Bristol St. presents -- "The WPT Super Satelitte" - Wed. Aug 23 (Waterloo)
The Bristol Street Nightclub and Casino presents...
: :h: THE BRISTOL STREET 2006 FALLSVIEW WPT SUPER-SATELLITE :d: :c:
No-Limit Texas Hold'em Tournament Tournament
Wednesday, August 23 - 7pm (doors open at 6:30)
$50 Buy-in - Freezeout
$$$ Pay-out (assumes 32 players)$$$
(1) entry into the Option 1/Step 2 Satellite for each $640 in the prize pool
Prize of less than $640 paid out to next place finisher
A "piece" of the winner will be awarded to all participants (see below)
: :h: THE BRISTOL STREET 2006 FALLSVIEW WPT SUPER-SATELLITE :d: :c:No-Limit Texas Hold'em Tournament Tournament
Wednesday, August 23 - 7pm (doors open at 6:30)
$50 Buy-in - Freezeout
$$$ Pay-out (assumes 32 players)$$$
(1) entry into the Option 1/Step 2 Satellite for each $640 in the prize pool
Prize of less than $640 paid out to next place finisher
A "piece" of the winner will be awarded to all participants (see below)
Each player will receive 5,000 chips for their $50 buyin. The standard Bristol Street blind structure applies. You are eliminated from the tourney when you lose all your chips. The tourney will not stop, except for short breaks, until there are a number of players remaining equal to the number of super-sat entries awarded. Those players will be declared the 1st place finishers.
Late players: If you know you're going to be late, please phone and a seat and chips will be set out for you and you will post blinds and fold until you arrive. Players that are late that haven't let me know will give up their seat to the next player on the waiting list. If there's no one left on the waiting list, late players may buy into the tournament during the first level (20 minutes), but must immediately post the big and small blind if the blinds have passed them.
Waiting List players: Players on the waiting list may enter the tournament as an alternate whenever a player busts out, up until the end of the first break (5 levels).
The tournament will last approximately 5-6 hours. Seating is limited to 32 players with alternates. (8 max tables) The final table will form with 9 players left. Please reserve your seat in advance!!
A Share of the Action: All participants not winning a seat into the WPT Satelitte will recieve a share of the action of the winner(s). This share will total roughly 20-25% and your individual share depends on where you finished this tournament. For example, assuming two seats are awarded...
1st-2nd: Seat in the WPT Satellite + 5% share of other winner(s)
3rd: Remaining cash + 3% share of the winners
4th: 2.5% share
5th: 2% share
6th: 1.75% share
7th: 1.5% share
8th: 1.25% share
9th: 1% share
10th-12th: 0.75% share
13th-16th: 0.5% share
17th-24th: 0.25% share
25th-last place: 0.10% share
(note: If only one seat is awarded, 3rd becomes 2nd, 4th becomes 3rd, etc., and 8th and 9th both pay 1%. If there are multiple winners, they make make there own deal on trading action. A recommended deal is trading 5% with the other winners.)
3rd: Remaining cash + 3% share of the winners
4th: 2.5% share
5th: 2% share
6th: 1.75% share
7th: 1.5% share
8th: 1.25% share
9th: 1% share
10th-12th: 0.75% share
13th-16th: 0.5% share
17th-24th: 0.25% share
25th-last place: 0.10% share
(note: If only one seat is awarded, 3rd becomes 2nd, 4th becomes 3rd, etc., and 8th and 9th both pay 1%. If there are multiple winners, they make make there own deal on trading action. A recommended deal is trading 5% with the other winners.)
Awarding shares is just another way to promote the community spirit aspect of playing at Bristol Street. If this is something you'd rather not do, then please don't take part.
The winner(s) will, of course, be required to regail us with their tales from the Satellite and Main Event in the form of a trip report.
This tournament will not be played for Player of the Year points. As always, tournaments at Bristol Street are rake-free
BOYB, BYOsnacks
Comments
1. "Zithal" Rob L
2. "Ranger" Mike
3. "PokerQueenie" Mandy
4. "2BULLETS" Jeremy
5. "JohnnieH" Johnnie H
6. "ItsaMe" Mario
7. "stpboy" Shannon
8. "compuease" Jeff (late)
9.
10. Steve W
11. "Dr" Larry (late)
12. "BlondFish"
13. "AcidJoe" Joe
14. "King Mob" Dave (late)
15. "DataMn" Al
16. "Slippery"Pete A
17.
