Party WSOP steps - Is this making money for PP?

[TomCollins]

It's actually a raw deal for you, because the odds of making it all the way to the top are quite slim. Also, the closer to the top you are getting, the chances of entering a +EV situation decrease. You may be the best $11 player in the world, but if you cant beat Step 5, you are losing money.

Now, this is a good way to get a lot of play off of very little money, but most of the money is going to be siphoned into very good players and Party. Even if you win 100% of your $11s (or get something of an $12 value or more), you may possibly have -EV in the whole situation.

Which is why I love the Cash Step tourneys. It forces bad players to move up stakes, and makes the games quite juicy at the top.

[adanthar]

It's not really *that* profitable for Party. Yes, this is a rake trap, but it takes time for the rake to bleed off. Assuming that no one ever bought in at Steps 2 or 3, it would take just about forever for most decent players to lose so much as their first $12. Yes, they are all putting more rake into the system every time they play, but their net loss is still limited to $12 per attempt, and they may be playing for days on that money.

This is a real problem compared to a cash Step, where people are kicked out at every level. Party's making a ton of theoretical rake on this, but not that much *actual* rake (except at Step 6, because the direct buyin rake is astronomically high for a 2K SNG.)

PS: What really pisses me off is that the cash 2 tables are now all but gone as a result when they're the most +EV tourney on Party.

[JasonP530]

This is 100% wrong. Perhaps a good player would only have to pay it one time. The bottom line is that every time a step tournament is run for the WSOP, they are taking the rake for that tournament, and their tournament rakes for the WSOP are very high. Think about it like this. When you come in 6th, you dont win entry to the same tournament, you win $11 that must be used for tournament play. When you win at the first level, you win $55 that must be used for a level 2. They get their high rake in the first, and ensure that people are there to play the next one, which also has a high rake.