WSOP Rewarding Mediocrity!

The World Series of Poker has announced a revised payout structure this year, paying winners less and non-winners more.

According to its press release:

…the 2006 Main Event would have paid $22,266 for 873rd through 775th places, up from $14,605 or $15,512. Places 82 through 73 would have paid $126,173, up from $66,010. First place would have paid $10,028,715, down from $12 million, while second place would have been worth $5,442,769, compared with $6,105,900.

This revised payout structure would remain consistent for all events. So if it’s bubble time and you can hold on like Wilson Phillips, your reward will be much greater than in year’s past.

"Wicked Chops Poker, what do you think about this revised payout structure?" you are probably asking yourself right now. And it’s a great question. Because we’re all for spreading the wealth around. Like this one time we were talking about donating $1,000,000 to homeless kids in Asia, then we decided to take a vacation to New Zealand instead and buy a(nother) house on the beach there. And after we bought it and were sitting on the porch enjoying a sunset while smoking cigars, we talked about how great it was that we could give back to the New Zealand economy. Not because any of us are from there or anything, but they’ve given us so much over the years as one of our favorite vacation destinations, it just felt like the right thing to do.

Read the full press release after the jump.

World Series Of Poker® Revises Payout Schedules For 2007

LAS VEGAS – May 8, 2007 – Most players who finish in the money in 2007 World Series of Poker events will receive a higher percentage of the prize pools than last year, WSOP officials said today.

“We are increasing the return to players who, after hours or days of grueling competition, are able to reach the money,” said Howard Greenbaum, regional vice president of specialty gaming for Harrah’s Entertainment, Inc. (NYSE: HET). “Our goal is to keep more money circulating among more people in the poker community.”
While the final payout schedule for each event depends on the final number of entrants, a comparison of the actual payouts for the 2006 Main Event with what they would have been under the new payout schedule illustrates the differences. Overall, 846 players last year would have won substantially more money ‚Äì in some case, more than double ‚Äì what they collected in 2006.  The top 27 players would have received less, however.

For example, the 2006 Main Event would have paid $22,266 for 873rd through 775th places, up from $14,605 or $15,512. Places 82 through 73 would have paid $126,173, up from $66,010. First place would have paid $10,028,715, down from $12 million, while second place would have been worth $5,442,769, compared with $6,105,900.

“We discussed this concept with our poker operations team and with members of the WSOP Players Advisory Council and the consensus was that spreading the wealth is the right thing to do,” said Greenbaum. “The new schedules are designed to increase the rewards to players who finish in the money but don’t reach the final table.”

The new payout schedules are posted at www.worldseriesofpoker.com <http://www.worldseriesofpoker.com/> and indicate the percentage payouts for different numbers of players for different games.

The 2007 World Series of Poker Presented by Milwaukee’s Best Light will begin June 1 at the Rio® All-Suite Hotel & Casino in Las Vegas. More information on the tournament is available at www.worldseriesofpoker.com <http://www.worldseriesofpoker.com/> .

The WSOP is operated by a subsidiary of Harrah’s Entertainment, Inc. Harrah’s is the world’s largest provider of branded casino entertainment through its operating subsidiaries. Since its beginning in Reno, Nevada, nearly 70 years ago, Harrah’s has grown through development of new properties, expansions and acquisitions, and now owns or manages casinos on four continents. The company’s properties operate primarily under the Harrah’s®, Caesars® and Horseshoe® brand names; Harrah’s also owns the London Clubs International family of casinos. Harrah’s Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

More information about Harrah’s is available at its Web site — www.harrahs.com <http://www.harrahs.com/> .

 

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