Pay-outs
Hey guy's have a question for your, looking for some advice!
We are organizing a tournament that will seat 70 people. We have agreed that the anti/buy-in is $350, which equals $24,500.
$60 ($4200.00) will cover your meal (pop &water free), chip, table and dealer costs.
$290.00 ($20,300) will go to the pot.
We have come up with several different ways to pay out the top 10, but can't seem to agree.
So I'm coming to you guy's for more idea's, the only thing we have really agreed on is that 10th place must double ($750.00), and that the difference between 1st and 2nd must be a significant difference.
What do you suggest?
We are organizing a tournament that will seat 70 people. We have agreed that the anti/buy-in is $350, which equals $24,500.
$60 ($4200.00) will cover your meal (pop &water free), chip, table and dealer costs.
$290.00 ($20,300) will go to the pot.
We have come up with several different ways to pay out the top 10, but can't seem to agree.
So I'm coming to you guy's for more idea's, the only thing we have really agreed on is that 10th place must double ($750.00), and that the difference between 1st and 2nd must be a significant difference.
What do you suggest?
Comments
2 3500
3 2400
4 1800
5 1500
6 1200
7 1000
8 900
9 800
10 700
total 20300
lots of other ways to do it as well...
I guess we are just worried that we won't get 70, and we want this to go off well.
Usually the last cash spot only gets his money back... not doubled... This frees up alot of cash for the higher spots, like this...
1 8000
2 4000
3 2400
4 1500
5 1200
6 1000
7 800
8 600
9 450
10 350
total 20300
We are going to start every one with 2000 in chips, how do you feel about add-on's? We are going to do buy backs, but I don't really like add-on's, do you think that add-on's are an attraction or a turn off?
I took some time and visited www.pokerpages.com/pokerinfo/textears/prizepool.htm and this is what I figured out from there:
They suggest that only the first 7 positions be paid with 70 players, but if you want to pay everyone at the final table, you can look at the first set of percentages for paying out the top 10. Taking these, and using the prizepool of $20300, rounding to the nearest $50, we get the following:
1st 6900
2nd 3750
3rd 2450
4th 1950
5th 1450
6th 1100
7th 850
8th 700
9th 550
10th 450
This fits the argument for a significant difference between 1st and 2nd.
However, if it is really important to you to give 10th $700, then these must be adjusted of course. What I did is look at the percentages for 9 players being paid, and added these to a base of $700. Of course these need to be calculated on an adjusted prizepool of $13300 to account for the $700 base for each of the 10 players at the final table. Here are the results, rounded to the nearest $50 and adjusted for any overages:
1st 5200
2nd 3350
3rd 2450
4th 1950
5th 1650
6th 1450
7th 1300
8th 1150
9th 1100
10th 700
As you can see, not only does this cause top end to come down significantly, but there is also an unnatural jump between 9th and 10th. To fix this, you would have to set an amount for 9th and then recalculate for the top 8(if you wish to use this information, that is)
I personally like the first over the second. Both of Mike's are good too. I posted this to show what I feel most casino's would consider in this case, as many have adopted the TEARS payout structure for tournament play.
My basic thought about touranment payouts is this: (1) For short term success load a lot of money into first place. The big payout will attract lots of gamblers. (2) For long term succes, flatten the payout structure. The magic number is $1,000. The more guys you can send away with a $1K payday the better. They will all boast about their big win and create a great, solid buzz.