Establishing a Betting Syndicate

[Starpost9]

I'm thinking seriously about doing it for next MLB season with a number of buddies (max of 10). Just wondering if anyone here has done it before, and if so, how you might've worked it.

Here's the way I'm leaning:

First of all, I will be the syndicate's manager, and will have final say on all picks (that's because I'm the best handicapper of the bunch, and the fact that I'm putting the thing together).

I'm thinking of collecting $500 to $1500 (at the player's option) from each guy. Those monies will be in play for the duration of the season; no refunds till the season's over.

Each guy will get his prorated share + any profits back up to a certain percentage point (yet to be determined). Then I get paid my "management fee" with any profits beyond that point. (I've won 3-5 times my initial stake each of the last three seasons, and my buddies are well aware of that.)

So long as everybody is in agreement with the numbers in advance, I don't see that anything else needs to be added to the deal. Did I miss anything?

 

[The Devil]

Re: Establishing a Betting Syndicate

"UP TO A CERTAIN PERCENTAGE POINT"?

ARE YOU SAYING THE OTHER NINE HAVE A MAX WIN AND YOU DON'T?

 

[Starpost9]

Re: Establishing a Betting Syndicate

That's correct, Devil. Thinking 250% roi right now. ($1000 investment gives $2500 max profit + $1000 refund).

If the season then nets 4X roi overall, I get $1500 profit on that particular syndicate member's investment.

 

[Jeff Jones]

Re: Establishing a Betting Syndicate

One of the great advantages of the anonymous Internet is that you can be whomever you want to be. There are no stringent certification programs in gambling. Call yourself a professional gambler, a Sharp, a Tout, a Syndicate, whatever, and you instantly become one.

If you want to be a "syndicate," poof, you're a syndicate. (Although I'm not sure if $500-$1500 X 10 guys really is worthy of having the name "syndicate" bestowed on it.

But I'm liking the "management fee" angle. This guy knows how to make money at gambling.

 

[KimLee]

Re: Establishing a Betting Syndicate

Real syndicates need runners to overcome betting limits. If you can bet your whole bankroll in one phone call then you don't need anybody else!

Besides, why would a guy who earns 250% per year need help raising a measly $10K bankroll?!

 

[Starpost9]

Re: Establishing a Betting Syndicate

If the season nets only 2X roi, then an investor of $1000 gets $2000 profit + $1000 refund. I get nothing (on his investment, that is. I will still have my own monies invested).

I have never been a big player. Generally my "big" bets are no more than a few hundred dollars. I have no intention to ramp it up much more than that with my own monies. This isn't a get rich scheme for me or any of my buddies.

And I don't live in Vegas, so we're talking offshore wagering and all that entails these days. Neither my buddies nor I are willing to "bet the farm" offshore. It took me almost two weeks to get a check recently for most of my 2007 MLB profits from a well respected offshore book. $15k spread amongst 10 people seems a reasonable risk. $100k, no.

 

[trytrytry]

Re: Establishing a Betting Syndicate

good luck getting members...If you can do it go for it. but dont ask in the forums for posters to join you will be sent tot he Rubber Room. But if you have some buddies who think they can make a buck with your help do that.

 

[Starpost9]

Re: Establishing a Betting Syndicate

Maybe I should've posted this as a qualification at the outset:

NO EOG MEMBERS NEED APPLY TO THIS PROPOSED SYNDICATE. PROSPECTIVE MEMBERS ARE LIMITED TO PEOPLE KNOWN TO ME IN THE REAL WORLD; NOT CYBERSPACE.

I'm still looking for any additions or changes to the model I'm proposing. So far, only a complaint about the terminology, "syndicate," has shown up. Hell, let's call it a gambling club, I don't care. But so far, it doesn't look like any of the early responders have any ideas along those lines, right?

 

[rayray]

Re: Establishing a Betting Syndicate

starpost, why dont you just borrow the money for your bankroll and play the bases by yourself. you said that you would be the final decision maker on all bets anyways, so why do you need your friends picks and why in the world would they put up money if they cant play their own picks?? these syndicate ideas make no sense. if you must, get 1 maybe 2 partners and get your gamble on. you need money for a bankroll so you can play your plays...call it what it is

 

[Shortbus]

Re: Establishing a Betting Syndicate

starpost, why dont you just borrow the money for your bankroll and play the bases by yourself. you said that you would be the final decision maker on all bets anyways, so why do you need your friends picks and why in the world would they put up money if they cant play their own picks?? these syndicate ideas make no sense. if you must, get 1 maybe 2 partners and get your gamble on. you need money for a bankroll so you can play your plays...call it what it is

He's right. If you're really THAT good, why not just take out a loan and gamble with your own money.

