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#1
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Paradise Poker has been running multi-table tournaments recently, and as far as I can tell, they've advertised that it doesn't have any rake. It's supposed to be some sort of promotion for starting multi-table tourneys.
Because he was curious about this, my buddy added up all of the buy-ins and compared it to the total prize pool. He came up 9% short, meaning that Paradise took 9% of the buy-ins for themselves. He then did this for another tournament and confirmed the 9% result from the last one. With some extra confirmation, I'm sure people can figure out if this is the truth, that Paradise is advertising a no-rake multi table structure, but in reality, taking 9% from teh prizes. Can anyone else confirm this who plays on Paradise? |
#2
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It looks like your buddy is right. I just added things up for their $10 limit hold'em game (1pm EST). Total number of entries are 429. They quote a total prize pool of $4290.
The payouts, see below, add up to about $3903.77 (got $3903.57 the second time I added them). That's a 9.01% rake there. I'm going to give them the benefit of the doubt when I email them this afternoon, and submit a "bug report". 1st $975.98 2nd $585.58 3rd $390.39 4th $292.79 5th $253.75 6th $214.71 7th $175.68 8th $117.12 9th $68.32 10th $48.80 11-15th $37.09 16-20th $29.28 21-30th $19.52 31-40th $13.66 41-50th $11.71 |
#3
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The take the 9% in lieu of a entry fee.
Here is the link: Paradise Poker Tournament Rules It seems an odd way to do it. |
#4
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Not an odd way, just an uncommon way. It is what the WSOP has been doing for all their events the last 2-3 years.
However, if Paradise is doing this somewhat quietly, but also making a big noise about having "rake-free" tournaments, they deserve to lose ALL their customers to the other sites. If that's what they're doing, I know I'll never go back (I quit the site long ago for other reasons). Later, Greg Raymer (FossilMan) |
#5
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Greg,
When I said odd, what I meant was that the 9% is somewhat buried in there terms and conditions. That is, I went to sign up for a $50 multi tourney and couldn't find it listed anywhere on the tourney pop up. They are not claiming anywhere so far as I can tell to be rake free, they are just kind of hiding the rake, if that makes sense. The money works out the same in the end, of course. Regards |
#6
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While what you describe is not AS unfair as advertising rake-free events, the fact that they make it hard to determine where the rake comes out is still somewhat troubling, and a bad sign regarding the attitude of management, IMO.
Later, Greg Raymer (FossilMan) |
#7
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[ QUOTE ]
if Paradise is doing this somewhat quietly, but also making a big noise about having "rake-free" tournaments, they deserve to lose ALL their customers [/ QUOTE ] As far as I know Paradise has never advertised "rake free" tournaments? They have been running freerolls, adding money and guarenteeing payoffs but I haven't seen the words "rake free" pop up in any of their promotions. When they launched their multis the 9% was clearly stated in the rules that they encouraged you to read in their promo. In my opinion no shady dealing going on here at all. In fact I prefer their format and it's less rakes (9% vs 10%) than places like stars or party. Plus the software seems pretty damn good to me. I have played in about 7 or 8 of these things so far and since I'm up money the competition must be considered soft [img]/images/graemlins/smile.gif[/img] I give a big thumbs up to Paradise tourneys and will only play multis at Paradise or Stars because Partys just suck in my opinion. Paradise also has a much better schedule than Stars in the $10 to $50 range. I still think Stars software is best but Paradise is very close. I think people are just too lazy to read the tournament rules. Paradise is a great spot for the low limit tourney palyer. |
#8
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The rake at other sites is not 10 %, it is 9,1 %! (The rake is e.g. $1 out of a $11 entrance fee.) Paradise therefore have a lower rake, but the difference is small.
Jonas |
#9
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It is correct that they take 9% from the entry fee. I mail them and ask and they confirm it.
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#10
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I just checked the coral tournament, $15 entry no rebuy, 535 entries.
535 x $15 = $8035.00 Then I added up all the prizes from 1st-60th. I came up with $7311. More importantly, I subtracted my total from 8035, then divided by 8035. I got 0.090, or 9% of the prize pool as missing. I will email my results to paradise immediately, along with a complaint, then cash out unless they provide a very good explanation. I suggest everyone else do the same. I knew it was too good to be true. Besides, the structure of their multi tournaments is the worst online by far. al |
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