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Raymer had to pay out 2.1m of his WSOP win to backers
Any of you guys know that. This is how it went down.
Raymer Pays 2.1m to Backers
Apparently after Raymer's bankroll took a hit from a bad run a couple of years ago he looked to raise money to continue playing the 150/300 tables at Foxwoods.
He turned to the online boards and offered to sell shares of himself for $500 apiece. apparently some took a shot with him and he originally raised 30k..he ended up taking 57% of all the profits..the deal was structured in six-month periods with the WSOP the end of the fiscal year.. During first six months, investors lost $12 per share. 2nd period the value went to $555 and the 3rd it rose to $601..
after he won the series each share hit $36,300..he had to pay out a total of $2.1m to shareholders
I thought it was all his.
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