May 29 is the “Colossus” $565 buy-in, $5,000,000 Guaranteed Prize Pool at WSOP

[Alan Mendelson]

There is a new event at this year's World Series of Poker in Las Vegas: the Colossus tournament which has a low buy-in of only $565 but with a $5-million guaranteed prize pool. Until now, the lowest tournament buy-in at the WSOP for non-casino staff was $1,000.

It's a five day tournament and the field is supposed to be so large (because of the low buy-in) that that there are several starting days. The first day of the tournament is May 29.

I was talking with some poker players about it. They are excited by the concept of a WSOP event with a $565 buy-in with a guaranteed prize pool, and they want to play in it just to say that they were there.

I think it's going to be like buying a $565 lottery ticket. While skilled players do well, when you have so many players in a tournament someone will just get lucky and get the best hands through random luck. That's what happens in "mega tournaments" and why so many of the giant tournaments are won by "new names" and not the big seasoned pros.

It's not that the seasoned pros aren't great players, it's just that luck is always a factor.

For other poker players: would you consider playing in this event or is your time and money better spent on a traditional $1,000 or $1,500 tournament where the field is smaller and skill might play a bigger role?

[redietz]

Dan can certainly correct me, but I believe most of the 1K events are considered crap shoots also, although I understand that blind structures are slower than four/five years ago.

[Alan Mendelson]

Dan can certainly correct me, but I believe most of the 1K events are considered crap shoots also, although I understand that blind structures are slower than four/five years ago.

I was talking to a player today who said the structure of the Colossus is good -- meaning long sessions before blinds go up -- and this will help skilled players last longer until it's their turn to get the "good cards."

[Kerry W.]

Alan,

Do you plan on playing in the tournament? You could incorporate one of your famous freeplay trips at Caesars with the colossus.

[Alan Mendelson]

Kerry I don't get much in free play anymore from Caesars in Vegas. My offers have been reduced to a value of $300 either in free play or whatever gifts they have (hand bags, gift cards, gas cards, etc.)

Personally, I hate tournament poker. I am not aggressive enough to play tournaments. I prefer cash games where you don't have to play and you can even sacrifice your blinds -- which never increase. And when I play cash games, I am a low-level player meaning I often buy-in to just $100 games (total buy-in).

[Dan Druff]

Yes, it's a crapshoot, but there's also a lot of skill involved.

If you are a lousy player, you aren't likely to cash. If you do cash as a lousy player, making it really deep is still highly unlikely.

If you are a good player, you still need luck to cash.

And as is common with huge-field events, the payouts are top heavy. So you could outlast 99% of the field, and you're not going to get anywhere near the amount you would receive for finishing 2nd in a 200-player event with the same buyin.

The biggest problem with this event is logistical. It's pretty much guaranteed that CET is going to screw it up big time, and there are going to be all kinds of fails, waits, and other frustrations. This happens every time CET introduces a new big field event at the WSOP.

In 2013, the Millionaire Maker WSOP event was new, and it was a disaster.

In 2014, the Monster Stack WSOP event was new, and it was an even bigger disaster.

Both also saw registration lines as long as 6 hours.

If you have a Seven Stars card, you can avoid much of the registration wait, especially if you register at off-hours.

I am going to play it, but I am expecting a big mess.

Here is my trip report from the Monster Stack event in 2014, where I was assigned to a nonexistent table on Day 2 (as were many others), and nobody was told where to go or what to do: http://pokerfraudalert.com/forum/sho...er-Stack-Event

[redietz]

Wow, I've been out of touch with this stuff the last couple of years, but when the oldsters bitch about CET running things, they aren't kidding.

[Alan Mendelson]

I heard mutterings that 12,000 people might enter this event. Is this possible?

[redietz]

LOL -- The one thing I trust CET to do is run a guaranteed event that won't be positive equity.

[Alan Mendelson]

Good write-up about the "monster foul up." I can't believe they kept the cash games open either. Cash games are easy to close -- you just announce "this game is closed" or say "we'll go around one more big blind."

[jbjb]

Caesar's ruins everything they get their hands on, and the WSOP is no exception.

[Alan Mendelson]

While we're on the subject of the WSOP...

It is only because of the WSOP that Caesars can't sell the Rio which it is desperately trying to sell. Caesars wants to sell the Rio and move the WSOP to Caesars Palace in its convention center (behind the pools) and ballrooms but no one will buy the Rio unless the WSOP stays there.

At some point I think Caesars will move the WSOP to Caesars Palace anyway to keep the income in its core property and just let the Rio go for whatever they can get. The convention center at Caesars, I don't think, has been used for anything since Huey Lewis and the News played there for a New Year's Eve giant dinner party about 15 years ago.

[Dan Druff]

I heard mutterings that 12,000 people might enter this event. Is this possible?

While I don't think they will get it, numbers as high as 20,000 are being discussed.

[Alan Mendelson]

While I don't think they will get it, numbers as high as 20,000 are being discussed.

You know better than I do since I've never been to a WSOP: what is the seating capacity for all of venues they use?

[Rob.Singer]

Dan, why bother going to something like this? The crowds, the germs, the coughers & sneezers who never learned to cover up. Seems like too much irritation and risk.

[Alan Mendelson]

Dan, why bother going to something like this? The crowds, the germs, the coughers & sneezers who never learned to cover up. Seems like too much irritation and risk.

I have a more basic question: do you think you'll win money?

[redietz]

Different question for Dan. When you plot your schedule for the WSOP, do you consider the hassle/time investment/fatigue issues of playing in something like this and schedule around it for optimal personal performance, or is an event like this so soft that you have to put it on your agenda?

[Alan Mendelson]

For those of you who don't play tournament poker, it can be a very long, boring time spent sitting and waiting. This is why you often see photos of players with headphones listening to music.

In some tournaments cell phones are permitted so you could go on the Internet except when you are "in a hand."

I don't know what the rules are at the WSOP regarding texting and going online while at the tables. Dan?

My point is tournament poker involves an endurance factor as well as luck and skill factors. And when you have a huge venue there might also be a problem just getting food during breaks.

When I played long tournaments at the Bicycle here in LA there was food service at the tables but during breaks the "food option" was a candy bar from the snack bar.

[Dan Druff]

You are fully allowed to text and browse websites at the WSOP. It's been that way for a few years. You need to step away from the table to talk on the phone, though.

[Dan Druff]

Different question for Dan. When you plot your schedule for the WSOP, do you consider the hassle/time investment/fatigue issues of playing in something like this and schedule around it for optimal personal performance, or is an event like this so soft that you have to put it on your agenda?

I put this on my agenda because I expect it to be soft, and there's also the factor of being part of a historical, gigantic field tournament.

I realize that it's going to be a huge mess/hassle, though being a Seven Stars will help with the registration line problem.