Heavyweight Championship of Poker - great idea or doomed for failure?

[drewjustdrew]

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And why are some pros getting a freeroll with 60% going to the public and others having to buy in fully.

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And why is Mike Sexton on the list for that and Barry G is just a maybe? Unless Barry wants to buy in so he can donate more, that seems wrong on a moral level.

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Larry Flynt Challenge Cup

Not out of the realm of reality.

[hotdog da 2rd]

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And why are some pros getting a freeroll with 60% going to the public and others having to buy in fully.

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And why is Mike Sexton on the list for that and Barry G is just a maybe? Unless Barry wants to buy in so he can donate more, that seems wrong on a moral level.

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Larry Flynt Challenge Cup

Not out of the realm of reality.

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2003 Poker Challenge Cup
Sun-Mon, March 9-10, 2003
Event #15
7-Card Stud
Buy-In: $125,000 + $2,000
Players: 8
Prize Pool: $1,000,000

1. Barry Greenstein $770,000
2. Larry Flynt $230,000
3. Johnny Chan
4. Ted Forrest
5. Steven Wolfe
6. Doyle Brunson
7. Dr. Jerry Buss
8. Phil Ivey

[Greg (FossilMan)]

Your numbers are off. Reread the article linked in the original post.

The person you're talking about gets 68%, not 60%. That percentage already takes into account the percent owed to the people from his super-satellite final table, and his home club. Thus, instead of 5M, this person ends up with 3.6M.

Now, if you lose a challenge, it is my understanding that is it. You do not need to accept any more challenges, but the person who beat you has to take on the next challenger. Just like boxing. Once you lose, you're not the champion anymore, and it's the new champion who takes on challengers.

If you lose the first challenge, you're out 1M, but that is a loss that you can itemize against your 3.6M winnings, and thus you'll only pay taxes (effectively) on 2.6M. Even better, if you file taxes as an amateur, do not even accept the last 1M of your prize, but have the company hold it as a deposit against your first challenge match. That way, you can argue that you never even won it until you win the first challenge match. If this is an OK tax maneuver, it will save you a lot of money as compared to itemizing the 1M loss.

So, you end up paying about 40% state and federal tax on 2.6M, and finish the whole thing with about 1.5M in the bank.

Of course, for each challenge match you win before losing 1, you get another 0.6M net.

Later, Greg Raymer (FossilMan)

[Easy E]

Unless I'm doing the math incorrectly, the $5,000 fee goes back to the players who don't make the money and the $100,000 buy-in is distributed 100%

They think they'll make enough off of this in TV rights to make it worth their while? Plus the interest off of the deposits, of course.

[Vee Quiva]

I still think that as an amateur if I am lucky enough to win my way in via satellite, I am much better off trying to sell my entry versus walking into that shark tank.

[Kevmath]

Here's another planned tournament, $250k buyin and $15m for the winner. As a "bonus" you don't have to defend the title every month. The official site is www.pokerquestent.com , although this one seems more doomed to fail than the Heavyweight Championship.

[A_C_Slater]

Can I play if I only weigh 130 pounds?

[kleos]

you're really good at finding this stuff [img]/images/graemlins/smile.gif[/img]

Wasn't there a $250k event that only got like 11 players this year?

[Kevmath]

That was a 50k event held at the Plaza May of this year.

As to where I find these, there's a link at lvrj.com that has press releases for many gaming related events. Looking at the Poker: Quest of Champions site, this one looks to have been publicized for a while.

[blaze666]

it'll end up a huge slugfest beetween the pros and the trust fund pros. they COULD make it sompletly invitational. also, the consolation is a pile of horse shizzle.