WSOP Final Table participant Joseph Cada

Joseph Cada who is in fifth chips position revealed in an interview with ESPN Inside Deal that he has been staked for the WSOP Main Event 2009 and will have to give away half of his proceeds to his backers. Staking or backing is a know phenomenon in poker and Joseph Cada could tell that the reason for being backed was that he went through a poker downswing just before WSOP and lost in the area of $150.000 in total in cash games and poker tournaments which made the $50-$60.000 budget for WSOP fairly expensive as the variance in the very big WSOP fields are enormous.

Johnnybax and Sheets

Luckily one of Joseph’s friends who were backed by the famous poker tournament player Cliff ‘JohnnyBax’ Josephy and his friend Eric ‘Sheets’ Haber managed to introduce Joseph Cada to these guys and they decided that Joseph was a good horse and put up the buy in for his WSOP participation even his tournament results were limited due to him only being 21 years old. Cliff ‘JohnnyBax’ Josephy and Eric ‘Sheets’ Haber do not regret the decision to back Cada as they will minimum receive more than $630.000 for the $10.000 initial investment in Joseph Cada’s poker skills and should Joseph go ahead and become the WSOP champion 2009 the payout to the backers will reach an astonishing $4.250.000 and most likely be the record pay out made to tournament poker backers ever.

Happy besides the prize reduction

Joseph himself is still happy even he has to give away a lot of cash and states that he knew what he could win and are not even close to be thinking about the massive amount of money he will have to give his backers because without them he would not have been at the final table in the 2009 Main Event edition of WSOP.

We wish Joseph and his backers the best of luck when final table action begin next month in Las Vegas at the Rio.

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