Quote:
Originally Posted by All-inMcLovin
I highly doubt they'll get 1500 entries by march 31st.
I'm not going to wager on it but I feel the chances of this event running are even as steep as 10 to 1.
I don't really like their marketing. Huge prize fund chess tournaments doesnt benefit the players most of whom won't "win big". It's to the benefit of the organizer/promoter cashing those fat checks.
There's also nothing on the website about info of the prizes being based on X entries. I really would like to know the vig they are going to be taking. I imagine it'll be at least 30%. Meaning a 1k entry is 700 towards prizes and 300 towards fee. But tournaments aren't described as such so people get misled.
If the tournament is run, they're starting at a base vig of 33% for the first 1500 entries, and the vig on top of that is $1000 per additional entry. The million dollar prize fund is "guaranteed", but with no provisions for it to increase if more players register, so if they get exactly 1500 players then they keep half a million (plus any additional entry fees from late registrants who have to pay more, minus any expenses involved in running the tournament which will probably be a sizable chunk, but probably not anywhere near $500k, I'd guess). Any additional entry fees paid if the field is larger just go straight to the bottom line profit for running the event.
Or at least that's how I read it.
If this tournament DOES end up running, and if the response is positive and indicates that people would be interested in more high stakes tournaments, then I'm definitely going to work with my state federation to put together an event to oblige them, and see if we can't run one big tourney and fund every club in the state for the next decade with the profits.