Overlay Issues Could Dampen Partypoker Caribbean Poker Party

November 12th, 2018 by Daniel Smyth

The Partypoker Caribbean Poker Party is in full swing, but the organizers may be left with a hefty bill after interest in two key events fell short of expectations.

Partypoker Caribbean Poker Party

Hundreds of players will join the Partypoker Caribbean Poker Party inside the Baha Mar hotel but guarantees have still been missed. (Image: yogonet)

Kicking off on November 9, the ten-day festival will be giving away more than $15 million in prize money. However, after the opening three days inside Baha Mar hotel, the Bahamas, the organizers have already been forced to dip into their pockets.

Interest High but Not High Enough

Despite attracting 394 entries, the $25,500 High Roller missed its guarantee by $150,000. By the close of Day 1, 183 players had paid the buy-in and rake, which left the event short of its financial target by more than $5 million.

A late surge on Day 2 saw the gap close  but not enough to avoid a small overlay. Compounding the situation for Partypoker was the fact just 522 players anted up during the first two days of the $5,300 main event.

Although late registrations are allowed during the opening half of Day 2 (set to take place on November 12), the organizers are well short of the $10 million guarantee. Indeed, even with a flurry of activity during the late registration period, the shortfall could still run into seven figures.

Wrong Time for Missed Guarantees

If that happens, it will call into question the viability of offering multiple eight-figure guarantees during a single festival. Ahead of the Partypoker Caribbean Poker Party, those in charge said they expected upwards of 2,000 players to make the trip.

As well as promising value at the felt as well as the exclusive activities throughout the festival, the poker operator gave away a host of satellites packages. However, even that may not be enough to meet the required targets.

While the recent knocks may only be a minor setback, they come at a time when Partypoker is preparing to raise the bar online. Announced on November 9, the second installment of the Partypoker Millions Online will have a guaranteed prizepool of $20 million.

As well as doubling last year’s total, the guarantee will make it the largest online MTT in history.

To help bolster the number of entrants and avoid an overlay, satellites costing as little as $0.01 will be running from November 25.

However, if the Caribbean Poker Party proves costlier than expected, Partypoker may have to up the number of promotions ahead of its marquee MTT.

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