual participation in the investment. He promised to do the same for investors this time around and e-mail a report to the group once a month or more throughout the year.
While Raymer had a quiet year on the tournament circuit in 2013, earning only $30,000 on record, he had a stellar 2012, taking first place in four Heartland Poker Tour events for over $370,000 total. Adding that to his $5 million prize in the 2004 WSOP Main Event, he has over $7.4 million in recorded lifetime earnings to his name.
Why does a poker pro who has made millions in the game and boasts a "21-year track record of winning results" need a backer? As if already anticipating wild speculation on the forums, Raymer explained that the decision was made mainly to create more financial peace of mind for his family after his sponsorship deal with PokerStars ended in 2011. "Since I no longer receive a guaranteed source of income, my wife has become more and more nervous about me playing poker," he said. "Without a paycheck to immediately recoup any losses, she gets anxious."
While most people couldn't simply turn to an internet forum to raise over $100,000, Raymer's reputation as a well-liked, trusted, and long-term member of the poker community makes the proposition not at all improbable.
With Raymer's skill and dedication to the game, he almost certainly wouldn’t have any trouble continuing to play completely on his own dime. But for now, the former patent attorney is focusing on family stability and trying to minimize volatility at the poker table and at home: "Even though this move is costing me EV, it is making up for that fact by providing marriage EV."
In his post, FossilMan invited anyone who is seriously interested in the deal to send him a private message on TwoPlusTwo and reiterated his passion for the game. "It has been 10 years since I won the Main Event and 21 years since I started playing poker. I still love the game and am looking forward to a great year in 2014 and I would like you to be a part of that."
