Loaning Borrowing and Transferring Money for Poker and Some Problems!

Monday, February 7, 2011

Loaning Borrowing and Transferring Money for Poker and Some Problems!

So you are short of cash on online poker sites and figure that you will find someone will roll you up? You have a fair amount of cash online and someone needs a loan? You plan on transferring money - swapping from one site to another? You have a live tournament to play and plan on getting staked? All of these things come under the categories of "Loaning, Borrowing and Transferring Money for Poker". I have seen a lot of these transactions lately and although it is not new and has long been a way to operate in poker for a long time, it can cause issues regardless of what side of the deal you are on.

Every poker player has their ups and downs no matter how good or bad they are. There is one thing for certain though. A very good poker player will never go completely busto. Let's think of the likes of Doyle Brunson, Phil Ivey and the like. Can you imagine them going completely broke - EVER? These poker players have built thier bankrolls and have played accordingly and managed poker like a business. If you are needing a loan from a friend to play a game, I would suggest you start considering this factor, the factor of good poker management. Sure we cant help a downward spiral of losses but we can ensure we deal with them appropriately and lower our stakes to build things back up. Issue number 1 is obviously self control! Control yourself before you dig yourself a hole of debt you can not escape.

On the other hand many of us form strong bonds and relationships in poker and see a friend in need and want to help. The fact is, in poker you are always going to see friends having their very low down moments. We are not all Phil Iveys! Lets remember that poker is much like life, you do not loan your money (your car or your wife / husband lol). It has got to be a very trusted person for you to loan money to and a person who needs it for a good reason, right? Starvation, house burnt down, got flooded, robbed, needs medical care are all good reasons. Is a poker tournament? What are the chances of getting paid back? Sure they are your friend (for now), they are you very good friend but .... there is no guarantee they are going to win and then they are going to have to loan more money right? What are you going to do when you need that money back? Say goodbye to the friendship! I have seen massive fights that have never been resolved through loaning money to friends in poker. Issue number 2 is keeping your friendships. Simply not being able to afford to loan to a friend or not having access to funds is a good way to get out of it to avoid a permanent friendship breakdown.

Transferring money causes issues too! A simple transfer or helping a friend cash out can cause much chaos and a lot of tension between players. Sometimes we do not have a way to cash out but our friend does. We use them as a means to get our money. We can transfer to them on the online poker site and they can draw out funds for us. If something goes wrong their end however with bank and online merchant delays and screw ups let the fights begin! The same applies for the other way around. You deposit for them and transfer them the money expecting cash in return. The cash doesn't come and you are furious! Things happen, its not normally anyones "fault" as such, unless they are a rip off and planned it. If they are your friend though its unlikely! Issue 3 is keeping things calm when transfers go wrong, its hard but its a must and this issue happens regularly! Accounts get frozen and funds get held up, its a common and unfortunate thing!

Lets look at a backing situation and what can go wrong! You offer to back your friend into a tournament for a 70% return on your money when he cashes. He doesn't cash, you expect not to get paid off. He does cash and doesn't pay you off as he has sold shares to others as well? I have seen people over sell themselves so many times and fall short with an inability to pay the return. Nasty! I have also seen friends furious with friends they have backed for making a move that they wouldn't and busting out. It isn't pretty! It also becomes a big issue when the backing money isn't dished up! I saw players at recent tournaments promised backing, the backing money was held up so they used other means until it came through, means ($$) they couldn't afford or didn't plan on using. The money backing money never arrived! Did someone say fight? Issue number 4 when it comes to money and poker and loaning and borrowing is ensuring backing transactions run smoothly. Don't just assume they will, even the biggest of players get caught!

All in all, to keep within your own means and funds is the best way for sure perfection when it comes to friendships and a smooth poker life. Keep your funds where they belong and don't mix and match them with your friends. If it is a business deal and done between yourself and colleagues, that can be different, but when it is a friend, the sure way to keep a friend is to keep poker business away from the friendship. Also watch who you are dealing with when it comes to business transactions. I have found some big fat rip offs of late! I would hate anyone else to encounter them!