Pokerlistings blogger Matthew Showell talks about a sidebet that he saw Phil Ivey and Tom "durrrr" Dwan making on Day 1B at the PCA. According to Showell, the players crossbooked each other for 100% which is bad news for Dwan at the moment. He busted early on, but Ivey is still chasing the money with a respectable 116k in chips.
Crossbooking is a popular form of sidebetting among the high rollers. The idea behind the bet is simple enough: if you cash $300,000 and you have crossbooked 100% with someone who busts before the money, they have to pay you another $300,000. If you have crossbooked 50%, you get extra $150,000.
The good thing about crossbooking is that you can double your earnings in a tournament. The bad part, as Tom Dwan would agree, is that it can turn out to be very expensive.