2022 PSP WSOP SATTY REPORT

 It was an absolutely stunning, positively gorgeous afternoon in beautiful Burbank. The temperature could not be more perfect, and the big door was open as 12 hard-core degenerate gambling folk gathered round for a shot at a seat in the World Series of Poker!

With deep stacks and a slightly flatter structure than usual, there was plenty of play to go around. We had one bust out before the break I believe, Mr. Sean L. Got a bit unlucky and had to say goodbye. Four other players also busted but chose to re-enter.

And then after another level or two, it was already final table time. We went from two tables of six to a single table of nine in just under three hours.

 

It seemed like everyone was solid and deep, until suddenly they weren’t. After another hour and a half of uneventful play, suddenly the dam broke and the bust outs flew like crazy. 

When the dust settled there was four people left, including yours truly. I had built up quite a stack and played well, but another 90 minutes of grueling four handed  play took its toll on my stack and I found myself flipping with pocket sevens against a suited Jack Queen. My pocket pair did not hold and the chips went to Mr. Joe S. And then there were three… 

It was the battle of the Jeff and the Joes. Joe S in particular was relentless with his enormous stack of chips, and leveraged them expertly to put the pressure on both of his opponents.

I was tidying up the garage and had my back turned when the chips went in, it was Jeff versus a Joe, Jeff had a AK and Joe had TT, flop was AK8, the turn Q brought a gut shot and also left another 10 as an out. With a burn and the river, Jeff’s fate was sealed.

And so that was that. Our WSOP Representatives were set!

Both Joe S and Joe F received $1150, to use on a 1K bracelet seat in the event of their choice. Plus $150 each to help with travel expenses.

I am excited for both of them, as the WSOP is always awesome and this year promises to be Batshit crazy fun. Plus I’m also happy because they are both darn good players, well deserved the both of you!

Keep your eyes peeled on this blog, we will definitely update here with both Joe’s results.  Joe S says his event will either be the seniors or the super seniors. Joe F hasn’t decided yet.  Can’t wait to see what happens, whatever the result I know they will do us proud!

2022 World Series of Poker!

 Yes, we will be sending 2 players to the big dance this year, the 2022 World Series of Poker!

On Sunday, May 1, at 1pm we will have a Satellite Tournament (SATTY) in the garage.  The top two finishers will be off to Vegas this summer.   

First place gets a seat for a 1K bracelet event - 2nd place wins a seat for events from $400-$800.

The first place finisher, the 1K seat winner, can choose from these events - 

The 2nd place finisher has these options -

(Above schedule is hand copied by me - make sure to check the actual schedule before you book anything!)

RULES - 

Commitment

I understand that life is chaotic right now, and with our post-pandemic / endemic state of the world as it is, I feel it necessary to keep things flexible.

Please don't play in our satellite if you don't fully intend to play in the 2022 WSOP. However - if something comes up where you just can't make it - such as covid-19 or the many things that could happen related to it, but it doesn't have to be that issue - I will allow a deferment to play in 2023 instead.  

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Winnings

If our Representative (REP) cashes in their event, they MUST share their entire payout (which includes their original buy-in amount) with all players who show up for or pay the full $140 amount of the satellite.

The share is a 70/30 percent split, with 70% going to the REP and the remaining 30% being divided equally among satellite participants.

Among the satellite participants - the first amount removed is money back for all Lab participants who did not play in or pay for the Satellite itself.    There are likely going to be some players who only paid for their labs, either $20 or $40 - these folks get their money back first.

After that - they money is divided evenly among all players who paid the full $140.

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Agreement

IMPORTANT - ALL PLAYERS SHOULD KNOW THIS - While I will have everyone sign a standard staking agreement (see BELOW)  there are a couple of things to keep in mind.

1 - This is an agreement among friends.

2- Money makes people stupid. 

The result of these two things is that IF someone makes a HUGE score and decides they are going to be evil, like Jamie Gold was, I am not going to  fight over something as boring as money (even a large amount of it).

If someone finishes high up in a big tournament and they want to keep the money - there is no document in the world that will prevent them from having a very good chance of doing so.  I'm' not saying they won't not have to fight for it, but we would have to have a good lawyer working for us to stand a chance.

