The 2008 World Series of Poker is under way in Las Vegas and there are plenty of interesting stories unfolding at the Rio. Undoubtedly the biggest poker tournament series on the planet, this is an important time for both the players and the companies looking to profit from one the one of the world’s biggest sporting spectacles. While players can earn millions by winning a big tournament, companies can literally boost their profit margins by having a successful WSOP and with the world’s attention focused on Sin City, the WSOP, and the concern of a looming economic recession, the stakes have never been higher for the players involved.
I spent the last two years working for different poker media groups at the WSOP, so I know my way around pretty well and I’m able to find some good stories. This year I’m working as a columnist (Part Time Poker Player) and feature writer for Bluff Magazine, so I was once again lucky enough to get media credentials. Because my assignments come randomly, I have decided that while I have some free time I may as well get the inside scoop on the WSOP and the poker industry for my readers. In addition to reporting WSOP and industry highlights, I’ll try to get some interviews with poker’s elite players.
Record-Breaking Beginning
2008’s first small buy-in ($1,500) No Limit Hold’em tournament got underway with both of the two-day flights seeing near capacity numbers. Shattering last year’s record of 3,151, the WSOP’s first dance brought in 3,929 players and generated a first-place prize of $831,279.
Many industry insiders are thrilled with the turnout and hope it is an indicator of good things to come. The fourth-largest poker tournament of all-time, this year’s Event #2 had so many people that the Rio had to make use of four areas that had poker tables. Jeffery Pollack and the guys at Caesars Entertainment must be thrilled with the turnout so far. Both the $10,000 Pot Limit Hold’em Event #1 and the $1,500 No Limit Event #2 surpassed last year’s player numbers and hopefully the fields will continue to be packed.
There were big questions about how the U.S. economy’s recent downturn would affect this year’s WSOP, but thus far, the player turn-out suggests that the WSOP just may be recession-proof. One possible reason for this may be an influx of foreign players who are capitalizing on the exchange rate. The WSOP buy-ins (not to mention the food, plane tickets, and hotel room rates) are considerably less expensive for players from countries such as the United .Kingdom and Sweden, and they enjoy a nearly 2-to-1 value for their money.
Prop Bets Galore
At each WSOP, there are plenty of players who make sick side-bets, often for ridiculous sums. This year is already proving to be a barn-burner as far as gambling action away from the tables. One example of a huge side-bet comes from Daniel Negreanu’s Card Player blog, where he talks about his bet with Phil Ivey.
“So it looks like I’ve bet myself into another WSOP playing as many events as possible. Ivey was running around the room firing bracelet bets at everybody and got me for one also. We essentially bet on who would win the most bracelets this year, and each bracelet you win would earn you an extra 200k. If we both win one it’s a wash, if he wins 3 and I win, for example, I’d be out $400,000,” Negreanu said.
With a long time still left to go in the WSOP, this will not be the last big bet we hear about. I’ll try to find out about more prop-betting action as the WSOP progresses.
JohnnyBax to the Rescue?
Just in time for the start of the WSOP, UltimateBet announced the signing of online poker superstar Cliff “JohnnyBax” Josephy. Undoubtedly one of the most respected players in online poker, Josephy brings a reputation as one of the game’s straightest-shooters and is well-known for having worked with a stable of younger online players that have been trying to follow in his highly successful footsteps.
One has to wonder whether this is UltimateBet’s way of trying to drum up support within the online community. UltimateBet, which is owned by Tokwiro Enterprises, is still reeling from accusations of cheating and a company cover up. Players on poker forums such as twoplustwo.com have repeatedly criticized UltimateBet’s handling of the situation and the company is feeling the heat as their player numbers continue to dwindle.
Will signing an online legend like Josephy improve UltimateBet’s shaky public image? This remains to be seen, but if actions speak louder than words, UltimateBet’s decision to pick of one of poker’s most respected players could symbolize a new company commitment to making sure things online go more smoothly in the future.