Singapore approves $2 million poker event

The first high stakes poker tournament in Asia will be hosted by Betfair Poker and local operators Capital Events in Singapore this fall. The Singapore government recently approved the event which is expected to offer a prize pool of more than $2 million.

The opening event of the Betfair Asian Poker Tour is scheduled for Nov. 12 through 17 and will feature players from around the world. The tournament will be open to all competitors, including local and international poker enthusiasts and pros.

"Singapore is an ideal place to host an event of this magnitude and we're delighted to be given the chance to do it," said Ben Fried, Betfair's head of poker. "It's a wonderful tourist destination as well as a hub of activity for the region."

Tournament organizers say the entrance fee will be $5,000. About 300 players are expected to participate, with some slots reserved for locals. Betfair Poker will be hosting qualifiers for the Asian Poker Tour online as well as at live tournaments all over the world.

"Betfair is all about innovation and breaking new ground. In Singapore we will put on a memorable poker event as well as give our players the chance to experience Singapore," Fried said.

This is another step that Singapore is taking toward becoming a challenger to other entertainment centers around the world. They've already awarded casino licenses for two casino resorts, among the world's most expensive, including the $3.2 billion Marina Bay project.

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