Hilton Sept Qualifier had 12
The Hilton ATTEMPTED to rectify it's August fiasco by advising all players who paid the $2500, that they would announce the prize structure PRIOR to playing the first hand of the first round; AND IF ANY PLAYER WANTED THEIR MONEY BACK, NO PROBLEM.
Amazingly, there were 12 people who paid and played. Most of them were out-of-towners, who had come in for other events (Golden Nugget had it's tournament for $100 entry fee); and 3 said to me, "I am here, I might as well just play." One local said, "Well they have collected a prize fund from the first 3 months of $160,000, so that is why I am playing." [See below as I calculated the prize fund at $151,000 thru the first 3 months].
So 12 people played at 3 tables (effectively they were in the semis). 2 advanced from each table. They picked 1 of the losers in a wild card drawing and 7 played the finals. They played for a top prize of $4100 and an entry into the finals, June 6-8. 2nd thru 4th received their $2500 back and an entry into the finals. 5th received the $2500 back, but no entry, and 6th and 7th still get nothing. They collected $30,000 (no rebuys obviously) and paid out $14,100. The $15,900 will go into the Finals prize fund. [BTW-when I first arrived, they only had 9 players and told me that first place would pay $3100. Therefore they added $333 for each additional player up to the 12].
My calculation of the TOTAL PRIZE FUND for the finals is as follows:
1st qualifier had 25 players with 15 advancing to the 2nd round. I assume all losing 10 players paid $500 for the reentry. They paid out the full $35,000. So they retained $32,500.
2nd qualifier had 39 players with 15 advancing to the 2nd round. I assume all losing 24 players paid $500 for the reentry. They paid out the full $35,000. So they retained $74,500.
3rd qualifier had 24 players with 15 advancing to the 2nd round. I assume all losing 9 players paid $500 for the reentry. They paid out only $20,000. So they retained $44,500.
4th qualifier discussed above, they retained $15,900.
Now let us assume that 12 people with nothing else to do each month and each with a very loose $2500 burning a hole in their "head" decide that a finals pool of $300,000 is worth paying $2500 for a 8.25% chance of adding $1600 to their net worth plus a 33% chance of qualifying for a 1/64 chance of winning, let's say: $250,000. The $250,000 first prize would allow the semi-finalists to get paid $10,000, the quarter-finalists to get paid $$5,000, and the elite 8 to get $1,250. If you made the sweet 16, you would get nothing.
Now, I do believe that there are at least 12 people who would take that big an underlay to have a 1/200 chance of winning $250,000.
THEREFORE, MY ADVICE TO THE HILTON: IF YOU WANT AT LEAST 12 PEOPLE EACH MONTH, YOU SHOULD AT LEAST GUARANTEE A FINALS PRIZE POOL OF $300,000 AND A FIRST PRIZE OF $250,000. Otherwise, you may have only 4 and what do you do then?
The Hilton ATTEMPTED to rectify it's August fiasco by advising all players who paid the $2500, that they would announce the prize structure PRIOR to playing the first hand of the first round; AND IF ANY PLAYER WANTED THEIR MONEY BACK, NO PROBLEM.
Amazingly, there were 12 people who paid and played. Most of them were out-of-towners, who had come in for other events (Golden Nugget had it's tournament for $100 entry fee); and 3 said to me, "I am here, I might as well just play." One local said, "Well they have collected a prize fund from the first 3 months of $160,000, so that is why I am playing." [See below as I calculated the prize fund at $151,000 thru the first 3 months].
So 12 people played at 3 tables (effectively they were in the semis). 2 advanced from each table. They picked 1 of the losers in a wild card drawing and 7 played the finals. They played for a top prize of $4100 and an entry into the finals, June 6-8. 2nd thru 4th received their $2500 back and an entry into the finals. 5th received the $2500 back, but no entry, and 6th and 7th still get nothing. They collected $30,000 (no rebuys obviously) and paid out $14,100. The $15,900 will go into the Finals prize fund. [BTW-when I first arrived, they only had 9 players and told me that first place would pay $3100. Therefore they added $333 for each additional player up to the 12].
My calculation of the TOTAL PRIZE FUND for the finals is as follows:
1st qualifier had 25 players with 15 advancing to the 2nd round. I assume all losing 10 players paid $500 for the reentry. They paid out the full $35,000. So they retained $32,500.
2nd qualifier had 39 players with 15 advancing to the 2nd round. I assume all losing 24 players paid $500 for the reentry. They paid out the full $35,000. So they retained $74,500.
3rd qualifier had 24 players with 15 advancing to the 2nd round. I assume all losing 9 players paid $500 for the reentry. They paid out only $20,000. So they retained $44,500.
4th qualifier discussed above, they retained $15,900.
Now let us assume that 12 people with nothing else to do each month and each with a very loose $2500 burning a hole in their "head" decide that a finals pool of $300,000 is worth paying $2500 for a 8.25% chance of adding $1600 to their net worth plus a 33% chance of qualifying for a 1/64 chance of winning, let's say: $250,000. The $250,000 first prize would allow the semi-finalists to get paid $10,000, the quarter-finalists to get paid $$5,000, and the elite 8 to get $1,250. If you made the sweet 16, you would get nothing.
Now, I do believe that there are at least 12 people who would take that big an underlay to have a 1/200 chance of winning $250,000.
THEREFORE, MY ADVICE TO THE HILTON: IF YOU WANT AT LEAST 12 PEOPLE EACH MONTH, YOU SHOULD AT LEAST GUARANTEE A FINALS PRIZE POOL OF $300,000 AND A FIRST PRIZE OF $250,000. Otherwise, you may have only 4 and what do you do then?
. Now 64 players at the final event times $2,500 equals $160,000. So as long as the prize pool for the final event is over $160,000, it would be positive EV for me.