Buying a Local's Book

Defying · Oct 9, 2013

I have a friend that's a local and another friend that's been interested in starting a book... Knowing that the local has been getting irritated with the daily grind I suggested those two talk about selling it...

This isn't a big operation.. Bout 30 active players, maybe 50 in total. He's only been open for 8 months, up 20k... Their current balance sheet, they are owed 4k more than they need to pay out...

What's it worth?

MattyMatt · Oct 9, 2013

Idk, but it's just what I'm looking for...lol

trytrytry · Oct 9, 2013

ur thinking of paying him for his contacts and the business balance sheet is -4K?

ur nutz... get the leger to closer to even then make a deal maybe
a nice dinner, bottle of booze, and insure him you will take care of his cusotmers with
fairness and respect..

HarryCaray · Oct 9, 2013

trytrytry said:
ur thinking of paying him for his contacts and the business balance sheet is -4K?

ur nutz... get the leger to closer to even then make a deal maybe
a nice dinner, bottle of booze, and insure him you will take care of his cusotmers with
fairness and respect..

No I'm reading it as the book is OWED more than they OWE. Their accounts receivable is higher than accounts payable...

which leads into my question of how solid are these 30-50 ppl? What's the fallout/uncollectable rate?

Defying · Oct 9, 2013

trytrytry said:
ur thinking of paying him for his contacts and the business balance sheet is -4K?

ur nutz... get the leger to closer to even then make a deal maybe
a nice dinner, bottle of booze, and insure him you will take care of his cusotmers with
fairness and respect..

I tend agree. If it was me, I would tell him the 4k is his to collect...

I get everyone with a 0 balance...

I was thinking a % of losses over a period of time would be a fair way for him to bow out and promise to stop booking...

Defying · Oct 9, 2013

HarryCaray said:
No I'm reading it as the book is OWED more than they OWE. Their accounts receivable is higher than accounts payable...

which leads into my question of how solid are these 30-50 ppl? What's the fallout/uncollectable rate?

Correct

a solid Question for sure HC

Murphy8276 · Oct 9, 2013

I would think the best offer he can make is to pay the guy a percent of net collects for a few months and see if that is a good starting point.

-murph

ProPokerPlayer · Oct 9, 2013

Damn if he's only got 30 ppl and he's owed 4K then.... i dunno the math but looks like 17% or so of his players dont pay if they all keep an avg balance of 1G. No wonder he wants out.

HarryCaray · Oct 9, 2013

ProPokerPlayer said:
Damn if he's only got 30 ppl and he's owed 4K then.... i dunno the math but looks like 17% or so of his players dont pay if they all keep an avg balance of 1G. No wonder he wants out.

Well to be fair he doesn't say that it is 4k overdue per se. Maybe those are balances that are being legitimately carried (haven't reached settle figure or a payment hasn't been requested).

Doug · Oct 9, 2013

problem is being a bookie is ill-eagle ! Why not deal drugs too ? It must be stressful.

nojuice9 · Oct 9, 2013

Why buy? Let the guy fold and set-up shop. Gamblers ALWAYS find books.

Defying · Oct 9, 2013

You guys will never guess what his price was...

He was asking 17k

MattyMatt · Oct 9, 2013

Might be 17k too many

shane-o-mac · Oct 9, 2013

I'm not sure how you could value a business that has only been in existence for 8 months and are relying on unsubstantiated records.

Doug · Oct 9, 2013

any price is too much !

It's not a legit business with financial books you can have your accountant check out....it's a step above drug dealer, not like you have anything verifiable like a real business like a laundromat, deli, carwash or something.

Who's the say his players will trust the new "owner".

I say it is worth close to nothing unless you get personal meetings with all the players before purchase....even that would mean like nothing to me. I don't have the connections to get players that would pay, buy Quantities of dope, hire a hitman, or other illeagle shvit. I wouldn't know where to find a local bookie ( well I wouldn't try anyway) nor where to buy a lid of grass,fence stolen goods, etc.

MattyMatt · Oct 9, 2013

A step above drug dealer....lmao

Doug · Oct 10, 2013

MattyMatt said:
A step above drug dealer....lmao

What's wrong with that comparison ? Being a local bookie or agent for an offshore book is legal now ?

I say you might as well do both, if you're gonna do it !....and have the connections/ clients for it. Your gamblers are also likely to be into "recreational drugs" like pot, coke and many expand to the other stuff, then expand into all kinds of other stuff.

You may as well sort of join the Mafia and be like Tony Soprano and whack that plumber guy slow-paying you 20 dimes, eh ?

Point is I don't think you can really buy an illegal book....and the prior guy's list has only some value.

I'd never touch it, the credit....I've been stiffed on newspapers when I was a paperboy in the 70's and on $20 bets with grocery store clerks on the WS before I knew of sportsbetting and $5,000 from Reggie at Bluemarlin, and others.

coffeetea · Oct 10, 2013

There are many things to consider but one is what are u going to do when the public morals squad (that's who locks up bookmakers)
breaks down your door - do u guys know how much it costs for lawyers who will give u all kinds of bullshit like I need $5000 more to pay off someone to get the charge down to a misdemeanor or what will u do if someone doesn't pay are u what I call a tough guy who will break someone's legs or threaten someone and what will u do if it gets out u r booking and doing well and a mob guy tells u your with me now and this is how much you will give me every week - a lot of things to consider

Huckel · Oct 10, 2013

no point unless your legit a convicted felon, cant find work or already deal drugs with muscle behind you and " dont give a shit attitude"

I booked for 10-15 people in college almost all were friends, people i hung out with minute they figured out I was the book it was over and even before that it was all headaches.

The second these guys get down enough and figure eh fuck this guy who cares then what you cant go bust peoples doors down nowadays

CoolBreeze22 · Oct 10, 2013

I wonder if the guy would take something like a 20% cut over 3 years for those 50 players.

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