Staking is integrated directly into the 7XL app and faciliates investing in others by buying a percentage of their ‘action’; a proportion of the cost of their entry fee into the tournament with an added player-defined margin. It couldn’t be easier – go to any tournament lobby and use the staking panel to sell your own action once registered, or visit the tournament lobby for any event that you wish to back someone in.
Once you opt to sell your action, your ‘Staking Profile’ page will be accessible to potential backers. Your Staking Profile provides info on tournament performance records. You can check out the history of any player selling their action through the tournament lobby in the 7XL app.
For example, you set up your action in the ‘Staking’ tab of the lobby for the event which you wish to compete in. The buy-in is $10. Your action is to be sold at 2x the price of the tournament entry, because you feel you have an edge and a good chance of turning a profit. You sell 50% of your buy-in at this mark-up of 2x. A backer purchases 5% of your action for a total of $1. In the event that you cash and make a profit, this backer will receive the equivalent percentage of your winnings that they purchased. You win $100. Your backer receives 5% of your total pay-out as a result – $5.
Sold in 1% increments, any amount of your action up to 100% can be made available to backers. There’s no fee charged to players for using the Staking feature– any wins you share with your friends and other players are yours.