18. "8Ball" Tye
19. "Ignance" Jon
20. "King Mob" Dave
21. "Shtebs" Steve
22. Jon L
23. TJ S
24. "8Ball+1" Rick
25. "QTJen" Jen
26. Gary A
27. Gary A's brother
28. Neil M
29.
30.
...
31.
32.
Could u add Jeremy and I ?
Thanks
Mandy
May I see some stats on this?
What about a $60 buy-in so that there will be three $640 seats awarded ($60 * 32 / 640 = 3)? Ideally, the two or three winners will agree to play in the same Step 2 satellite on a Friday with the hopes of at least one of them placing in the top 3 to win a prize. For example, if all 3 end up in the top 3, then all the Bristol players will still have a stake in the $10,300, $1,200 and $640 seats.
   Dave Kostis.
If there's enough interest, I'll likely open up the garage table to accomidate 40 players. If we do that and fill, we'll have 3 players.
Sign me up!
Al
PokerJAH
Unfortunately, unlikely. All my Saturday's until the end of Sept. are spoken for. Perhaps early October if there's interest, but it might be cutting it close.
   I have a question about the prize payout structure. In particular with the awarding of "shares" of the winner's (or winners') future WPT payout.
   Why do the prize winners (1st and 2nd place) not receive a share of each other?
   It would seem odd to me if, for example, the person in 1st place at our satellite missed the money at the WPT (winning $0.00), while our 2nd place finisher goes on to win the WPT event (lets say a record breaking $100 000 000.00) and even the worse position player of the satellite shares the wealth ($100 000.00 for 25th!).
   The actual amount of the prize pool isn't really the point, it's that winning a seat through the satellite gives you one chance to hit the money at WPT (admittedly the Lion's share) and not winning a seat gives you two opportunities.
     Dave Kostis.
stp
I think they should which is why I mentioned my suggested 5% action from each other. I left it up to the multiple winner(s) to determine how much they want to give of each other, but I could make it manditory. Thoughts?
Rob.
stp
Absolutely, because stpboy agreed to play in a tournament where shares of the winner were being awarded to the other players. No one was forcing him to play in this tournament.
I really like where you're going with this....
stp
Ideally, the Bristol satellite winners should go together with at least one non-winning participant for both support and to witness the Fallsview satellite outcome. For example, I will probably get staked to play in one $640 satellite
Tye
Sorry Rob, I didn't see this note before you pointed it out. I like the 5% (minimum) share you have added.
Addressing a couple of points of concern...
...Please remember that share percentages that are fair at low rewards are fair at all reward amounts. A change of scale in the amount won does not change share (the portion of the prize you receive) equity (fairness). Scale changes the value of all portions equally for better or worse..If it helps, think of the satellite prize for first or second place as being the groups WPT representative plus 75% of the winnings you generate for the group.You're not giving away a portion of your winnings as that portion was never yours to begin with.
...This forum alone could be used to protect the interest of all satellite partners.It clearly sets out the terms of the tournament and would be sufficient in a civil suit (if 100 million dollar champion STP tries to screw us).An easy way to ensure that everyone's shares are protected would be to have a sign out sheet for players as they bust out.It would list in order of satellite placing,your share percentage,name and signature.
Dave Kostis.
It's ok Jeff if I go on to win, I'll just forget about ya. I think most people that play at bristol aren't too worried about the integrety of the person they have a share in. But for $10 million come see me at the airport for your share
Don't know Joe, looks like some of the others have already awarded Shannon 1st place, now WE may have something to say about that! In any case I'll be at the airport ahead of you, jets idling, luggage packed, lots of women on either arm........ ah it's nice to dream.
In any case I'll let you win this one, I had a good start at Ranger Mikes in Elmira last night so we may go heads up for that WPT title at Fallsview.
If 32 people play the tournament, the total percentage of shares would be 25.8%. (If I've done my math good.)
I love the idea of shares!
Now for the anal part ... are the percentages paid Before or After taxes?
Let's use the "stpboy wins $1,000,000".
1,000,000 x 0.258 = 258,000 total shares
I think Ontario taxes charge Casino earnings at a rate of 30%. (It might be more, but I highly doubt it is less.)
1,000,000 x 0.3 = 300,000 income tax
Now stpboy would be paying $558,000 in shares and taxes, keeping $542,000 for himself.
That is a honk-wad of money, but he should not bear the burden of the taxes alone. Without his long hours at the table, no one else would get a pay-day.
Thus I would recommend the shares be passed After taxes, or at least based on the after-tax value. (If stpboy wants to run to South America without paying the taxes, that's his trip.)
Just my thoughts (maybe it's the phospho-soda talking)...
Anyone else?
Tye