Borrowing in the Poker Community and How Not to Get Chino’d
By Scott Carlson, Rakeback.com Poker News Senior Writer
One thing that continues to amaze me being around the poker world for the last eight years or so is the borrowing of money that happens between players. Lending players five figures is commonplace and happens without any thought. If you were to go to your local bank you would need to give them a pint of blood along with your first born.
Rumors of players borrowing money and not paying back are happening more and more, likely due various outlets such as Twitter, Facebook and forums where players can interact with other players and followers of the poker community. The latest posts on the Two Plus Two forums deal with former November Niner David ‘Chino’ Rheem.
Getting Chino’d has become synonymous with lending a player money and not seeing a dime of it ever again. We have heard of two different ways Chino Rheem as borrowed from players, the freeroll and having players vouch for him.
We have heard Chino use the freeroll method two different ways over the past few years. The first way he has used while sweating a final table. He will go up to a fellow player and offer a wager on the winner. If his player wins he comes to collect. If his opponent wins he is nowhere to be found and will never pay up.
The second freeroll method used is offering flips to players in cash games. He will sit with a small amount of money and ask to run out a board for the amount he sits with. If he wins he will bolt. If he loses he asks to borrow money from the player and run another board. If he loses he never pays up.
The other way Chino uses to bilk players out of cash is by offering collateral. Recently written on Two Plus Two was Joe Cheong admitting that he was taken advantage of using this scheme. He borrowed money to Chino because Michael Mizrachi confirmed that Chino had a percentage of the Grinder during his WSOP Main Event final table. While true, it has since been learned that he used that same collateral numerous times over to borrow money. The Grinder has since stopped vouching for Chino in any form.
Let the lessons fellow poker players have learned be a warning to you. If you are going to borrow money, make sure you know them VERY well and you personally know their lending history.
We shall see if Chino makes good on some of his debts after winning the inaugural Epic Poker League tournament for $1 million. Who knows what percentage he was playing for though. We are guessing not very much.