Dan Heimiller selling shares for as much as 2.0 markup, not being clear about it

[Dan Druff]

Check out this convoluted package being sold by Dan Heimiller:

World Series of Poker PACKAGE 1 2019
12 Tournaments numbered below.
$17,950 in buyins
Coming from 50 shares to be sold At $359 each.
Percentage of each tournament for each share is stated below.

1. $10,000 buy-in WSOP World Championship Main Event, July 5th
Backers get 0.20% of total prize money per share.
Win about $15,000+ per share if I come 1st place! ($8,000,000×0.20%)
Allocating $34 per share for 0.20% .(The $34 is what part of the $359 is being used for that tournament)

2. WSOP $1000 Seniors , June 13th, 10am, includes $1000 Rebuy
Backers get 0.20% of total prize money per share
Win about $1,200 per share if I come 1st place! ($600,000×0.20%)
Allocating $8 per share for 0.20%

3. $625 Mega Satellite for WSOP $50,000 buyin high roller, May 29th and May 30th, 12pm, up to 2 buyins at $625 each.
Backers get 1% of total prize money per share
Win about $12,000 per share if I come 1st place! ($1,200,000×1%)
Allocating $25 per share for 1%

4. $1500 WSOP Omaha Hi/Lo, May 30th, 3pm
Backers get 1.2% of total prize money per share
Win about $2880 per share if I come 1st place! ($240,000×1.2%)
Allocating $30 per share for 1.2%

5. $5 Million guarantee WSOP $500 NLH Buyin, May 31st flight B 11am,
June 1 flight C 10am, & June 2 flight D 10am. Upto 5 bullets for this event. (Upto $2500)
Backers get 1.2% of total prize money per share
Win about $12,000 per share if I come 1st place! ($1,000,000×1.2%)
Allocating $50 per share for 1.2%

6. $600 WSOP NLH allocating 2 buyins, June 3rd 11am
Backers get 1.2% of total prize money per share
Win about $3000 per share if I come 1st place! ($250,000×1.2%)
Allocating $24 per share for 1.2%

7. $1500 WSOP Dealers Choice, allocating 2 buyins, ($3000), June 3rd, 3pm Backers get 1.2% of total prize money per share
Win about $1560 per share if I come 1st place! ($130,000×1.2%)
Allocating $60 per share for 1.2%

8. $1000 WSOP NLH Super Turbo Bounty, June 4th 11am
Backers get 1.2% of total prize money per share
Win about $1800 per share if I come 1st place! ($150,000×1.2%)
Allocating $20 per share for 1.2%

9. $1000 WSOP HORSE, June 5th,11am
Backers get 1.2% of total prize money per share
Win about $2430 per share if I come 1st place! ($203,000×1.2%)
Allocating $20 per share for 1.2%

10. $1100 buyin Venetian $3,000,000 guarantee MSPT, Up to 4 buyins. June 4th, 5th, & 6th, 1210pm
Backers get 1.2% of total prize money per share
Win about $7200 per share if I come 1st place! ($600,000×1.2%)
Allocating $88 per share for 1.2%

Total at this point $17,950 to raise
50 shares At $359 each.

Leftover Moneys
Because tournaments overlap and rebuys may not be necessary there will probably be money left over.
This will go to:

11. $1100 Mega Satellite for $10,000 Omaha Hi/Lo, June 5th, 8pm, 1 rebuy.
Backers get 1.2% of total prize money per share
Win about $5040 per share if I come 1st place! ($420,000×1.2%)

12. $1500 Seven-Card Stud, June 7th, 3pm
Backers get 1.2% of total prize money per share
Win about $1000 per share if I come 1st place! ($105,000×1.2%)

Any money left over at this point, and Share Profits will Go To Backers !

Please ask questions. If you need to be negative private message me.

Comment below if you'd like to buy shares

He's already drawing lots of criticism for both the insane markup and the convoluted way he's listing it, possibly to avoid discovery of the markup!

The two most egregious?

Seniors Event ($1k x 2) is $8 for 0.2% of his action. Multiply that out to 1%, and you'll see it's $40 -- markup is 2.0!!!!

$625 satellite into the $50k High Roller is also 2.0 markup. But it's even worse. Because satellites tend to have a poor structure, good players like Heimiller have less of an advantage, and thus a 2.0 markup is DEFINITELY not justified for anyone.



Just in case you think he just likes selling microshares, notice that other events are being sold at 1.2% increments.

Stating people's best case scenario (if he wins the event) is also a bit used-car-salesman like.

While I think that people can charge what they want, they should always be clear about it. Here it does seem he's going out of his way to hide it.

