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Originally posted by: RoadTripQuote
Originally posted by: melbedewy
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Originally posted by: MoneyLA
Well, Arc, I do know professional poker players who do sell "shares" in themselves to get money to enter tournaments. Sometimes big tournaments and sometimes small tourneys or even satellites. But I dont think they sell shares of themselves -- or get loans for tourney entries -- if they are "winners."
I play at the Bike in LA often and it breaks my heart to see two of the biggest names in poker borrowing money to buy into satellites and tourneys, and to find out that they are really flat broke.
I've seen a whole of "pro's" busted by the casino. I've yet to see a caino busted by the "pro's"
I HAVE!
During the south Florida "Casino Boat Wars", as I fondly refer to them, there were promotions that were just unbelievable on the casino boats.
The casino boats "cruise to nowhere" usually lasted for 3-4 hours of gaming time, plus the travel time to get to the 12 mile limit. So most boats were scheduled for 6 hour cruises.
They battled fiercely for players at one point, and promotions got really "interesting". The first and most lucrative was that a player would receive 4 x $25 match play when they purchased $1,000.00 in chips. You "had" to be an "A" player, but even that was not enforced.
Than, along came a company called IGT which, for it's members, would get you $250.00 in Non-Negotiable chips for the prices of $187.50. Usually valid once per week. Than, there were coupons "around", good for $5.00 in slot tokens with purchase of $10 or $20. Also, the boats had mailing lists, and it was not uncommon to receive match plays, free aces, etc.
Many of those match plays or free aces mailers were printed by computer on standard paper.
As a result, "counterfeits" found there way onto the boats, but were dealt with efficiently enough by changing procedures, etc.
Double dipping promotions was allowed! So IGT + $1,000 cash would provide an additional $100 match play, and $67.50 savings on NNS chips.
One boat, "new" to the marketplace, decided to allow unlimited IGT rebuys during cruises. Their first sailing was a Thursday nigh. Twice Friday, Sat, etc.
By Friday night, 3 cruises into their "launch", they were broke. "We" worked them over so hard, they had difficulty cashing people out, and had to empty drop boxes, and pay off some in coins!
Belly up after three cruises.
So, poor decisions by a casino can lead to their going broke also.
I know I was very busy "working" the casino boats, and "sailed" as many as 15 times in one week. I knew it was not going to last long, but for that 9-12 months, a "smart" player could practically guarantee a profit of over $110.00 per cruise, plus meals, snacks, drinks, even hotel room nearby.
Most of the boats also had poker rooms, and I would get into a game after 20-30 minutes of running my promotions through. Very lucrative time in Southeast Florida, long before the Seminoles began "real" casino's and table games.
Anyway, a poorly thought out promotion did lead to the bankruptcy of one casino boat.
There was one promotion that was even better!
A mailer for a month was sent out, with coupons. First trip got $25. Second $50, the 8th got $250. Free chips. No obligations, etc. Real negotiable chips. "Just for the ride". Oh, and that could also be used while also getting the "VIP" match play for a buy in, and the IGT non-negotiable chips.
Whew. The good old days of the South Florida Casino Boat Wars.
It was hard work sailing that many times. After the first few weeks, I slowed down to only 12 cruises or so each week. And gained some weight from all the free meals and buffets.
I miss those times.
