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Where does the WSOP money earned on interest go? Where does the WSOP money earned on interest go?
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09-30-2016 , 12:10 AM
#1
dontquit
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journeyman
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I was just sitting here thinking, man there is a lot of money sitting in a bank somewhere earning interest that poker players put there. I know its not added to the prize pool. Where does it go?

By my calculations...rough estimate earning 2% in a savings account

$16,432,920 is left over after Nov.9 are all payed 1M.
If you figure 3 mos in savings...it comes to approximately $98,811 worth of interest. Not a small chunk of change

Anyone know the answer?
Where does the WSOP money earned on interest go? Quote
09-30-2016 , 01:44 AM
#2
rm81
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old hand
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MODOBOAT.....
Where does the WSOP money earned on interest go? Quote
09-30-2016 , 02:17 AM
#3
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NerdSuperfly
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veteran
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maybe it's caesars secret plan how to get rid of the billions and billions of debt
Where does the WSOP money earned on interest go? Quote
09-30-2016 , 08:32 AM
#4
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trontron
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old hand
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Quote:
Originally Posted by dontquit
I know its not added to the prize pool.
how do you know that? because it's completely wrong. the earned interested is added to the prizepool. here's an old link with some numbers: http://www.cardplayer.com/poker-news...ber-nine-money

here's the current link: http://www.wsop.com/news/2016/Jul/78...MBER-NINE.html : "The final nine players each received ninth-place prize money upon reaching the final table; the remainder of the prize pool will be placed in an interest-bearing account to be added to the prize pool on a percentage basis for the final eight finishers."
Where does the WSOP money earned on interest go? Quote
09-30-2016 , 11:19 AM
#5
dontquit
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journeyman
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That's why I ask, because I don't know the answer. Since you have the answer, lets all see. Keep track of the payouts and see if they vary from what was initially published at WSOP website during the event.

http://www.wsop.com/tournaments/payo...1232&tid=14968
Where does the WSOP money earned on interest go? Quote
10-02-2016 , 05:53 PM
#6
zoogenhiem
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Interesting question, dontquit. Thanks for supplying the answer, trontron. Now we know.
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10-03-2016 , 12:07 AM
#7
dontquit
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journeyman
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21M earned $459 over 3 mos....I claim bull****! There were many savings accounts that could earn 1-2%... The article was from 2011. There were at least 20 banks offering between 1-3 %...Cd's were also decent returns. Such crap! Would love to see the accounting!
Where does the WSOP money earned on interest go? Quote
11-03-2016 , 05:48 PM
#8
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Quote:
Originally Posted by dontquit
21M earned $459 over 3 mos....I claim bull****! There were many savings accounts that could earn 1-2%... The article was from 2011. There were at least 20 banks offering between 1-3 %...Cd's were also decent returns. Such crap! Would love to see the accounting!
Many of those banks have upper limits on the total in the account. You can't just give a back 21M in a current account and expect to be paid. That size would have to be negotiated.
Where does the WSOP money earned on interest go? Quote
11-04-2016 , 12:13 PM
#9
randomkid
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centurion
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without having particular expertise on the current interest market... I know for a fact that some european banks started charging corporate customers negative interest to keep their money (for large sums), just as they have to pay if they park there money in the european central bank... interest rates are just at an historical low at the moment (in europe, but I'd assume it's similar in the US...)

Definatly don't expact that you can put millions of $ into some bankaccount advertised for private customers as a corporation at the same conditions...
Where does the WSOP money earned on interest go? Quote
11-04-2016 , 02:44 PM
#10
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btw, this year it was something like ~12.5k interest, kevmath tweeted about it.
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11-12-2016 , 02:47 AM
#11
dontquit
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journeyman
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Isn't it funny how in 2011...that $$ only earned $400...Keep your eye on the ball
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11-12-2016 , 10:11 AM
#12
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old hand
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Quote:
Originally Posted by dontquit
Isn't it funny how in 2011...that $$ only earned $400...Keep your eye on the ball
No.
Where does the WSOP money earned on interest go? Quote
11-17-2016 , 11:13 AM
#13
TheMcC
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centurion
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Fairly sure that during commentary on the first night of the FT, Lon said that Caesars or WSOP(?) had put the money in a bank account which had been earning interest across the summer and would be added to the payouts.
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11-19-2016 , 09:34 AM
#14
beermeplease
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boats and hoes
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