Source: https://www.facebook.com/groups/406567796593415/

[Dan Druff]

Here's a clearer picture of the events being sold:

Bolded info is my addition.

1. $10,000 buy-in WSOP World Championship Main Event, July 5th
Backers get 0.20% of total prize money per share.
Win about $15,000+ per share if I come 1st place! ($8,000,000×0.20%)
Allocating $34 per share for 0.20% .(The $34 is what part of the $359 is being used for that tournament)
Each share before markup worth: $20
Markup: 1.7

2. WSOP $1000 Seniors , June 13th, 10am, includes $1000 Rebuy
Backers get 0.20% of total prize money per share
Win about $1,200 per share if I come 1st place! ($600,000×0.20%)
Allocating $8 per share for 0.20%
Each share before markup worth: $4
Markup: 2.0

3. $625 Mega Satellite for WSOP $50,000 buyin high roller, May 29th and May 30th, 12pm, up to 2 buyins at $625 each.
Backers get 1% of total prize money per share
Win about $12,000 per share if I come 1st place! ($1,200,000×1%)
Allocating $25 per share for 1%
Each share before markup worth: $12.50
Markup: 2.0

4. $1500 WSOP Omaha Hi/Lo, May 30th, 3pm
Backers get 1.2% of total prize money per share
Win about $2880 per share if I come 1st place! ($240,000×1.2%)
Allocating $30 per share for 1.2%
Each share before markup worth: $18
Markup: 1.67

5. $5 Million guarantee WSOP $500 NLH Buyin, May 31st flight B 11am,
June 1 flight C 10am, & June 2 flight D 10am. Upto 5 bullets for this event. (Upto $2500)
Backers get 1.2% of total prize money per share
Win about $12,000 per share if I come 1st place! ($1,000,000×1.2%)
Allocating $50 per share for 1.2%
Each share before markup worth: $30
Markup: 1.67

6. $600 WSOP NLH allocating 2 buyins, June 3rd 11am
Backers get 1.2% of total prize money per share
Win about $3000 per share if I come 1st place! ($250,000×1.2%)
Allocating $24 per share for 1.2%
Each share before markup worth: $14.40
Markup: 1.67

7. $1500 WSOP Dealers Choice, allocating 2 buyins, ($3000), June 3rd, 3pm Backers get 1.2% of total prize money per share
Win about $1560 per share if I come 1st place! ($130,000×1.2%)
Allocating $60 per share for 1.2%
Each share before markup worth: $36
Markup: 1.67

8. $1000 WSOP NLH Super Turbo Bounty, June 4th 11am
Backers get 1.2% of total prize money per share
Win about $1800 per share if I come 1st place! ($150,000×1.2%)
Allocating $20 per share for 1.2%
Each share before markup worth: $12
Markup: 1.67

9. $1000 WSOP HORSE, June 5th,11am
Backers get 1.2% of total prize money per share
Win about $2430 per share if I come 1st place! ($203,000×1.2%)
Allocating $20 per share for 1.2%
Each share before markup worth: $12
Markup: 1.67

10. $1100 buyin Venetian $3,000,000 guarantee MSPT, Up to 4 buyins. June 4th, 5th, & 6th, 1210pm
Backers get 1.2% of total prize money per share
Win about $7200 per share if I come 1st place! ($600,000×1.2%)
Allocating $88 per share for 1.2%
Each share before markup worth: $52.80
Markup: 1.67

Total value of shares before markup: $211.70
Share price: $359
Total markup: 1.696

So basically it's almost 1.7 markup or the entire package overall.

[Dan Druff]

I do want to say that Heimiller does have a reputation of being a decent guy, and he's a good tournament player.

That's why this is disappointing.

Heimiller admitted on the RealGrinders group that he's not doing very well financially these days ("not broke, but I stopped being rich"), but he shouldn't resort to trickery like this to enter WSOP events.

I'm sure, with his reputation, he could probably find someone to simply stake him into events with a fair deal. He should go that route instead of this shady nonsense.

[Dan Druff]

[Dan Druff]

Also worth noting:

With the exception of the Seniors and the Main Event, he is collecting enough money in each event to PLAY FOR FREE.

For example, take the $1500 O8. He's selling 50 shares for $30 each -- meaning he will collect the entire $1500 and put $0 of his own money up! Yet he will still have 40% of himself.

Eight of the 10 events he's selling are like this.

In those eight, he's keeping 40% of his own action, yet entering for free (if he sells all 50 shares).

Additionally, if he min-cashes ALL TEN EVENTS, investors will lose money, since min cashes are approximately 1.5x the buyin, and his markup is about 1.7x.

[Jayjami]

If a player is asking to be staked, they aren’t worth staking. Simple as that.