Venetian "100% rake" tournament

Doug HullDoug Hull RCP Coach Posts: 1,790 -
edited September 21 in General Concepts
There have been rumors and discussion about the "100% rake" tournament at the Venetian.

https://www.venetian.com/content/dam/venetian/casino/poker/deepstack/2019/structures/LSP_OCT_2019-250_NL.pdf

This discussion stems from this clause in the above structure sheet:

9. 100% of all funds collected will go to meet the $150,000 Total Prize Pool. Any funds collected above and beyond the total prize pool will be the sole property of The Venetian Poker Room.

Do not take what you read for granted. If you look at this clause from the same source:

5. Management reserves the right to cancel or change tournament.

This Clause Nine is subject to change, and poker sites are notorious for being out of date.

I know many of you travel for tournaments and would want to know the current status of this tournament. You can call directly to 702.414.7657 and ask for the tournament desk to get the most up-to-date information about this or any other tournaments.

I encourage everyone to call and check the status of this tournament. Since it is subject to change, you might need to check more than once.

Feel free to post about your discussion here.
Co-founder Red Chip Poker,
Author Poker Plays You Can Use
Author Poker Workbook for Math Geeks

Comments

  • Patrick LawlerPatrick Lawler Red Chipper Posts: 100 ✭✭
    I'd like to preface this comment with; this structure is ridiculous.

    But...

    After listening to Negreanu's comments on his podcast I saw it in a bit of a different light. It depends on how many runners they think they will get and how much rake they would usually put on a tournament like this. They need 600 players to make the guarantee. Assuming a usual 10% rake (ie 250+25) then they need a further 60 players to make their assumed regular rake. Everything after that is extra gravy for them.

    i don't have the info to estimate the number of runners they will get but using the above assumptions is this a gamble on their part or a money grab?
  • TheGameKatTheGameKat Posts: 2,612 -
    Speaking for myself rather than the RCP LLC...

    Given that they have the right to cancel the tournament if it overlays, what they've created for the players is the ultimate negative freeroll.

    I'm probably going to drop in and watch this because I suspect there is scope for high comedy. What I anticipate is a bunch of Vegas nits hovering around the tournament podium, possibly for hours, monitoring the number of entrants as the thing gets deeper into late reg. They will stare in fury as tourists who simply want to play some poker sign up and reduce any potential edge.

    I would really love to have been in on the conversation when this was put together.
    Moderation In Moderation
  • RussRuss Red Chipper Posts: 104 ✭✭
    Any gathering of Vegas nits outside of a poker room is a good thing, IMO.
    TheGameKat wrote: »
    Speaking for myself rather than the RCP LLC...

    I'm probably going to drop in and watch this because I suspect there is scope for high comedy.

  • Doug HullDoug Hull RCP Coach Posts: 1,790 -
    If they need 660 for "normal" rake, and they have six starting flights, they are requiring 110 people a day. I do not think they normally have six starting flights for tournaments with an expected attendance of 660.

    I am very curious to see how this all plays out.
    Co-founder Red Chip Poker,
    Author Poker Plays You Can Use
    Author Poker Workbook for Math Geeks
  • persuadeopersuadeo Red Chipper, Table Captain Posts: 4,162 ✭✭✭✭✭
    Players have had years to decide to not support the V and Adelson. At this point, it's just funny to hear their complaints.
  • RoblivionRoblivion WisconsinRed Chipper Posts: 301 ✭✭✭
    Out of curiosity, does anyone know how this all shook out?
  • TheGameKatTheGameKat Posts: 2,612 -
    Roblivion wrote: »
    Out of curiosity, does anyone know how this all shook out?

    I seem to recall seeing in my Twitter feed it cost the house money.
    Moderation In Moderation
  • Angelo PerezAngelo Perez Red Chipper Posts: 37 ✭✭
    Crazy... what can we do?

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