The responsibilities of Staking (player & backer)
If you've been around the backing deal either as a horse or a backer you will have heard stories of big failures no doubt over the time you have had your deals set in place. In this blog i wanted to adress some of the responsibilities that as a staker you have that will be in your own personal interest, and as a player as well.
While i don't really back people myself iv learned a few things which i think are important and adress some of the reasons that backing deals can go bad.
1) Be reasonable with what you let your horse play
What i mean by this is you have to have a balance. While you can't let your horse run rampant at every buy in you do need to give them a little bit of freedom to challenge the higher limits and make themselves become a better player as a result. This goes to say that they also have to learn the disipline to work out of what ever make up they can get themselves into.
For example MTT backing is most important here. Horse A plays an abi of $45 and suddenly wants to start adding in the sunday $500 and super tuesday to his schedule. If this is in the backers financial options then i say let him. But only if he meets a few pre-requisits.
If the horse has been
A) working hard on his game and intends to constantly
B) has been putting in consistent volume across a multitude of agreed buy ins
C) Isn't in a large amount of makeup
D) Is financially stable in his personal life
All of these factors are pretty important for both the horse and the backer. Why should he be allowed to play games harder then his regular limits if hes not willing to put in the time it takes to improve?
Live shot takes should be rewards for hard work not demanded (in my opinion).
If the horse is in a large amount of make up sometimes players find it difficult to grind low buy ins. If your looking at makeup in the 40k region and you have to play a $22 games with 3k up top a lot of players just don't give it their all and only really look for 1 hit wonder torneys to clear them like the sunday majors or the nightly 162's. This leads to greater variance and swings for the backer and often a deeper hole of makeup forms that ends up in either the horse buying out or scamming.
Another important point is that the player should be financially set before they venture on these high variance games as to stop them from going busto and avoiding the need to ask for loans adding stress to the backing deal. If your in a bad financial situation don't look for the quick fix with potential disaster...take the low variance route.
In my opinion its the responsibility of a backer and a player to make sure all these boxes are ticked before going into high variance games. It might be your business as to how much money you have but its also by extention your backers if your going to be grinding high variance games. Doing this not only avoids wreck and ruin for him but also for you.
2) Promote study, volume and recognize hard work and accomplishments
Pretty obvious tips but this really helps everybody. Promoting study and volume can be done through a reward system or a simple message of good work. But it goes a long way, encourages the horse to work harder, and is just good for general communications and nature in the relationship. The better the relationship between the staker and the horse is the more likely the horse is to be upfront about problems and solve things easier.
3) When starting the staking deal try to be as upfront about everything, the terms, past wrongings, whats expected etc. And probable solutions if something does go wrong and how they would be solved. Doing this stops future problems and also means that people can't say they didn't see what was comming.
So hopefully most of that was common sense but you would be surprised how often people stuff these things up. Specially the controlling what your horse plays and checking up on them part.
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