STEP Higher - 100k to winner

[Voltron87]

I think a 12% ROI is more realistic, so drop the 20,000,000 to about 15-16 mil.

[Sponger15SB]

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I think a 12% ROI is more realistic, so drop the 20,000,000 to about 15-16 mil.

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Well even a 1% ROI would be a cool $1,550,000 a year

[Voltron87]

Plus, anyone playing these with any degree of regularity is going to get an absolutely retarded amount of rakeback.

[rohjoh]

The variance would be a bith. A 20 OTM run = -$310,000. Nothing like a -$310,000 run to put a hit in the bank roll.

[meow_meow]

Someone at party is soooooo smart:
The way they are promoting only 1st, with more places "freerolling" the same step. Aiming high with 10% rake on a 3k SNG. Structuring the ministep 5 payout such that it is unattractive to direct buy-in - "hey, maybe I should try a step higher 3 instead".

Not to mention raking rebuys and addons (vomit), BBJ, HHJ....

I don't think PP cares much that they will annoy those who know better. They are skimming rake from the masses as fast as they possibly can.

I wonder if anyone can do a reasonable analysis of what percentage of the money that goes into the ministep1s actually comes out the top?
I mean, right away, $60 entry - 10 of it is rake, one player gets a step2 (2$ more is raked), 4 freeroll step 1 again ($4 more). That's more than 26% of the entry, and we've only gone round once. I'm guessing that less than 25% comes out the top, maybe much less.

[Newt_Buggs]

I agree totally, party poker is really smart for doing this. I'de be interested to see a full analysis on the rake too. It really wouldn't be hard at all, i'm just way too lazy.

haha, I just saw iriechicken sit down at the step higher 3 then leave.

[afk]

Have any of these run yet? I just checked the table and there were actually 9 people with money in front of them. A tenth joined and all of a sudden everyone pulled their money out before he bought in. Interesting.

[Paul2432]

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I agree totally, party poker is really smart for doing this. I'de be interested to see a full analysis on the rake too. It really wouldn't be hard at all, i'm just way too lazy.

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I've done the math. If 100,000 play a higher step 1, eventually 89 will play a step 5. They will pay $3,300,000 in buy-ins and collect $1,989,000 in prizes.

I hope I am wrong, but I think these tournaments cannot not be a good thing.

Paul

[rohjoh]

[ QUOTE ]
[ QUOTE ]
I agree totally, party poker is really smart for doing this. I'de be interested to see a full analysis on the rake too. It really wouldn't be hard at all, i'm just way too lazy.

[/ QUOTE ]

I've done the math. If 100,000 play a higher step 1, eventually 89 will play a step 5. They will pay $3,300,000 in buy-ins and collect $1,989,000 in prizes.

I hope I am wrong, but I think these tournaments cannot not be a good thing.

Paul

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I can just see all the executives at PP sitting in a board room with a giant computer screen with all the Step Higher 5's open, praying they will fill up, and every time they do, bells and whistles go off, as they book another boat load of cash! Man why did I not think of this.

[Apathy]

[ QUOTE ]
I can just see all the executives at PP sitting in a board room with a giant computer screen with all the Step Higher 5's open, praying they will fill up, and every time they do, bells and whistles go off, as they book another boat load of cash! Man why did I not think of this.

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Your not even getting how ridiculous this is... They make nothing in the step 5s (in terms of %'s) compared to having people bounce around paying rake over and over again in the lower steps. I'm not sure theres more then 5 people on the internet right now that could show a long term profit starting at step 3 or 4.

Its like that WSOP post where the guy just wouldnt understand how even though he was winnning a freeroll he was still paying rake. People are stupid, and party is capatilising.