Poker pro accuses backer of extortion

If you’ve never heard the expression, “If I invest and you win, you owe me and if you lose, you still owe me,” it’s probably because it doesn’t exist. However, that is what one poker player and staker seems to think. The dispute has boiled up so much that the backer is now being accused of trying to extort money out of the player.

It all started about two years ago. Poker pro Cate Hall, with three WPT final tables and over $1 million to her credit, found a backer through poker pro Chad Power for a summer run at mid-stakes cash games. Unfortunately, Hall wasn’t able to find Lady Luck and ended up losing her staker’s $60,000 that summer. It happens – no one can be a winner all the time and, as with any investment, sometimes you win, sometimes you lose.

According to Power, however, losing still means winning. He argued that Hall was still on the hook for the $60,000. He asserted that the two had agreed that she would pay him a cut of her winnings, as well as the investment if she lost.

When Hall refused to pay up, things turned ugly. She felt it was time to take the fight public, and launched into Power on Twitter earlier this week. She said, “Chad claims to be motivated [in making the dispute public] by interests of potential backers, so I’m posting a full account of the dispute to negate that. If you’re interested in backing me in the future, know I’d never agree to a deal where I’m on the hook for 100 percent of losses but only get a share of profits.”