All im saying is, a few dollars in rake wont affect my decision to play a tournament. As I said, structure, field, and prizepool hold precedence. Basing weather or not to play a tournament based on rake is just insane.
Why do you think we travel all over the world to play? We spend thousands in travel and lodging. You think it matters if its a $2000 + $100 or if its $2000 + $200?
It seems like such a bad idea to play Seneca with the 30% tax and the high rake but there aren't any other bigger buy-in tournaments anywhere. Brantford has a $60+$20 which is stupid.
The rake for Brantford's tourney this Thursday is high at 25%, but only 13% for the $200+$30 Deep Stack on Sunday, which I will be playing. Seneca's daily tournaments are the worst tournaments for Canadians to play, with the $35+$15 on Thursday/Friday having an unbeatable 30% rake, :bs: plus the extra 30% witholding rape even if you only min-cash. If you desperately need a poker fix on Thursday/Friday, what about playing cash games at Niagara/Fallsview/Woodbine? I might play at Fallsview on Thursday/Friday.
Fully agree with your assessment BF but sounds like Hipho is looking for thurs/fri specifically and considering it's the Summer Slam series this week starting thurs I would lean to the much larger fields, better structures and very respectable payday if you make a deep run --even with the dreaded 30%
In case anyone is still serious about going to Seneca, be sure to read its fine print first. Even at maximum zoom, the fuzzy fine print is very difficult for me to read, but I think part of it states that another extra "5% will be withheld for tournament staff!" :bs: While I personally disagree with players who don't tip a single ¢ after a tournament profit, Seneca is too polarized on the other end by screwing all players with that high of a mandatory extra fee and hiding it in virtually unreadable fine print. Anybody that plays at Seneca should complain to the native gaming commission to make sure that this slimy practice does not continue.
Seneca's UNLIMITED re-entry format for the first four levels of ALL tournaments/satellites is horrible for casual players. You are paying the full high rake multiple times including the hidden extra fees! Tournament sharks with a high bankroll can re-enter unlimited times after you bust them and eliminate your one bullet with their unlimited bullets.
This makes the $200 tournaments have a total rake of 19% ($161.5 + 8.5 + 30), which is almost unbeatable especially with the 30% tax. Just to compare, the $220+$10 Deep Stack that I cashed in had a rake of only 4% and a very high PF of 37, & I got to keep 100% of my winnings.
Seneca's $300 tournament will have a rake of 16% ($251.75 + 13.25 + 35). Just to compare, the sold-out $285+$15 that I won at Casino Rama had a rake of only 5% and there was zero withholding or extra fees.
Even the $600 tourney has too high of a rake at 13% ($222.5 + 27.5 + 50). To compare, the sold-out $500+$50 Deep Stack had a rake of only 9% with no slimy hidden fees.
These are the kind of EV-maximizing decisions that helped me go from a :fish: poker newbie on the forum learning from much more experienced posters to a winning :fish:. But I have come to realize that some players don't really care that much about profiting, EV, ROI, rake, etc. and just wanna gamble, so GOOD LUCK!
Thanks again BF, very insightful information, none of which I disagree with. I have occasionally gone to Seneca myself and will be doing so even less now with many better local tourneys popping up within an hours drive of the GTA.
That being said, there's still something to be said about the field sizes and availability of actually playing versus settling for a local cash game or a weak Brantford weekday tourney... if I was free on Thursday I would definitely be choosing the Seneca option since it's a special event, if it wasn't I can't even say I'd bother making the drive to Brantford.
Just my evolving opinion... here's hoping the Southern Ont tourneys keep growing and i'll never have to pay that ridiculous US withholding tax and rake again --except maybe the WSOP --but for now i'll still make the trip across the border when there aren't any decent ones here.
In case anyone is still serious about going to Seneca, be sure to read its fine print first. Even at maximum zoom, the fuzzy fine print is very difficult for me to read, but I think part of it states that another extra "5% will be withheld for tournament staff!"
Thanks for pointing that out. I called and confirmed. They are taking out an extra 5% in addition to the rake.
PLO today, the first 4 levels with re-entry of that format around that area, you should get paid off multiple times, just hold on to make the nuts on the river!
Comments
Does it matter if the rake is 100%?
BTW,
Prizepool = # of entrants x (buyin - RAKE)
Honestly, stay in Canada, there is nothing I would stay in around Seneca - including the casino.
No, play at Seneca - stay at falls view and commute across the border.
The rake for Brantford's tourney this Thursday is high at 25%, but only 13% for the $200+$30 Deep Stack on Sunday, which I will be playing. Seneca's daily tournaments are the worst tournaments for Canadians to play, with the $35+$15 on Thursday/Friday having an unbeatable 30% rake, :bs: plus the extra 30% witholding rape even if you only min-cash. If you desperately need a poker fix on Thursday/Friday, what about playing cash games at Niagara/Fallsview/Woodbine? I might play at Fallsview on Thursday/Friday.
Seneca's UNLIMITED re-entry format for the first four levels of ALL tournaments/satellites is horrible for casual players. You are paying the full high rake multiple times including the hidden extra fees! Tournament sharks with a high bankroll can re-enter unlimited times after you bust them and eliminate your one bullet with their unlimited bullets.
This makes the $200 tournaments have a total rake of 19% ($161.5 + 8.5 + 30), which is almost unbeatable especially with the 30% tax. Just to compare, the $220+$10 Deep Stack that I cashed in had a rake of only 4% and a very high PF of 37, & I got to keep 100% of my winnings.
Seneca's $300 tournament will have a rake of 16% ($251.75 + 13.25 + 35). Just to compare, the sold-out $285+$15 that I won at Casino Rama had a rake of only 5% and there was zero withholding or extra fees.
Even the $600 tourney has too high of a rake at 13% ($222.5 + 27.5 + 50). To compare, the sold-out $500+$50 Deep Stack had a rake of only 9% with no slimy hidden fees.
These are the kind of EV-maximizing decisions that helped me go from a :fish: poker newbie on the forum learning from much more experienced posters to a winning :fish:. But I have come to realize that some players don't really care that much about profiting, EV, ROI, rake, etc. and just wanna gamble, so GOOD LUCK!
That being said, there's still something to be said about the field sizes and availability of actually playing versus settling for a local cash game or a weak Brantford weekday tourney... if I was free on Thursday I would definitely be choosing the Seneca option since it's a special event, if it wasn't I can't even say I'd bother making the drive to Brantford.
Just my evolving opinion... here's hoping the Southern Ont tourneys keep growing and i'll never have to pay that ridiculous US withholding tax and rake again --except maybe the WSOP
Thanks for pointing that out. I called and confirmed. They are taking out an extra 5% in addition to the rake.
Busy today but a few of us are going tomorrow.
Well run tourney, lots of play with a great starting stack.
Congratulations,
Good that you beat the odds and won!
Although I don't think that it's profitable to play in tournaments like these I'm delighted when I see people win!
Congratulations again!
Yeah. I know I'm burning money but I just really wanted to play.
Ressurecting an old thread; did you end up getting that 1500 they taxed back?
Lol no. I'm so lazy.