WSOP Sat

RBT · #1 06-01-2005, 11:15 AM

Just wanted some opinions. First of all, I'm kind of the guy that organizes about 20-25 every month. We had 40 at my house a few months ago. Anyway, I'm thinking of trying to put together a 60 person $60 tourney at my place a week from Saturday that the winner would win enough to pay for entry into the WSOP tourney on June 22nd. However, my MAIN GOAL is for the person that wins to ACTUALLY GO and play in the tourney instead of taking the cash. So, my question is this: Would it be fair of me to withold the $500 I was going to award the winner for airfare and hotel until they can confirm either a) the reservations or b) I call and get an update of this person in the tourney and give them the money when they get back. And if they don't go play, then award it to the other guys that cash.

Also, is it okay to give everyone at the final table a share...say 1% up to 5% of the winner for the WSOP tourney. Would I need to get papers signed if I did this?

Big Country · #2 06-01-2005, 03:54 PM

I had a group of friends that wanted to do this, but they couldnt get enough people together.

They were going to give the winner of the tourney a cashier's check made out to WSOP (the correct payee info is on the WSOP website) That way, they had to use the payout for that purpose.

Then, as it was to be a 50 person tourney, the final 9 places all got a piece of that player, a total of 15% I think was divvied up between the other 8 players, something like 5% for 2nd place, 3% for 3rd, 2% for 4th and 1% for the other 5 players at the final table.

They did have an agreement that all players had to sign before they could play that essentially said they agreed to this, as well as a release as they wanted to film the tourney to make into a sort of documentary following Joe Schmoe's travels to the WSOP. They somehow had a couple contacts that may have actually been able to get them permission to film the winner playing at the actual WSOP, though I'm not sure if the contact was with Harrah's or ESPN.

A cool idea, but not put together early enough to get it pulled off in time.

trevorwc · #3 06-01-2005, 04:00 PM

Funny, because we started a tournament with the EXACT same idea of playing in the EXACT same event - but we were looking for 30-35 people in the $100 range. Started to fall through as many people couldn't make it if they won, so now we're doing just a $100 buy-in tourney with a $2,500 payout (and there are still some people that plan to go to WSOP if they win).

In answer to your question, I believe that you can just register the person on-line. After the tourney is over, go to the WSOP website, and register the person who won right then and there. Pop it on your credit card, and use his prize money to pay off your card right away. Then give him the $500 for the airfare / hotel.

Lottery Larry · #4 06-01-2005, 04:47 PM

[ QUOTE ]
Just wanted some opinions. First of all, I'm kind of the guy that organizes about 20-25 every month.

[/ QUOTE ]

You organize 20+ satellites a MONTH?

[ QUOTE ]
However, my MAIN GOAL is for the person that wins to ACTUALLY GO and play in the tourney instead of taking the cash. So, my question is this: Would it be fair of me to withold the $500 I was going to award the winner for airfare and hotel until they can confirm either a) the reservations or b) I call and get an update of this person in the tourney and give them the money when they get back. And if they don't go play, then award it to the other guys that cash.

[/ QUOTE ]
Why not just hold out ALL of the money? Wire the payment in to Harrah's for the tourney and give the winner the lammers?

[ QUOTE ]
Also, is it okay to give everyone at the final table a share...say 1% up to 5% of the winner for the WSOP tourney. Would I need to get papers signed if I did this?

[/ QUOTE ]
If you don't know everyone very well, I'd definately have some sort of legal document.

SamIAm · #5 06-01-2005, 06:16 PM

What if they already have a seat? I know at most "Win a WSOP!" satellites, you can sell your seat. Nobody wants to buy a seat if it's got 9 buddies back in Idaho who own a piece.

I guess your winner could just sell their non-shared seat.
-Sam

RPMick · #6 06-02-2005, 05:48 AM

I've tossed this same idea around to my growing group of tournament players and most are very interested. For a number of reasons this WSOP and this years WPT events just won't work out. But we're shooting for next year.

We're looking at the west coast events for obvious reasons, running single table satellites for a chip into the single table main event. The winner in our case will not get travel expenses paid. (Airfare cost is free) They would just have to pony up the cash to stay wherever they want.

My thought, though I have not looked into it, is that I would wire the money to the cashier's cage at the casino hosting the event for the winner to pick up. That avoids someone just taking the cash.

I never thought about someone going all the way to the Commerce or Bay 101 just to collect the $ from the cage and come home. I imagine you could arrange with the casino some way to ensure that it is spent on the buyin. Maybe purchase the buyin in the winners name? Not sure if big tourney buyins are refundable if purchased with cash?

Let me know what you turn up and how you set it up. I am very interested in your results.

-Ryan

Hedge Henderson · #7 06-03-2005, 03:45 AM

I dunno about this, RBT. Some of our regulars have brought this sort of thing up as well. We've got some big fishes in a small pond, but I have to think that even the best of us would be all but dead money at the WSOP.

Is the prize going to be big enough that the winner won't have any out-of-pocket expenses? Airfare is a big one, but hotels and food cost money, too, not to mention time off work. Will the winner see the award for first place as a prize, or a punishment? Can you get 60 people to go along with your terms?

You may also have to consider taxes. On a win of that size, one is legally obligated to paying a significant amount. I'm not saying the winner necessarily will, but it's something to consider. Most satellites give the winner a cash option. Were I to win a satellite, that's the option I'd take.

RBT · #8 06-07-2005, 04:48 PM

No, we have a monthly tournament of around 20-25 guys.

RBT · #9 06-07-2005, 04:54 PM

I've ditched it, not enough time to organize it. And in the four or five guys I asked who I thought would DEFINITELY take the shot at the WSOP, only one said he'd guarantee it. I'm thinking of starting something up like a $20 yearly fee and then pulling 'x' amount from each player who registered to go to a pool for the "player of the year". Start keeping track of points, winner wins enough in May to pay for the seat plus airfare. If they go, they go. Of course, it'll be me, and I'll go. I'm going to run it by them at the next event. In order to make up for guys that can't make every month, just do top 9 finishes or something like that.

Slacker13 · #10 06-07-2005, 06:00 PM

Why would you care if the winner went or not if your not going to get a % share for everyone? I would def work in a 20% + share for all participants. It will get more attention from the players and will make it easier to fill the seats.
That way your winner is in a position that he must go.

I would hold all the money until it was time to leave for Vegas and state that if the winner wasn't to go then 2nd place would take his spot an so on. Make the rules clearly ahead of time so there is no confussion. Base the tourney around the fact that everyone would share % stake.

I wouldn't worry at all about sharing a 20% stake. If they don't like it they won't play but I suspect it will only help your tourney more than hurt it. I am involved in one right now and everyone loves the concept.