So you’ve made it to the Big Show, the Main Event of the World Series of Poker and visions of money, fame and a future playing poker professionally are running through your head. Your friends and family are on notice, you are cramming in some last minute strategy sessions, but you still don’t understand how sponsorships at the WSOP work and how you might be able to take advantage of a good run. This is my seventh summer in the sponsorship mix at the WSOP and here is a primer to review before you ante up for the largest poker tournament in the world:
1 ) Qualifiers: If you’ve won your seat to the WSOP by playing an online satellite or a live tournament at a casino, do your research in advance and find out exactly what is being offered for you to sport the company logo. Make a decision prior to starting the event whether you are in or out and stick with it. I’ve seen several occasions when a player makes the final table and is looking for a way out of the standard online qualifier deal, but my advice is always to stick with the deal you entered as I believe loyalty will ultimately be rewarded by sponsors.
2 ) Sponsored Players: One of the great myths of the WSOP is that there are hundreds of players who are essentially on a “free-roll” because they have a sponsor pay their $10k buy-in fee. It is true that there are a few select professional poker players and some big name celebrities that get paid to play, but this is very rare. We’ve brokered deals for celebrities like Jason Alexander with PokerStars, Chuck Liddell with Full Tilt and Lennox Lewis with 888, but unless you are a huge name it’s probably not going to happen.
3 ) Backers: If you are being bought into the event in exchange for a percentage of winnings, come to an understanding with your backer in advance of the tournament whether or not your backer also receives a percentage of your sponsorship deal as well. Typically, the backer does not get a piece, but this inevitably becomes a major issue for someone every year.
4 ) ESPN Feature Tables: If you find yourself at a TV table with hole card cameras, this is probably a good news/bad news situation. The bad news is that a big name pro like Daniel Negreanu, Doyle Brunson or Phil Hellmuth is at your table. The good news is that millions of people will see you on ESPN and you may have an opportunity to get a one-time fee to wear a sponsor’s hat and patch.
5 ) Poker Agents: If you make a deep run in the Main Event or appear at the ESPN table, there is a chance you will be approached by an agent. A good agent will have WSOP sponsorship experience, the ability to shop you to all the poker sponsors, get you quick answers and clearly explain the legal agreement you are entering. Going back to my days representing players on the PGA TOUR, the first question I always get asked is “Who do you represent?” Other relevant questions include how many of these deals have you done, how long have you been doing WSOP deals and how much do you charge? There is a lot of gray area and nuance to these deals and a good agent with experience will help you navigate the waters.
6 ) The Entourage Factor: Every year as the tournament gets played down to the final table, friends and family fly out to sweat the action, have a few cocktails and get crazy. While this is all fun and exciting, my advice is to control the crowd and don’t let it distract you from making the final table and getting the best sponsorship deal possible. If necessary, choose one trusted friend who will look after your interests (without trying to get a piece of you) to communicate with media, agents and the entourage so you can focus on the task at hand.
7 ) The WSOP Three Logo Rule: In 2009, Harrah’s instituted a rule which limits each sponsor to a total of three logos at each ESPN televised table, including the final table in November. For example, if Gavin Smith and Tom Dwan (two Full Tilt pros) are at the ESPN feature table, then Full Tilt can only have one more player in a hat and patch for that table. This rule can play a major factor in your sponsorship decision making process and is a place where a good agent can be of service to you.
8 ) Terms & Conditions: Often times a player in the WSOP has to make a quick decision on whether or not to do a sponsorship deal minutes before sitting down to play in the event. In this hectic situation a player is asked to sign a two page agreement that is the typical sponsorship Terms and Conditions. It is important to understand this language in advance of signing, so take the time to have it explained to you by someone with a legal background (preferably your agent). It’s likely to limit other sponsorship opportunities for you and will also include some additional responsibilities if you make the November Nine.
9 ) Don’t Believe the Hype: How are you going to handle the bright lights, wireless microphones and big stage of the ESPN table? Are you going to ham it up, dance around and draw attention to yourself, or are you going to clam up? How will you handle being the center of attention from the entourage, media, agents and yes, poker groupies? My advice is the same advice I give the biggest names in the poker world: be yourself, enjoy the ride, but focus on the bracelet.
