WSOP Main Event - What do they do with $ over break?

sam1chips

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So I was thinking about this...

Everybody buys into the Main Event in July/August. The wsop collects all of the buy-ins, and then they distribute the winnings to the people who finish ITM.

My questions is...since the final 9 people don't play until November, the WSOP is sitting on $20 million for 3 months. Does anybody know what they do with it? I figure they could put it in some savings account and collect some interest?
 
ryhailey

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They do pay out the final 9 the minimum cash they can make once getting to the final 9. After that probably a bank.

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turtelliusshellius

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Well, considering it is being held by a Casino it would be classified as "holdings" by the gaming commission. They couldn't collect interest of any sort on it because anything classified as "holdings" is not technically in any bank account. casinos are obligated by law to have holdings equal or greater to the entire amount of money "in play" which means that the remaining money for the WSOP ME would basically just sit in their vault and not move until November since it would legally be classified as "actively in play". This is why in the movie Oceans Eleven, they robbed the casino on fight night, because fight nights are high roller/high occupancy nights which means the casino has to by law have cash equivalent to all credits and chips on the floor. So their vault would hold the highest amount on a high roller/high occupancy night. The movie isn't really relevant to the law, but I thought that since it was a "situationally accurate" plot line in the film I'd throw it in there.
 
ryhailey

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turtelliusshellius said:
Well, considering it is being held by a Casino it would be classified as "holdings" by the gaming commission. They couldn't collect interest of any sort on it because anything classified as "holdings" is not technically in any bank account. Casinos are obligated by law to have holdings equal or greater to the entire amount of money "in play" which means that the remaining money for the WSOP ME would basically just sit in their vault and not move until November since it would legally be classified as "actively in play". This is why in the movie Oceans Eleven, they robbed the casino on fight night, because fight nights are high roller/high occupancy nights which means the casino has to by law have cash equivalent to all credits and chips on the floor. So their vault would hold the highest amount on a high roller/high occupancy night. The movie isn't really relevant to the law, but I thought that since it was a "situationally accurate" plot line in the film I'd throw it in there.
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Ya you're right didn't think about it that way.

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Under_EV

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The WSOP put in their media pack that everyone had been paid out ninth place money and that the rest was put into a secure account. It didn't say, however, if any interest earned was returned to the players.
 
joshuawacaster

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O Oceans Eleven. How much you have taught us about life.
 
WEC

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WSOP pays out the interest accrued to the players at the Final Table
 
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turtelliusshellius

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WEC said:
WSOP pays out the interest accrued to the players at the Final Table
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Explain to me how you got this information because it would be in violation of the rules of the Nevada gaming commission? Does the gaming commission make some sort of exception for the Main Event due to the layover? If you could, please cite the source of this information because I would like to read it.
 
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miguel_me277

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I guess everything in life is business ... be fair to the organizers
 
Refinado Tom

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sam1chips said:
So I was thinking about this...

Everybody buys into the Main Event in July/August. The WSOP collects all of the buy-ins, and then they distribute the winnings to the people who finish ITM.

My questions is...since the final 9 people don't play until November, the WSOP is sitting on $20 million for 3 months. Does anybody know what they do with it? I figure they could put it in some savings account and collect some interest?
Click to expand...

Good point. I hadn't thought of. It's true. The 9 finalists you should also . By marketing to generate during the months of waiting. I believe that in everyone's interest.
 
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SpookMBluffwell

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sam1chips said:
So I was thinking about this...

Everybody buys into the Main Event in July/August. The WSOP collects all of the buy-ins, and then they distribute the winnings to the people who finish ITM.

My questions is...since the final 9 people don't play until November, the WSOP is sitting on $20 million for 3 months. Does anybody know what they do with it? I figure they could put it in some savings account and collect some interest?
Click to expand...

Awesome idea, are you saying then pass the accumulated interested along to the final nine players? or increase the total payouts?
 
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Phoenix14

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Lol, what? So they're quickly sneakily putting the 15 mil in an overseas bank for a month until to get .5 percent interest on it, then bringing it back in rubberbanded stacks of cash.

rofl what??
 
sam1chips

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Phoenix14 said:
Lol, what? So they're quickly sneakily putting the 15 mil in an overseas bank for a month until to get .5 percent interest on it, then bringing it back in rubberbanded stacks of cash.

rofl what??
Click to expand...

SpookMBluffwell said:
Awesome idea, are you saying then pass the accumulated interested along to the final nine players? or increase the total payouts?
Click to expand...

Refinado Tom said:
Good point. I hadn't thought of. It's true. The 9 finalists you should also . By marketing to generate during the months of waiting. I believe that in everyone's interest.
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Haha I don't know what I'm implying. Just realized a couple days before the WSOP final table that they have been sitting on a ton of buy-in money/prize pool, and had no need to distribute it for 3 months or so. Just curious as to what they did with it.

I don't think increasing the amount of money the top 9 win is fair. Each place has it's right to a certain % of the total prize pool, and if the WSOP did that, I feel like the ywould have to class 650th place as well, and tell them that the prize pool increased, and their 0.5% of the prize pool won had increased from $17k to $17.2k
 
sam1chips

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Under_EV said:
The WSOP put in their media pack that everyone had been paid out ninth place money and that the rest was put into a secure account. It didn't say, however, if any interest earned was returned to the players.
Click to expand...

I realize that the final 9 players get paid 9th place money in August (minimum payout at that point for all players.) Still about $20 million to be paid out.
 
XXPXXP

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sam1chips said:
So I was thinking about this...

Everybody buys into the Main Event in July/August. The WSOP collects all of the buy-ins, and then they distribute the winnings to the people who finish ITM.

My questions is...since the final 9 people don't play until November, the WSOP is sitting on $20 million for 3 months. Does anybody know what they do with it? I figure they could put it in some savings account and collect some interest?
Click to expand...

third party takes care of the money, I think.:D:D:D:D
 
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Marsd

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I think I also read somewhere something about interest. does anybody actually know for sure?
 
S3mper

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It just sits in a vault and collects dust instead of interest.. That money does not belong to the Casino it belongs to the players. They are just protecting it.
 
XXPXXP

XXPXXP

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Phoenix14 said:
Lol, what? So they're quickly sneakily putting the 15 mil in an overseas bank for a month until to get .5 percent interest on it, then bringing it back in rubberbanded stacks of cash.

rofl what??
Click to expand...

that is not allowed.

that money belongs to player, Casino is not the owner and has no right to use them unless all players grant right let Casino to do so.:p
 
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