Melbourne hosts world's richest poker game

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Norm Smith Medallist
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Melbourne hosts world's richest poker game

December 13, 2005 - 9:33AM

Melbourne's Crown Casino will host the world's richest poker tournament next year.

Six of the world's best poker players will compete for the $80 million kitty, with the winner to take all in a series of elimination matches in July next year.

It's expected Joe Hachem, the Melbourne poker player who earlier this year won a $US10 million prize at a tournament in Las Vegas, will be invited to play.

The event would be televised to 100 million households around the world through the Fox Sports Network in the United States and through other networks in Europe and Asia, Crown chief operating officer Richard Longhurst said.

Players will pay $US10 million ($A13.26 million) to buy into the match, he said.

"We consider this a coup for Crown Casino and for Melbourne and we are thrilled to be an integral part of this landmark international event," Mr Longhurst said.

"The $80 million winner-take-all event is a one-of-a-kind show that will not just take America by storm, but the international community as well."

- AAP
 

red+black

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I heard about this over 7 hours ago and wondered why it hadn't been mentioned here, just hadn't gotten around to posting. I believe that Phil Ivey is the first player to enter. And I might play too. Just need to save up.

This "mega event" is part of the PokerDome series for Mansion Poker.

"The state-of-the-art dome contains a poker table, complete with an automated card tracking system, integrated chip counting capabilities, hole card-cam and robotic cameras focused on each player's face. The Pokerdome also comes equipped with special cameras and card technology that allows viewers to see the burn cards - or discarded cards - before dealers flip the active cards, plus a rabbit-hunting camera for each hand, letting fans know what would have happened if each hand went to completion.

The tournament also features the biggest starting blinds of any sanctioned poker tournament in history. To illustrate the magnitude of the event, private armed guards, along with casino personnel, provide a constant security presence. Plus, medical teams will be standing by, monitoring each of the players' heart rates in the event that pushing $1 and $5 million chips into the pot causes a player's heart to race faster than Schumacher.

The first of the six hand-picked players, whose name will be announced at a star-studded charity poker event in Hollywood on Monday, Dec. 12, is a well-known poker champion and multiple WSOP bracelet winner. Following this announcement, FSN plans to reveal each of the remaining five players one by one every month. The second player will be named during FSN's coverage of the 2006 Aussie Millions tournament in January."


And, one thing I hate is when foreign currencies get exchanged via the press. The tournament is for USD $60 million, with a USD $10 million buy in.
 

Daytripper

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I'd find it very hard to believe that a professional poker player would ante up US$10 million of his own money to play.

I'm hard pressed to find a player worth that much alone and you'd think he would have to be worth at least 30 million to afford to lose 10 million.

Nice PR by Crown though. The AAP writer obviously hasn't got a clue !!!

Interesting to see how it actually works though.
 

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red+black

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Some of the talk has been that some rich Arab sheiks could enter, so I doubt that we would necessarily have six WPT champs. But whoever puts up the money would want to be a pretty decent player. Surely even a sheik wouldn't want to blow 10 mill just for the fun of it.
 

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Norm Smith Medallist
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red+black said:
Some of the talk has been that some rich Arab sheiks could enter, so I doubt that we would necessarily have six WPT champs. But whoever puts up the money would want to be a pretty decent player. Surely even a sheik wouldn't want to blow 10 mill just for the fun of it.
It wouldn't surprise me if they didn't mind blowing 10 mill for the prestige/status of entering the tournament. I am surprised that poker pros would want to enter with a buy-in that big, but I guess some like to gamb00l! The heart rate is a good indicator of a player on top of their game, as they shouldn't be afraid to lose their chips, even if they are worth 5 mill.

Also this:

The first mega-event is scheduled for Wednesday, July 12, 2006, when six players are expected to vie for an astounding $60 million, the biggest single-day payout in the history of sports. Amazingly, mega-event pots grow to $75 million in 2007 and reach a stratospheric $100 million in 2008.

Serious biccies... unfortunately out of my bankroll. ;)
 

dougthelegend

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Its hardly likely that the players themselves will ante up 10 mill.

Its more likely that the player's sponsors will be the ones coughing up the dough...

Joe Hachem is also rumoured to be buying in.
 

Lidge

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In this type of tournament, I doubt any single player would pay the buy in out of their own pocket. Most likely scenario would see a heavily cashed up high roller (e.g. Kerry Packer and his peers from Asia and the US) putting the money up front and:

Pay the WSOP player a set fee (say $2m USD)
Pay a commission or % of the winners prize (e.g. 10%)
And keep the change (approx $50M USD)

Bit more like the horse racing system, where the owners pay the jockeys a fee and percentage of the winnings.
 

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