For the record - I will not be lawyering up, I will not be fighting anyone in court over poker money - ever.  People can do what they want, but I won't be joining in.  I have vowed in my life to not fight over money (after I've seen family and friends ruin their lives doing it) and that's just how I  roll.

I care very much for the friends in my garage, some more than others admittedly, but I have faith in all of them to do what is right.  And if they don't - I won't be wasting a drop of energy thinking or doing anything about it.  They won't be invited back to the garage however. 😁

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Miscellaneous

- If you finish first your payout is $1000, but you may get up to $200 more, this extra money can be used for travel expenses, or whatever you like.

• If you use your 1K or more to buy into a larger event - that is your choice, however it is understood you are still to abide by our share agreement.  Example: if you get $1000 and decide to enter a $1500 event using $500 of your own money, that's on you - and you still owe 30% of your winnings to satellite participants.

 - If you are in second place your payout will vary from $400-$1000 in $100 increments.   

• If you are paid $400-$500, at least $400 must be used for poker.
• If you are paid $600-$800, at least $600 must be used for poker.
• If you are paid $1000, at least $800 must be used for poker.

- Don't forget, if you can't make the SATTY you can still participate!  Just pay $140 total and you will get a full share for whatever WSOP events our REPs play.  Remember, if you played in one of our labs you have already invested $20 or $40, be sure to complete to $140 total to get a a full share.

- If you participated in a lab or two but don't want to pay the remaining balance, you will not get a full share.  You will however get your money back if our REP cashes.   If our REP cashes and all of our full paying SATTY players get more than $1000 in profit, there will be an amount set aside for the lab participants to double their money (after the 1K+ profits are paid out).

STAKING AGREEMENT

Here's what players will have to sign on Sunday -

Staking Agreement

This Staking Agreement (“Agreement”) is between Pepper Street Poker 2022 Satellite Participants (“Backer”) and _____________ (“Player”). Backer will provide funds to be used by Player to enter the following poker tournament 2022 World Series of Poker (the “Event”).

Backer will provide Player with $_________ to be used for entry into the Event (the “Stake”) which is equivalent to 100 percent of the total entry costs for the Event. Player will use the Stake to register for the Event and Player will play the Event using good faith efforts to compete to players best ability in the Event. Player will not intentionally violate any rules of the Event. In exchange for providing the Stake, Backer will be entitled to 30 percent of Player’s Net Win (as defined below) in addition to return of the Stake.

If, after Player receives the Stake from Backer, Player determines he does not wish to enter the Event, Player shall immediately contact Backer to communicate the reasons Player does not wish to enter the Event. Player shall have the discretion to decide not to enter the Event; however, if Player does not play in the Event, Player shall immediately return the entire Stake to Backer. 

Player shall distribute any winnings from the Event according to the terms of this Agreement. 

Both parties may agree in writing to cancel this agreement prior to the commencement of the Event. Mutual electronic communication such as e-mail or text message are sufficient to constitute written agreement provided that both Player and Backer separately transmit some electronic message indicating their consent to cancelling this Agreement. For tournaments that have multiple starting days, “commencement of the Event” shall mean the start of play for the starting day in which Player first plays.

If Player does not cash in the Event, then Player shall have no liability for the return of the Stake to Backer. If the Player cashes in the Event, then Player shall be responsible for return of the Stake to Backer in full along with Backer’s percentage share of the Net Win. The Net Win equals the total amount of the prize won by Player for the Event, minus the total entry fee for the Event, minus any agreed upon Tip as defined below.

Player will contact Backer within twelve hours of the conclusion of Player’s participation in the Event by telephone, text message or e-mail to notify Backer of the results of the Event.

Backer and Player are each individually responsible for the proper reporting of income and for the satisfaction of any income or other tax liability arising out of any money distributed pursuant to this Agreement. 

Backer and Player agree that ____ percent of the difference between the entry fee for the Event and the amount paid to Player will be paid to the Event staff (the “Tip”) only if no tip is already withheld from the prize pool. Player shall pay no less than the full amount of the Tip to the Event staff. Player may pay additional amounts to the Event staff at Player’s sole discretion; however such amounts will not be used in calculating the Net Win.

Dated ______________

Backers - 

 

Player -