It sounds like a lose/lose awful clusterfuck! But in some instances there is a strong rationale for selling some of your action and it doesn't have to be because you're broke (although that is probably the main reason most people take on backers).
I've decided to take on some backers and put together a $10,000 bankroll to play some bigger cash games and here is the rationale I gave them (In a bitchin' power point presentation!):
- Effective rake reduction – For example playing at $6/$12, $4 comes out of every pot, plus a $1 dealer tip. If I play $15/$30 with 40% of my own action, I take the same personal risk, but pay $1.60 per pot in rake and tip $0.40. If I win four pots per hour this is a $12 per hour savings.
- Game evaluation – I’d like to do some analysis on to what degree the larger games are beatable, without subjecting my bankroll to major swings
- Fun – It’s more fun to play higher stakes against tougher opponents.
- Progress – I never plan to play poker full time again, but that doesn’t mean I want to grind it out at $6/$12 either. I want to make progress in the time I use.
So what is Project Flying Panther? Basically it's me using $10,000 to play limit cash games in the $15/$30-$40/$80 range and NL Cash games in the $2/$4-$5-$10 range over the course of 3 months. Session 1 will be this Friday night and since I'm obligated to my backers to keep them posted, a recap of every session will appear on this blog.
How did I come up with the name Project Flying Panther? I used this project name generator - http://online-generator.com/name-generator/project-name-generator.php and it was the first name that got spit out. But now I love it! Project Flying Panther bitches!