You don't need to make money off your friends if you're that good.

And if you want to help them out, just share your plays with them.

 

[Starpost9]

Re: Establishing a Betting Syndicate

slappy & Shortbus, there really are some guys who don't have a clue as to how to bet. At the same time, some of those guys do like to participate in some form of gambling. My friends qualify on both counts. They know I can pick 'em, so now there's a way they can gamble with the probability of actually winning some money. Sometimes such people will buy picks from a tout, but a tout is the last thing I aspire to be.

As to borrowing money to gamble, no, I don't think that would fly with the wifey. And frankly, even though I'm confident in my abilities, not with me, either in the offshore deal. If I lived in Vegas, maybe. But do Vegas banks make loans to gamblers? (I don't think there's an emoticon which would adequately express the howl deserved by that question.)

Hey, guys, I'm not looking to break the bank here. Rather, just rachet it up a notch or two. And I won't be making any money off my friends unless I hit better than a 250% roi for the season. Who amongst you wouldn't settle for that right now?

 

[Sound of Silence]

Re: Establishing a Betting Syndicate

slappy & Shortbus, there really are some guys who don't have a clue as to how to bet. At the same time, some of those guys do like to participate in some form of gambling. My friends qualify on both counts. They know I can pick 'em, so now there's a way they can gamble with the probability of actually winning some money. Sometimes such people will buy picks from a tout, but a tout is the last thing I aspire to be.

You aspire to make money from other people with your picks.

That is a tout.

 

[Starpost9]

Re: Establishing a Betting Syndicate

SOS, I think we had this discussion on another board years back, and I seem to recall that you're not a guy it's possible to win an argument with (or even get a draw for that matter, so I think I'll pass this time, thank you very much.

Otoh, how about odds on Fran's longevity? I give him till T+2.

 

[IGAMBLER]

Re: Establishing a Betting Syndicate

ROI means return on investment. It's how much profit one makes for every dollar bet. 250 per cent ROI? I have never heard of a ROI this high. Bookmakers, when booking at 11-10, only make between 4 and 5 per cent ROI. If you have a ROI OF 250 PERCENT, you are a genius.I am taking this with a grain of salt.

 

[Sound of Silence]

Re: Establishing a Betting Syndicate

SOS, I think we had this discussion on another board years back, and I seem to recall that you're not a guy it's possible to win an argument with (or even get a draw for that matter, so I think I'll pass this time, thank you very much.

It's certainly POSSIBLE to win an arguement with me, just not very likely

But I certainly wasn't the worst of the R.G.S. group, not even close.

Otoh, how about odds on Fran's longevity? I give him till T+2.

I'd agree. Only chance he has at keeping his job is winning the Big 12 South, and that ain't gonna happen.

Though I do think A&M splits their remaining 4.

 

[Thrillseeker]

Re: Establishing a Betting Syndicate

ROI means return on investment. It's how much profit one makes for every dollar bet. 250 per cent ROI? I have never heard of a ROI this high. Bookmakers, when booking at 11-10, only make between 4 and 5 per cent ROI. If you have a ROI OF 250 PERCENT, you are a genius.I am taking this with a grain of salt.

yeah, he means an ROA (return on assets), where his initial asset base is the total postup funds...

 

[Starpost9]

Re: Establishing a Betting Syndicate

Thrill, you are correct. Sorry for the confusion.

SOS, you can't be serious!

Aggies remaining schedule:

<TABLE class=tablehead cellSpacing=1 cellPadding=3><TBODY><TR class=oddrow><TD width=43>10/27</TD><TD width=170><NOBR>#9 Kansas</NOBR></TD><TD width=125>7:00 PM</TD></TR><TR class=evenrow><TD width=43>11/03</TD><TD width=170><NOBR>at #6 Oklahoma</NOBR></TD><TD width=125>TBD</TD></TR><TR class=oddrow><TD width=43>11/10</TD><TD width=170><NOBR>at #13 Missouri</NOBR></TD><TD width=125>TBD</TD></TR><TR class=evenrow><TD width=43>11/23</TD><TD width=170><NOBR>#19 Texas</NOBR></TD><TD width=125>3:30 PM</TD></TR></TBODY></TABLE>

 

[The Devil]

Re: Establishing a Betting Syndicate

That's correct, Devil. Thinking 250% roi right now. ($1000 investment gives $2500 max profit + $1000 refund).

