Over $7 million juiced from WSOP ME. How to turn poker from a negative to a positive sum game. - Page 3 - Poker News

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Over $7 million juiced from WSOP ME. How to turn poker from a negative to a positive sum game.

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07-26-2024 , 03:34 PM

#51

Bounty Bob

centurion

Join Date: Jul 2012 Posts: 118

Quote:

Originally Posted by legalsmile

7 million is monkey piss compared to the aproximately 20 million the IRS takes out per 100 million of entry fees. The IRS is the biggest winner by far and should be in the Poker HOF.

This is why tournament poker is a "sucker's dream" that ends in shambles for most.

IRS don't take any of my winnings.

Quote

07-26-2024 , 05:29 PM

#52

borg23

Carpal \'Tunnel

Join Date: Nov 2012 Posts: 16,612

Quote:

Originally Posted by immadesu

Yeah, also, dealing with poker players who on average can be very disagreeable and complain a lot, so they tolerate a lot in that respect.

I know this is an unpopular opinion, but I have no issue with rake at the current level since we get the logistics handled for that price. I would fight against any increase though because increases would harm the poker economy.

Not just the logistics but the softest 10k of the year by a landslide.

If you're playing for a living rake is a business expense pure and simple.

Obviously there is a point where rake becomes unbeatable but I'll happily pay some higher take for much softer games.

Quote

07-27-2024 , 02:51 PM

#53

AlanBostick

Carpal \'Tunnel

Join Date: Sep 2002 Posts: 11,903

Let me see if I understand this correctly: A live tournament is charging 7% juice, and you rocket scientists are complaining that this is too high???

Last edited by AlanBostick; 07-27-2024 at 02:53 PM. Reason: Paging Mister Kessler, Mister Allan Kessler, white courtesy phone please.

Quote

07-27-2024 , 06:44 PM

#54

borg23

Carpal \'Tunnel

Join Date: Nov 2012 Posts: 16,612

Quote:

Originally Posted by AlanBostick

Let me see if I understand this correctly: A live tournament is charging 7% juice, and you rocket scientists are complaining that this is too high???

You missed the part where 10k people entered but yea.

Rake is too high lmao.

Imagine Caesars saying wow we got 10k people but a bunch of poker dick parasites with giant backpacks,tablets, headphones who sit there tanking and drinking green tea want more money let's lower the rake for them.

Next they'll ask the NFL to lower the price of Superbowl tickets.

Quote

07-28-2024 , 04:57 AM

#55

DesertCat

I am a Regulator

Join Date: Aug 2004 Posts: 13,744

If you want a healthy poker economy you should hope the main event is able to rake $10M next year. $7M is nothing on $100M in wagers. The US economy is huge, total rake across US casinos and sports books was over $60 BILLION last year, which was a tiny drop in the bucket of $23 TRILLION in US personal income.

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07-28-2024 , 01:29 PM

#56

AlanBostick

Carpal \'Tunnel

Join Date: Sep 2002 Posts: 11,903

Quote:

Originally Posted by borg23

You missed the part where in the typical $100-buyin MTT at the typical local poker room only $65 goes into the prize pool.

The people complaining here are not the pros; they are just NVG Dunning-Kruegerrhoids who think they know everything but in reallity don't know ****.

Quote

07-28-2024 , 10:34 PM

#57

OneCrazyDuck

veteran

Join Date: May 2008 Posts: 2,923

So is the plan to turn the Main Event into a freeroll for a couple hundred thousand like Mr Olympia or what?

Quote

07-29-2024 , 03:14 PM

#58

AlanBostick

Carpal \'Tunnel

Join Date: Sep 2002 Posts: 11,903

No; the plan is to complain about something over which the complainers have absolutely no control or influence.

Quote

07-29-2024 , 08:33 PM

#59

deuceblocker

Pooh-Bah

Join Date: Apr 2019 Posts: 4,824

The casinos make more from other gambling and view the poker pros as taking some of their cut. The tournaments sort of promote the casinos, but casinos aren't charitable institutions.

Quote

07-30-2024 , 06:17 PM

#60

Tham6165

newbie

Join Date: Jul 2024 Posts: 21

Quote:

Originally Posted by MoViN.tArGeT

but how much does it cost to run? my guess is half or more

I would say that it might cost all $7 mil to run the event. But in the same aspect the amount of revenue generated within the properties with hotel rooms being booked, restaurants being eaten at, gaming action on the floors and poker room. Then all the sponsorships and TV money. They make a mint on all that stuff. But not necessary the entry fees.

That is why the wsop got moved to one of the hottest times of the year instead of the original may time frame. They knew the poker players would still come in droves.

Quote

08-02-2024 , 07:01 AM

#61

Ukay

enthusiast

Join Date: Aug 2021 Posts: 85

Wasn't the wsop main event prior to 2002 no rake?

Please correct me if I'm wrong.

Would be interested to know the rake percentage for wsop main event by year.

Quote

08-02-2024 , 12:43 PM

#62

AlanBostick

Carpal \'Tunnel

Join Date: Sep 2002 Posts: 11,903

Wasn't Becky Behnen unable to pay the utility bills for Binion's Horseshoe in 2002?

Quote

08-03-2024 , 05:41 PM

#63

JimL

old hand

Join Date: Oct 2020 Posts: 1,453

Quote:

Originally Posted by Mason Malmuth

And when you cash don’t they also ask you to leave a tip?

Yes they do.

I notice how you like to play both sides of this. Dealers suck, but you are annoyed at leaving a tip after they already get some small amount deducted.

Do you think that is related?

Quote

01-16-2025 , 08:41 PM

#64

VincentVega

Carpal \'Tunnel

Join Date: Oct 2005 Posts: 9,782

Quote:

Originally Posted by Dr. Meh

Pretty sure they would win that lawsuit, actually. It’s not negligence when someone dies of natural causes and you couldn’t immediately find a device in a timely manner that may or may not have saved his life. From what I hear, they called paramedics and were performing CPR rather immediately.

A lot of people die in everyday public situations that we’re not ever made aware of.

The worst part about that particular story is how everyone couldn’t be bothered to momentarily stop playing to make way for the medics. WSOP could have paused the tournament while he received medical aid but they didn’t. Still not lawsuit worthy but definitely callous.

This is hilariously typical. I'd expect nothing more from poker players. Bunch of scumbag degenerates.

But everyone says the guys they know are all good people....

Last edited by VincentVega; 01-16-2025 at 08:55 PM.