The $60 buy-in tourney only attraced twenty-two players, so it was more of a SNG than a tourney.
What I liked: The Poker Room Floorman was Rick Marianetti - who will be on "Who Wants to be a Millionaire" on Monday night. He will be the bald guy.
He was very helpful and gave me a sheet with all the tourneys within walking distance of the Imperial Palace. A very nice gesture indeed.
The tourney was well run, the tourney clock always visible, and the dealers were fist rate.
What I didn't like; The rake!
22 players is a total pool of $1320. It played three places.
1st - $440 (50%)
2nd - $264 (30%)
3rd - $176 (20%)
So far, so correct.
But the rake was $440!!!! The casino came in 1st place too!
Freddie Deeb, who forgot more about poker odds than I know, says that the casinos normally finish 3rd - 4th every tourney. So where does the Imperial Palace get off taking 1st - 2nd?
[Ed. Note: If you take the full prize fund, normally the casino takes 10% of the prize pool - which equates to taking 4th in a tourney. Imperial Palace got a 2nd place finish percentage on the entire pool - which then equaled the payout for 1st place.]
The dealer mentioned that they seem to only get 3 tables or less of players for the weekend tourneys, but 4 or 5 tables going during the week. Maybe they back off the rake with more tables - but I doubt it.
These tourneys are no way profitable long term. The rake is just too massive.
I also didn't like the fact I finished 12th. Not blaming my loss on it, but 4 of the 11 guys on my table were poker buddies and some whip-saw betting and Robin Hood poker took place. I guess two guys in the same posse were on the other table.
Anyway, it is on to the Monte Carlo for a $60 tourney over there. My son and nephew are getting in also. Should be a good time. Report to follow. - Nik Faldo
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2 comments:
I like how you said the dealers were "fist" rate dealers...something you need to tell the group?
I don't understand what you are saying about the rake...for a tourney, don't they just make it a fee that goes to the house when you buy in? like $60 + $6...??? it is usually 10% of the buy-in...right? I know Greek Town has pretty high rakes for many of their tourneys...like 30% of buy in (with $50+$15). but nonetheless, the rake isn't part of the prize pool........???
Nahanni, I could have meant "1st rate" - but then again - What happens in Vegas stays in Vegas!
Yeah, you are right, but that is not how it was presented.
All I am saying is 15% is painful and 30% ought to be illegal to charge.
I had some "uncles" who loaned money to gamblers that went to jail for charging less vig.
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