If the season then nets 4X roi overall, I get $1500 profit on that particular syndicate member's investment.

STARPOST......ARE YOU RELATED TO P.T. BARNUM??????

 

[SHAWN GOTTI]

Re: Establishing a Betting Syndicate

<!-- google_ad_section_start(weight=ignore) -->Starpost9<!-- google_ad_section_end --><SCRIPT type=text/javascript> vbmenu_register("postmenu_925118", true); </SCRIPT> ...........HOW MUCH FOR YOUR FULL SEASON PACKAGE?:+clueless

 

[Matt]

Re: Establishing a Betting Syndicate

So what are your 10 friends going to do when you lose their $1500?

 

[The General]

Re: Establishing a Betting Syndicate

Starpost, Good luck with your attempt. I think you will learn a lot as you go and with enough motivation and enthusiasm, Just maybe. (optimistic)

Personally I would just bet and share my plays with the other guys if you want them to win with you.

 

[OMNIVOROUS FROG]

Re: Establishing a Betting Syndicate

Take that same investment, from 9 other guys, buy some coke and cook it into rocks, sell them on the nearest corna by the hood. Announce you are doing that on every public forum you can find. Jeff is right, anyone can be a syndicate, you just tell everyone in the world you are. Works the same for Fezzik, is he a sharp, of course, just ask him. Double points for giving an interview to a reporter and triple points if it gets printed. Ask The Shrink to forward you BW's e mail addy. He would probably love taking time off of the course to mentor you.


Best wishes...OF :doh1

 

[Starpost9]

Re: Establishing a Betting Syndicate

Boy, was I wrong. I started this thread actually believing that two or three (or more) guys would respond with something like, "yeah, I’ve been doing that with some other guys I know for (x no. of) years now, but here are some structural changes you might consider making which have worked well for us."

Nope. All I get is naysayers who obviously believe the thing is doomed to failure, apparently because they have no confidence that I (or just about anyone, I suppose) can actually beat the book consistently. Fine. Let ‘em think that. I am only now beginning to appreciate the "gift" that I’ve been given. It seems to be considerably rarer than I would’ve guessed.

My bad, guys. Nobody at EOG with any good ideas on this one (The General excepted, but we've already talked about that idea and discarded it due to lack of interest from some guys who really aren't enough of a baseball fan to bother with it).

I’ll work it from a different angle, but I already know it’ll be a winner. My buddies feel the same way, and that what really counts. All of us can afford to lose the money, but we don’t expect to, and why does anyone gamble who doesn’t think he can win? Wait! Don’t answer that . . . it’s beginning to look like there are quite a few such creatures roaming the Internet sports betting forums.

 

[OMNIVOROUS FROG]

Re: Establishing a Betting Syndicate

If you were indeed gifted, as you claim, would you be soliciting advice on something like this on an internet forum? Betting syndicates that got started by asking around on the internet how to do it? None, and zero. I think that number won't change anytime soon. If you are already gifted, should you get gifts at Christmas? If so ask for Betting Syndicates for Dummies.

Best Wishes...OF :doh1

 

[Mr. Smith]

Re: Establishing a Betting Syndicate

I love the internet

 

[Chuck Luck]

Re: Establishing a Betting Syndicate

Maybe I should've posted this as a qualification at the outset:

NO EOG MEMBERS NEED APPLY TO THIS PROPOSED SYNDICATE. PROSPECTIVE MEMBERS ARE LIMITED TO PEOPLE KNOWN TO ME IN THE REAL WORLD; NOT CYBERSPACE.

I'm still looking for any additions or changes to the model I'm proposing. So far, only a complaint about the terminology, "syndicate," has shown up. Hell, let's call it a gambling club, I don't care. But so far, it doesn't look like any of the early responders have any ideas along those lines, right?

:LMAO

 

[Jeff Jones]

Re: Establishing a Betting Syndicate

Nope. All I get is naysayers who obviously believe the thing is doomed to failure, apparently because they have no confidence that I (or just about anyone, I suppose) can actually beat the book consistently. Fine. Let ?em think that. I am only now beginning to appreciate the "gift" that I?ve been given. It seems to be considerably rarer than I would?ve guessed.

Well of course we're naysayers. It's a stupid idea. Tell me, when you present this "syndicate" idea to your buddies, do you tell them about this "gift" you have been given to pick sporting events? Do they ask why such a "gifted" person is wanting their $500?

Too funny.

You can't make it up.