卖行动（Sell Action）

Overview

Sell Action is a common transaction in poker, where a player sells part of their equity (i.e., the right to action) in a particular hand or entire tournament to others. The buyer typically pays a certain amount, receives a percentage of the player's profits, and also bears the corresponding risk of loss.

Common Motives

• Risk Reduction: High-stakes poker involves huge variance; selling action helps spread risk and avoid major losses from a single setback.
• Raising Funds: Large tournament buy-ins are expensive, and players can secure entry money in advance by selling action.
• Locking in Profit: If a player believes they have an edge but does not want to bear the full volatility risk, they may sell part of their action to ensure stable returns.

Trading Forms

• Selling a Percentage: For example, a player sells 50% of their action in a tournament; the buyer pays 50% of the buy-in and receives 50% of the profit (after costs).
• Selling at a Markup: Players often sell action above the actual buy-in to reflect their perceived edge. For instance, in a $10,000 buy-in tournament, they sell 50% action for $12,000, meaning the buyer pays $6,000 for 50% equity.
• Selling Per Hand: In cash games, a player may sell action for a specific hand, typically used in later streets where the buyer can assess value based on the board.

Difference from Backing

• Backing: Usually refers to a backer providing all funds and sharing profits with the player according to an agreed split, with the backer assuming all or most of the losses.
• Sell Action: The player already has some or all of the funds and only sells a portion of equity; risk and reward are shared proportionally. The buyer does not participate in decisions, only in the financial outcome.

Risks and Notes

• Moral Hazard: The player may reduce effort (e.g., not playing their best) after selling action. To mitigate this, buyers often require a "no sell action" clause or choose trustworthy sellers.
• Tax Issues: Profits or losses from sell action may involve complex tax reporting, with varying rules across jurisdictions.
• Agreement Format: Often verbal or simple written agreements; formal situations may involve lawyers drafting contracts.