WSOP Champion Scott Blumstein Backers Get High Windfall After Win

Scott Blumstein was not the only one who went home with a hefty payout after winning the 2017 World Series of Poker Main Event. A few of his friends who had provided him with a financial stake towards his $10,000 buy-in for the event have also won big.

The 25-year old New Jersey native was crowned as the 2017 WSOP Main Event champion over the weekend after besting a field of over 7,200 players and was awarded a massive cash prize of $8.15 million.

Blumstein’s college friends, Peter Gerolamo, John Scuteri, Nick Muldrow and Aldo Boscia who had each staked $60 towards his buy-in will now walk away with $40,750 before taxes.

It is common for poker players to get backing from supporters for their buy-ins and in return get a piece of the winnings. Blumstein’s friends put in small stakes but will cash out in a huge way because he ended up going all the way and taking the 2017 Main Event down. Boscia pointed out that Blumstein hadn’t really needed the $60 from friends but the staking was done from a feeling of camaraderie.

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Blumstein has not clarified the total amount of the stake sold by him before the tournament. He stated that his father had sold half a percent to a local bagel shop owner while a friend of his grandfather had two percent. Blumstein had offered his stake for sale via a Twitter post in late June but saw few takers.

For those who supported Blumstein, it became clear when he made it to the final table that there would be at least $1 million in winnings from which they would get a cut from. Gerolamo noted that once Blumstein reached the top 36, all those who had invested had each
made $1,000.

As the final day of play began on Jul 8, a bunch of his supporters flew in to give him encouragement and to cheer him on during the game. Their faith and encouragement worked as Blumstein went all the way to the top. Blumstein’s response to his friend’s windfall was to
say that he was thrilled for the people who had shown faith in him and supported him.

In a statement, Blumstein said

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. I can say pretty confidently that without their support, I might not have won it all.