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$4M in buyins / 60 players = $67k/player in buyins on average over the course of the WSOP.
This seems plausible and within the range of a mid stakes WSOP schedule, though they certainly had guys doing more than this.
@PokerStars paid out pretty quick after Black Friday so they likely only had 2/3 of that stuck = $480k
And luckily for them only 1 player didn't return the funds.
It was really amazing watching @sheetspwns explain how our industry worked 11-16 years ago and would highly recommend watching the whole thing.
youtube.com/watch?v=8Bb8igfM…
Replying to @sheetspwns
@sheetspwns the OG of the backing world did an awesome podcast with @berkey11 on the @OnlyFriends_Pod yesterday.
Since we're actively providing tools for today's backers we thought it'd be useful to condense what was said and extrapolate the scope of their operation a🧵
@sheetspwns mentioned that there were years where they needed "4 bracelets" to break even.
An average bracelet at that time was ~$250k. Using a -25% ROI as a baseline calculation for potential losses that would mean they were doing:
$250k x 4 = $1M / 25% = $4M in buyins
