Scott Blumstein took the grand prize of $8.15 million in winnings at the recent World Series of Poker, and his friends are cashing in as well. Four friends who contributed $60 to pay for the $10,000 entry fee for Blumstein will have their investment return to them over $40,000.
According to Darren Rovell of ESPN, Blumstein had four friends — Aldo Boscia, Peter Gerolamo, Nick Muldrow, and John Scuteri — donate $60 to go toward paying the $10,000 entrance fee. It is said to be common to receive donations and payments to help pay for the entry fee to the World Series of Poker, and those donations can come from businesses, family, friends and more. Those payments are often repaid with a share of the winnings.
Rovell reports each of Blumstein’s friends will be receiving a thank you payment of $40,750. That’s quite a nice return on your investment.
What is unknown is how many shares Blumstein received to get into the tournament, but he is happy to pay everyone back.
“The truth is that a bunch of guys who had small stakes in me helped me the most at the end, when I needed support, when I needed to be driven places,” Blumstein said. “I can say pretty confidently that without their support, I might not have won it all.”
The four friends highlighted in the story flew out to Las Vegas from Philadelphia once they realized Blumstein was advancing to the final table in the tournament. Watching from home, they saw their guaranteed return continue to increase as the WSOP proceeded. Flying out to Vegas for the final table was an easy call.
“He wanted us to sweat it out with him,” Boscia said.
And sweat they did, at least for a little bit. Wiping away that sweat with a $40,000+ check is one way to cool off.
[ESPN/Photo: NJ Gambling Sites]