Lmao

How are they deciding to have the tourney an official go!?

Seems like risking losing their shirt on this one.

-All-inMcLovin
Creator of the Chess Forum

Insane decision, this guy has balls of steel..

Any chance they just straight up lied about the "only 76 registered" in order to create the "balls of steel" reaction and try to drum up some additional publicity?

Unlikely, I think, since there's a public registration list:

http://millionairechess.com/news/registration-list/

Here's my question: I have an under 1400 rating but am right now approx 1700 OTB strength. That rating is based on a bunch of long time control OTB games, which were not USCF rated. Do you think I should try to enter the u1400 here? My other option is entering the World Open. The prize dropoff in the Millionaire event is pretty ****ty (24k-12k-6k-4k-3k-2k and then 1k for the next 14) compared to the World Open (8k-5k-3k-1.5k-1k-900-800-700-600-500 and also 1.6k-800 for top U1300, which I'd be eligible for). The EF is a bit over 300 for the World Open vs 1k for the Millionaire event. World Open seems like a much better choice, yeah? Think 1700 would have a decent shot at winning the u1400 in the Millionaire? My gut says no.

Go for the World Open.

Who knows if the Milly Open will even run. Lol

I'd rather do the World Open on cost alone if nothing else. The odds of actually winning a section like that are astronomically low. I'd rather take the $1500 to the roulette wheel than use it for a tournament entry fee.

If the size of the buy-in isn't a factor for risk aversion reasons, and you care entirely about payout structures... then it depends on how many people end up playing the Millionaire Open.

Last year at the World Open there were 108 players in the U1400 section, out of 1321 total players in all sections. 22 of those 108 went home with some share of prize money (but six of those only made $61.67). Total prize payouts in the section, divided by the 108, averaged out to $191.58 per player, or 60% of the $318 entry fee.

If the Millionaire Open got the same 108 entrants in the section, it would be a better bet, since it offers a total of $83,000 in prizes*, paid out to fifty total players. This would mean paying out 76.8% of entry fees as prize money (within the section), with payouts spread among twice as many of the players.

The problem with that analysis is that the Millionaire Chess prize fund isn't "based on" anything, so if more players show up, those payout percentages get worse. The breakeven point on payout percentage is 138 players in the U1400. With 138 players, Millionaire Chess will pay out the same 60% that the World Open did last year. More players, and the payout keeps getting worse.

The other wild card is that the World Open payout structure IS "based on" a certain number of participants. They advertise $8,000 for first place U1400, but last year it was $7,400. The absolute tournament prize fund scales to entry counts, but the relative payouts in each section might not scale perfectly, so you can't count on exactly 60% there either.

Overall, I'd say it's relatively close. Your odds of winning a prize are probably higher at Millionaire - I doubt there will be so many players in the Millionaire U1400 section that paying out 50 places instead of 10 doesn't help on that front. Of course 30 of those 50 prizes are smaller than the entry fee even if you DON'T share them... as far as actual EV, I would probably lean toward the World Open instead. And the World Open, with its lower entry fee and smaller prizes is also more risk averse which could be helpful to some people.

On the other hand, if the Millionaire Chess event ends up totally flopping, which is still possible, and only like 500 total players pony up the grand to play some chess, then it could end up being massively +EV for everyone involved. That's the gamble with early registration for guaranteed prize funds. It does help that after July 31st the registration cost jumps 50% to $1500, and then in the last few days it jumps further to $2000. This makes it less likely that people will use the "wait and see how many others sign up, and register at the last minute only if it actually looks +ev" strategy that so often causes fields to double or more in the last few minutes before registration closes at, say, an online poker tournament with a guaranteed prize fund.

*The $83,000 I quoted for U1400 prizes at the Millionaire Open ignores the additional prizes for top scores U1200 and U1000. I just assumed for the sake of this analysis that those players, who have their own section at the World Open, won't be stealing any of the prizes from players rated 1201-1400 at the Millionaire Open when they're all lumped together. That's probably a bad assumption, and therefore yet another wild card in the analysis.

Well, given that I play around 1700, I don't think my chances of winning a u1400 section are astronomically low. I think I'd almost certainly be in the money at either tournament. Considering only the top 6 of the millionaire walk away with any profit (vs top 10-12 or so for world open) and that the millionaire will probably have at least a couple players as good as or better than me, I'll probably play the world open, yeah.

It's too bad the millionaire has such a stupid payout structure or else I'd seriously consider it.

https://www.youtube.com/watch?v=e7x6mCVATWM

edit: they are up to 81 players!!!!!!

lol at the video, here's the embed of it:



He should change his name to Morpheus Ashley

Unprecendented!

Glad that video cleared up that it's not for $1,000. I was expecting $1,000 tbh.

lmao

lol at this guy

http://www.gofundme.com/be036k?utm_c...ampaign=buffer

Registered myself for the open section despite sucking recently. go me.

The Open? Do they have a U2400 prize (or whatever your rating is)? Otherwise the open section seems like lighting $1k on fire.

Im fine with spending for the experience. Its not worth 1K to me to go play a bunch of 2100s & some shot at a prize. Prize fund in the open is:

Champion – $100,000

2nd place – $50,000
3rd place – $25,000
4th – $14,000
5th – $8,000
6th – $4,000
7th to 20th – each $2,000
21st to 50th – each $1,000

2350-2499

1st place – $40,000
2nd place – $20,000
3rd place – $10,000
4th place – $5,000

Under 2350
1st place – $40,000
2nd place – $20,000
3rd place – $10,000
4th place – $5,000

Checked it out of curiosity and apparently my USCF is exactly 2350. If I was in the U.S. now I'd be SO pissed.

Hahahaha

lol wish I had that problem

Anyone want to fork over the cash for entry fee and flight and hotel for me? I got a really good shot at the U2000! 90/10 cuts yo.

This right here is my sticking point. I think that if I lived in Vegas I could very easily convince myself to put up the $1000 and take a shot in the U1600 section. I know there'll be sandbaggers, and I'm probably not that underrated now, but considering that I just have to finish top-20 in the section to at least get my money back, and even down to 50th you can win back 60% of your entry fee, it would be pretty easy to talk myself into. However when the buy in is really closer to $2000 (maybe more) because of the travel expenses, that's when any serious thoughts of playing just go straight out the window.

Within a week the entry fee increases from $1000 to $1500.

People don't wanna pay $1000. What they're gonna want to pony up $1500 now to enter?

I very well could see them falling considerably short of their expenses.

This was part of the reason I decided to register; you can unreg up until the day before round 1, so if you're even remotely considering playing, might as well reg now. I'd say Im about 80-20 in favor of playing so it was an easy choice.

Guess what tournament starts tomorrow...

As of October 1st, there are 585 registered players. See the list here.

http://millionairechess.com/news/registration-list/

It has begun! Live stream is up on the official site.