I almost titled this “Tournament $ Snivelers “, primarily because there has not been much posted on Twitter in favor of the structure for the V’s Lucky Shot Poker Series and Drawing. As the poker Twitter world is wont to do, much drama and name calling ensues, while very little balance is brought to the table. And, since F&O are not on FB (proudly suspended), we can only assume any posts on applicable forums there are the same.
It should be noted that F&O rarely play tournaments. Nor are we professional poker players. We are likely the VERY type of player that this series is looking to draw. IF we play a tournament, we want a cheap buy in, long levels, and a good $ amount in the prize pool. It stands to reason that the V has done due diligence and they are relatively confident they will be able to cover costs and make a profit. They could make a hefty profit, depending on how many entries they get. To this, I say “so what?”.
Casinos are in the business of making money. Poker rooms are not a good value per square foot for a casino. Some poker rooms are loss-leaders, although many of these have closed over the past several years. Labor and space intensive, they just don’t make sense when you put it shoulder to shoulder against a slot machine.
PoketFives put together a nice summary of the issue, including what numbers the Venetian has to hit to make a profit. (Thank you doing the work so F&O did not have to do math.) Between 600 and 750 players, they cover. Over 750 players is all golden bonus dough for the casino. Clearly the Venetian expects to clear 600 entries, and since they are professionals they are likely to exceed the 750#. More power to them if it keeps the room open and turning a profit. The only suggestion we would make, to adjust for a potential huge crowd, would be to pay out the top 10 %, up to 75. Over 750 players, still pay 75. This keeps the winning dollar valuable.
Here’s the deal folks. If you don’t like it, don’t play it. “Professional” tournament players have plenty of other options to choose from. Lots of guarantees with more traditional fee structures are still out there. If you don’t choose this $250 buy in, the fish won’t miss you one bit. This is ONE series at ONE casino in a city full of poker rooms. What F&O know is this: we are guaranteed a specific amount of monies going to the players. I also know that we do not want to drive rooms towards shutting down or reducing their size or perks because it costs them too much to run them.
(As an aside, a different op-ed piece will cover the Chronicle’s unsolicited opinion on re-entries & late reg. And a second about the on-line poker snivels. )
As a cash players, and very occasional cheap tournament players, F&O prefer to keep these poker rooms flush: we get good service, free booze, discounted (or free) food, a comfortable & safe environment, and we earn a buck an hour in comps. If this is how the Venetian chooses to keep our Fireball shots coming for free, then so be it.
GL with your 751 entries, Tommy, and let us know how it works out.
Fin
F &O Ed
Yo – a great read. How did F&O get so smart about poker?
Smart? Ha… U funny! Nope, just like to bring to the table some other viewpoints. F&O don’t necessarily ‘agree’ with what we put forth. Sometimes they are downright dumb. (Lost 2 buy-ins last night grrrrrrr).
I don’t disagree with what you’re saying but you have all the information about the tournament – if you were to choose to play despite it being a negative EV decision (once they hit 750 players) that’s entirely your choice (albeit a non-rational one).
What is a problem though is not all players will come to the table (pun intended) with all the information? Will the Venetian tell the 751st, 752nd etc players that they are not contributing to the total prize pool? Will they bunnies.
Then this sets a precedent – if this is profitable for the Venetian expect it to catch on among other rooms. And if that happens will they widely advertise it to those casual players? Again no.
I get the economics of running a poker room – Adelson absolutely hates poker players but he’s got the biggest poker room in Vegas for a reason. And if people stop coming to the poker room they will go elsewhere which will hurt his bottom line elsewhere in the casino. But what he’s counting on is not everyone making informed, rational decisions or just not providing information in order that players can make those rational decisions.
Cannot argue with this one iota. Caveat Emptor. Kinda like resort fees which went through some sleazy ‘hidden’ pork before being forced to disclose prior to booking, the poker rooms will get called out by savvy players and get into some deep sh*t if they hide the payout structure. Guests still stay in rooms with fees, players will still play the tournament – hopefully by choice not by deception. F&O thinks hiding it is wrong. Lucky for us, the poker community is smart and vocal. Thanks for the comment, we appreciate all thought processes.