Fox did state it incorrectly, but I fully understand your math.  When a player's entry is covered by an investor they generally take 85%, after the entry fee is recouped.  You are only giving the investors 45% which is close to 50% of what they should be getting.

As for you calling it an sponsorship you know that is BS, because a sponsorship would get ZERO back therefore it is an investment.

Still believe that a team would have been a better idea for investors as long as you could prove their advance poker players.

Hope to see you here at the WSOP, I'll keep an eye out.

So again you are not taking out the full 45 BTC worth to return to investors, as you are keeping 11.25% for yourself then keeping another 55% for yourself.  Horrible investment.

Agreed, he's wanting to keep 55% of profit without risking his own funds.  Maybe someone could get behind this if he wanted 15%-20% but not 55%.

Besides Micon is playing at the WSOP with Bitcoin hat and shirt, and he has much more following because of his legal issues in the poker community.  Backing someone that says let get Bitcoin out there would have to work at promoting Bitcoin, and not focus on poker.

(UPDATE)

It would be better to setup a team of 5 professional, pay entry fee + 15% to play.  This team would keep 17.50% of winnings after reimbursement of the initial investment.  This still makes it worthwhile for the player to work hard, yet gives them compensation for all expenses, and their value to the team.

So any winnings less then the initial outlay would go back to investors only, and percentage of the investment would be based on the amount of Bitcoins.  Based on $250 valuation this would be 230 BTC.

Bet you we could get Micon part of this team.

Would love to try this.  Spend about $20 a week already on lottery and would like to see a Bitcoin Lottery that's just as enjoyable.