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WSOP Blog
MAY
21
2008

My Thoughts on Postponing the WSOP Final Table

Published by: Steve Wong

Posted In: WSOP Blog, Industry Insider

888.com pro Steve Wong First of all, let's get the facts right. This year Harrah's Entertainment Inc. has changed the WSOP Main Event schedule as follows:

Instead of playing over two weeks in July (starting with Day 1a on July 3 and ending at Day 7 on July 14), those who make the final table will be asked to come back and finish during two days in November (November 9-10).

Harrah's stated reason for this is: "This will allow the final table to be shown on Walt Disney Co.'s ESPN and give the broadcaster time to generate publicity that will maximize the audience."

According to Harrah's this will benefit the players, because of both the additional coverage and because players will have more time to "shop around" for sponsors.

To be honest I don't think this makes any sense at all. This changes the whole dynamic of final-table play. During those months you can completely change your style of play in order to tailor it to the exact composition of the final table.

For example: If, let's say, some construction worker from Iowa (who won his entry online) is getting lucky for a few days and is catching cards like a madman and makes it to the final table, he now has plenty of time to hire a seasoned pro for xx% of his winnings to give him some extra training that will surely improve his skills.


The WSOP Main Event winner is usually not the best player based on pure poker skill.

He may then end up higher on the money ladder than he normally would have. And his skill level will be completely different than it was when the final table should have been played in July.

There is also a psychological factor: you can easily hire a mental coach to help make you as well-prepared as possible for the final table, while normally the final-table play is just a matter of not giving up and absolute determination to win.

The winner is usually not the best player based on pure poker skill, but the player who is able to stay focused longer than the others. Of course you are very nervous when you make it to a final table of the WSOP, but so are the others.

He or she who can control those nerves best will have the best shot at winning. This important part of the game is now almost eliminated for commercial reasons.

Then there are other factors that need to be considered:

How about collusion? I can imagine that when that same construction worker from Iowa is reasonably short on chips the other, perhaps more experienced, players now agree to leave each other alone in their attempts to bust the poor short stack.

In a regular tournament structure this can also happen, but in those cases it's out of "mutual understanding," and not because those plans have been discussed over the last couple of months.

Whether it really happens or not is in my opinion not relevant; it could happen, and that's more than enough reason to not postpone the final table.

Collusion is one thing, but how about just cold-blooded cheating? I mean: Of course you can work out a whole plan full of signs and tells with your buddy, but what are the odds you two both end up on the same table at any stage of the tournament, let alone on the final table?

Now you have almost three months to work out a whole scheme. Again: I don't think it will really happen, but it could. The new schedule is at least potentially damaging to the integrity of the game.


The pot of gold at the end of the four-month rainbow.

The whole idea is so absurd, how would the fans react if the final quarter of the Super Bowl played out two months later, just to build up the suspense?

Is it all bad?

Well, there are a couple of ways that players and the poker community at large may benefit.

The most obvious, of course, is that final-table players have plenty of time to find the best sponsor deals and to do interviews, workshops, etc. Due to the whole media circus around the WSOP, a lot of people will be interested in poker (again) and it will definitely bring new players to the (virtual) tables.

This whole structure will also be very interesting for non-poker related businesses, which will potentially result in more sponsorships, which in turn will generate more media attention for poker. The sport will become more and more professional.

But isn't that just the beauty of poker? Poker is more or less the only sport where prize money is generated by the players themselves. That makes poker the sport that it is.

When you bust out of a tournament, you are not only no longer contending for the prize money, you also lost your buy-in. So losing hurts. And that is the whole principle of the game, the reason why bluffing makes sense: If you call and lose, it hurts.

So altogether I really think this is a bad idea, seriously damaging the heart and soul (and integrity) of the game for commercial reasons.

-- Steve Wong (Steve@888.com)

More blogs from 888.com pro Steve Wong:

Comments (3)

SPC

Jul 16, 2008

I couldn't agree more... 

SPC

Jul 18, 2008

First of all, I would like to state I have never participated in a WSOP event before, but for the last couple of years I have been closely following the WSOP tournaments and especially my uncle Steve “S18” Wong online, so do correct me if I’m wrong.

This years total price pool of the WSOP 2008 No-Limit Main Event, with 6844 participants is over $64 million (6844 x $9400), the payout of the final table consist 50% of the total price pool which is over $32 million!

Postponing the final table for such a long period (nearly 4 month) and with a price pool of over $32 million you should also take the interest aspect in to account, which the final table players are not compensated for.

I do not know the interest rate in America since I live in the Netherlands, but lets say the annual interest rate is 5% which is very common in Holland especially with these large amounts. Meaning a yearly interest of $1.6 million, calculated over 4 month it is still nearly $550.000, leaving the post main event winner with the largest cutback since he has the largest piece of the pie.

Here is a table of the payouts structure of the final table and the lost of 4 month of interest due to postponing the final table. Please note all amounts are rounded and based on an annual interest rate of 5%.

1st $9.100.000 => -$150.000
2nd $5.800.000 => -$ 95.000
3rd $4.500.000 => -$ 75.000
4th $3.800.000 => -$ 65.000
5th $3.000.000 => -$ 55.000
6th $2.400.000 => -$ 40.000
7th $1.800.000 => -$ 30.000
8th $1.200.000 => -$ 20.000
9th $ 900.000 => -$ 15.000
------------------------------------------------------
Total: $545.000

The table above clearly shows what the final table player are missing due to interest lost during this upcoming 4 month and what Harrah’s Entertainment Inc. is making extra next to their $4.1 million (6488 x $600) of buy-in fees for this main event alone, which is an increase of nearly 13.5%.
 

Michael

Jul 18, 2008

Actually they already released a press release saying that all intrest on the $ would be added to the total prizepool.

Unfortunately, there's no such thing as 5% interest in America outside of stock, or stock based growth accounts. You're lucky to get 3% in a saving account.

As for the posted amounts, that might be "current payout". Either way, the interest will be added. 

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