Poker Entry Fees are one of the more bizarre investments we cover. The basic idea is you help cover someone’s entry fee and they pay you a share of the winnings. For the World Series of Poker, that amount is $10,000. Usually it is covered by just a few investors each paying $1000 or more. However, the 2017 WSOP champion let people participate with as little as $60. Four of his friends took him up on the offer.
— Scott Blumstein (@SBlum2711) June 21, 2017
Scott Blumstein had recently graduated from Temple University and did not have a long track record as a professional poker player. However, his success was not completely out of left field as he had won about $200,000 the summer before at the Borgata Summer Poker Open, and he had won additional money playing online. His buddies probably were aware that he was a pretty good player, but with over 7000 entrants in the World Series of Poker they probably were also aware the odds were stacked against him. They probably would have been OK with knowing they at least helped their buddy cover his fees even if he did not bring them back an investment return. He killed it however, bringing them about a 68,000% return on investment!