Greg Raymer is seeking backers for his 2016 poker play on YouStake, a crowdfunding site for athletes and poker players.
The 2004 World Series of Poker Main Event champion, in his YouStake post, stated not having any guaranteed income as his reason for looking to be staked.
“FossilMan,” Raymer’s Internet poker moniker, won $5 million for his Main Event title and has more than $7 million in lifetime live poker tournament earnings, which might make some people go “huh?” to his cries of uncertain incoming cash.
But then again, a gambler’s life is full of highs and lows and more swings than a playground at Mall of America.
While it’s unclear if Raymer is short on cash these days, he made it clear that his wife played a role in his decision to seek backers.
“Since I no longer have a guaranteed source of income, my wife has become more nervous about poker,” Raymer said in his crowdfunding plea.
He also mentioned an issue that makes it difficult for many professional poker players to hold long-term relationships together.
“Although I have a 23-year track record of winning results in both tournaments and cash games, (my wife) is not a poker player, and is worried that I will start losing.”
The crowdfunding effort ends on January 20th. As of January 6th, Raymer has sold off $54,285 of his $105,000 goal. He is putting in $20,000 of his own money.
YouStake allows poker players to sell off action to investors. Raymer is selling pieces of his action for $105 to $5,250, depending on how much the investor can afford.
One full share costs $1,050 to buy-in. Backers receive a portion of his 2016 profits, based on the amount they chipped in, of course.
Raymer said he will manage his bankroll “sensibly” throughout the year, but doesn’t have any exact rules for deciding which poker tournaments to enter, other than that he won’t play high buy-in tournaments “if the bankroll is not large enough to justify doing so.”
Of course, the former world champ will be using $10,000 of that money to chase his second Main Event gold bracelet come the 2016 World Series of Poker in Las Vegas.
Despite having $7.5 million in lifetime live tournament winnings, it’s been quite some time since FossilMan pulled off a big score. It was in 2012, to be exact, when he won three Heartland Poker Tour titles within a two-month period.
Raymer’s 2013, 2014, and 2015 results were just ho-hum. His biggest victory during that time period was $33,510 in an Omaha Hi/Low WSOP event in 2014. That was his last five-figure score to date.
The 2004 champ hasn’t cashed in the Main Event since his 25th place finish in 2005, but he did make an impressive run, finishing 3rd, in a 2009 $40,000 buy-in WSOP No Limit Holdem event. Raymer earned $774,927 in that tournament.
Track record is everything when it comes to investors making a decision whether or not to back a poker player. Raymer’s recent results likely won’t excite many investors, but his past results just might.