WSOP Main Event - What do they do with $ over break?

sam1chips · Nov 12, 2013

So I was thinking about this...

Everybody buys into the Main Event in July/August. The wsop collects all of the buy-ins, and then they distribute the winnings to the people who finish ITM.

My questions is...since the final 9 people don't play until November, the WSOP is sitting on $20 million for 3 months. Does anybody know what they do with it? I figure they could put it in some savings account and collect some interest?

ryhailey · Nov 12, 2013

They do pay out the final 9 the minimum cash they can make once getting to the final 9. After that probably a bank.

Tappin on the Note 3 via TapTalk

turtelliusshellius · Nov 12, 2013

Well, considering it is being held by a Casino it would be classified as "holdings" by the gaming commission. They couldn't collect interest of any sort on it because anything classified as "holdings" is not technically in any bank account. casinos are obligated by law to have holdings equal or greater to the entire amount of money "in play" which means that the remaining money for the WSOP ME would basically just sit in their vault and not move until November since it would legally be classified as "actively in play". This is why in the movie Oceans Eleven, they robbed the casino on fight night, because fight nights are high roller/high occupancy nights which means the casino has to by law have cash equivalent to all credits and chips on the floor. So their vault would hold the highest amount on a high roller/high occupancy night. The movie isn't really relevant to the law, but I thought that since it was a "situationally accurate" plot line in the film I'd throw it in there.

ryhailey · Nov 12, 2013

turtelliusshellius said:
Well, considering it is being held by a Casino it would be classified as "holdings" by the gaming commission. They couldn't collect interest of any sort on it because anything classified as "holdings" is not technically in any bank account. Casinos are obligated by law to have holdings equal or greater to the entire amount of money "in play" which means that the remaining money for the WSOP ME would basically just sit in their vault and not move until November since it would legally be classified as "actively in play". This is why in the movie Oceans Eleven, they robbed the casino on fight night, because fight nights are high roller/high occupancy nights which means the casino has to by law have cash equivalent to all credits and chips on the floor. So their vault would hold the highest amount on a high roller/high occupancy night. The movie isn't really relevant to the law, but I thought that since it was a "situationally accurate" plot line in the film I'd throw it in there.

Ya you're right didn't think about it that way.

Tappin on the Note 3 via TapTalk

Under_EV · Nov 14, 2013

The WSOP put in their media pack that everyone had been paid out ninth place money and that the rest was put into a secure account. It didn't say, however, if any interest earned was returned to the players.

joshuawacaster · Nov 14, 2013

O Oceans Eleven. How much you have taught us about life.

WEC · Nov 15, 2013

WSOP pays out the interest accrued to the players at the Final Table

turtelliusshellius · Nov 15, 2013

WEC said:
WSOP pays out the interest accrued to the players at the Final Table

Explain to me how you got this information because it would be in violation of the rules of the Nevada gaming commission? Does the gaming commission make some sort of exception for the Main Event due to the layover? If you could, please cite the source of this information because I would like to read it.

miguel_me277 · Nov 15, 2013

I guess everything in life is business ... be fair to the organizers

Refinado Tom · Nov 16, 2013

sam1chips said:
So I was thinking about this...

Everybody buys into the Main Event in July/August. The WSOP collects all of the buy-ins, and then they distribute the winnings to the people who finish ITM.

My questions is...since the final 9 people don't play until November, the WSOP is sitting on $20 million for 3 months. Does anybody know what they do with it? I figure they could put it in some savings account and collect some interest?

Good point. I hadn't thought of. It's true. The 9 finalists you should also . By marketing to generate during the months of waiting. I believe that in everyone's interest.

SpookMBluffwell · Nov 19, 2013

sam1chips said:
So I was thinking about this...

Everybody buys into the Main Event in July/August. The WSOP collects all of the buy-ins, and then they distribute the winnings to the people who finish ITM.

My questions is...since the final 9 people don't play until November, the WSOP is sitting on $20 million for 3 months. Does anybody know what they do with it? I figure they could put it in some savings account and collect some interest?

Awesome idea, are you saying then pass the accumulated interested along to the final nine players? or increase the total payouts?

Phoenix14 · Nov 19, 2013

Lol, what? So they're quickly sneakily putting the 15 mil in an overseas bank for a month until to get .5 percent interest on it, then bringing it back in rubberbanded stacks of cash.

rofl what??

sam1chips · Nov 20, 2013

Phoenix14 said:
Lol, what? So they're quickly sneakily putting the 15 mil in an overseas bank for a month until to get .5 percent interest on it, then bringing it back in rubberbanded stacks of cash.

rofl what??

SpookMBluffwell said:
Awesome idea, are you saying then pass the accumulated interested along to the final nine players? or increase the total payouts?

Refinado Tom said:
Good point. I hadn't thought of. It's true. The 9 finalists you should also . By marketing to generate during the months of waiting. I believe that in everyone's interest.

Haha I don't know what I'm implying. Just realized a couple days before the WSOP final table that they have been sitting on a ton of buy-in money/prize pool, and had no need to distribute it for 3 months or so. Just curious as to what they did with it.

I don't think increasing the amount of money the top 9 win is fair. Each place has it's right to a certain % of the total prize pool, and if the WSOP did that, I feel like the ywould have to class 650th place as well, and tell them that the prize pool increased, and their 0.5% of the prize pool won had increased from $17k to $17.2k

sam1chips · Nov 20, 2013

Under_EV said:
The WSOP put in their media pack that everyone had been paid out ninth place money and that the rest was put into a secure account. It didn't say, however, if any interest earned was returned to the players.

I realize that the final 9 players get paid 9th place money in August (minimum payout at that point for all players.) Still about $20 million to be paid out.

XXPXXP · Nov 21, 2013

sam1chips said:
So I was thinking about this...

Everybody buys into the Main Event in July/August. The WSOP collects all of the buy-ins, and then they distribute the winnings to the people who finish ITM.

My questions is...since the final 9 people don't play until November, the WSOP is sitting on $20 million for 3 months. Does anybody know what they do with it? I figure they could put it in some savings account and collect some interest?

third party takes care of the money, I think.

Marsd · Nov 22, 2013

I think I also read somewhere something about interest. does anybody actually know for sure?

S3mper · Nov 22, 2013

It just sits in a vault and collects dust instead of interest.. That money does not belong to the Casino it belongs to the players. They are just protecting it.

XXPXXP · Nov 23, 2013

Phoenix14 said:
Lol, what? So they're quickly sneakily putting the 15 mil in an overseas bank for a month until to get .5 percent interest on it, then bringing it back in rubberbanded stacks of cash.

rofl what??

that is not allowed.

that money belongs to player, Casino is not the owner and has no right to use them unless all players grant right let Casino to do so.

WSOP Main Event - What do they do with $ over break?

sam1chips

Visionary

ryhailey

Rock Star

turtelliusshellius

Enthusiast

ryhailey

Rock Star

Under_EV

Enthusiast

joshuawacaster

Enthusiast

WEC

Legend

turtelliusshellius

Enthusiast

miguel_me277

Rising Star

Refinado Tom

Legend

SpookMBluffwell

Enthusiast

Phoenix14

Rock Star

sam1chips

Visionary

sam1chips

Visionary

XXPXXP

Legend

Marsd

Rock Star

S3mper

Poker Not Checkers

XXPXXP

Legend

About CardsChat

Our Community

Our Site