Does Full Tilt know something we dont?

[bkholdem]

[ QUOTE ]
theyre trying to pokerstars themselves. im sure a part of this deal is that you have to be a FT monkey for advertisements...so its not a total 10M loss for them either.

[/ QUOTE ]

You have to admit it's not a bad paycheck for a monkey though....

[hicherbie]

10M is a good bonus...but getting like 15k for placing in the money for the wsop might be laying you better odds.

i wonder how much MM and fossil get paid for their wsop promos.

[flafishy]

[ QUOTE ]
10M is a good bonus...but getting like 15k for placing in the money for the wsop might be laying you better odds.

i wonder how much MM and fossil get paid for their wsop promos.

[/ QUOTE ]

I doubt they get paid much if anything. All part of the deal when they got their seat from Poker Stars.

[M.B.E.]

[ QUOTE ]
They dont have much to worry about even if someone won. All they do is take out an insurance policy, they pay a tiny fraction no matter what, if it hits then the company they took the policy with pays.
~Justin

[/ QUOTE ]
Have you thought about what their insurance premium must be? My guess would be $2,000 per player, at least. It's easy to do the math, just keep in mind that the insurer needs to make a profit. So if they have 50 entrants, Full Tilt must be paying $100,000 or so as an insurance premium, maybe more. I find it pretty odd; surely there are better ways for a small site to spend that kind of money. For example, suppose they said that if you finish in the money at the main event they will add $6,000 to your prize. Something like that would probably do a much better job of encouraging people to open a Full Tilt account to try to win a WSOP seat there.

Maybe I'm atypical, but if I win a few million dollars, that's more money than I know what to do with. An extra ten million would be nice of course, maybe worth crossing the street for but not more than that. On the other hand, if I win a $25,000 prize or whatever, an extra $6,000 on top of that would be pretty meaningful.

Plus they haven't even been advertising this $10-million deal very well.

[Siegmund]

[ QUOTE ]
[ QUOTE ]
They dont have much to worry about even if someone won. All they do is take out an insurance policy, they pay a tiny fraction no matter what, if it hits then the company they took the policy with pays.
~Justin

[/ QUOTE ]
Have you thought about what their insurance premium must be? My guess would be $2,000 per player, at least. It's easy to do the math, just keep in mind that the insurer needs to make a profit. So if they have 50 entrants, Full Tilt must be paying $100,000 or so as an insurance premium, maybe more.

[/ QUOTE ]

Buying insurance for 50 players will cost a lot less than 50 times buying insurance for 1 player. Standard deviation for the insurer is a lot lower. Still will probably be more than (50/6600)*10M~$75k, unless they have some assurance only idiots will be qualifying this way.

Interestingly the leading seller of such insurance policies, Bob Hamman, is also one of the most decorated champions in the history of bridge tournaments. Far as I can tell Hamman has only played poker casually, rather than making it a big part of his life like some of the other big names in bridge like Cappelletti did.

[Guthrie]

[ QUOTE ]
If it gets down to two players you could give the other guy the ENTIRE 1st place prize and just agree to take 2nd place money (4-million I think) if he agrees to let you have the bracelet.
you go from a MAYBE 7.4-million to a DEFINITE 14-million just like that.

[/ QUOTE ]
You'd want to keep that deal REALLY quiet. It would probably void both the insurance policy and the WSOP win, disqualifying both players and moving the prize money down past them.

[M.B.E.]

Why would the insurer care about standard deviation? The insurer should be primarily concerned about its EV, right? Also, it isn't certain that there will be 6600 entrants in the main event, and particularly at the time that Full Tilt must have obtained the insurance policy it would have seemed unlikely there would be 6600 players -- that's why I figured that for 50 players, the premium paid by Full Tilt would likely be more than $100K.

[Kevmath]

From their website regarding the conditions of the $10M:

Full Tilt Poker will pay out the $10,000,000 prize in equal $1,000,000 installments over a 10-year period. Players must agree to a 10-year exclusive endorsement contract with Full Tilt Poker allowing us to use their name, voice, and likeness in all future online and offline promotions. Additionally, Player agrees to play a minimum of 10 hours per week at Full Tilt Poker.com, and to attend any promotional events or tournaments that Full Tilt Poker deems appropriate. Player will be ineligible to promote any other online or offline poker-related company

Kevin...

[Zoelef]

[ QUOTE ]
From their website regarding the conditions of the $10M:

Full Tilt Poker will pay out the $10,000,000 prize in equal $1,000,000 installments over a 10-year period. Players must agree to a 10-year exclusive endorsement contract with Full Tilt Poker allowing us to use their name, voice, and likeness in all future online and offline promotions. Additionally, Player agrees to play a minimum of 10 hours per week at Full Tilt Poker.com, and to attend any promotional events or tournaments that Full Tilt Poker deems appropriate. Player will be ineligible to promote any other online or offline poker-related company

Kevin...

[/ QUOTE ]

Yeah, that sucks. I mean, how will you be able to whore Party bonuses after that?

[CountDuckula]

[ QUOTE ]
[ QUOTE ]
From their website regarding the conditions of the $10M:

Full Tilt Poker will pay out the $10,000,000 prize in equal $1,000,000 installments over a 10-year period. Players must agree to a 10-year exclusive endorsement contract with Full Tilt Poker allowing us to use their name, voice, and likeness in all future online and offline promotions. Additionally, Player agrees to play a minimum of 10 hours per week at Full Tilt Poker.com, and to attend any promotional events or tournaments that Full Tilt Poker deems appropriate. Player will be ineligible to promote any other online or offline poker-related company

Kevin...

[/ QUOTE ]

Yeah, that sucks. I mean, how will you be able to whore Party bonuses after that?

[/ QUOTE ]

You just overloaded my sarcasm detector.... [img]/images/graemlins/laugh.gif[/img]

-Mike