Requiring Tournaments to Report Prize Pool Separate from Vig

[danielkomen]

I played one of the the $500 events at the CEO poker tour and it made me realize I've been getting ripped off more than I thought in the past. They took out 6% for themselves but from what I understand now it is common for tournaments to take out extra. We're supposed to tolerate 3% for the house but not 6% for the tour? The point I'm trying to make is everything separate from the prize pool should have to be in the + part of the equation so the player real quickly can determine if the event is worth playing. Not bait and switch.

How about the PPA or WPA or gaming commission requiring that all tournaments report the prize pool separately from the part the house is keeping for whatever reason.

It seems like some tournmaments will be say $1000 + 60 then in the fine print say 3% is withheld for the staff.

I assume in reality this is really $1000 + 90. How about being required by law to state it this way.

Looking at the WSOP main event is says 4.2% of the total entry pool will be withheld for entry fees, and 1.8% of the total entry pool will be withheld for tournament staff.
So I assume this means 9400 + 600 which is how I hope it is reported on the receipts (I can't find mine). But for other tournaments it seems like it might be standard to say $9400 + $600 and then in the fine print it says 1.5% is withheld for the staff or something. So in this case it would be $9259 + $741.

Am I crazy for thinking it should be standard for all tournaments to report everything in one standard way?

[PokeReader]

They took out a total of 18%. 4% for the Venetian to run the event, 3% for staff, 5% for charity, (you didn't know it was a charity event, did you), and 6% for the CEO Poker Tour as a site fee. Now you would expect that would be illegal, the tour operators getting money out of the prize pool, but they did a pass through with the Venetian, they paid them an extra 6%, and the Venetian paid it back to them. So their claim is that it isn't coming from the prize pool. 18% is the standard toke from all their events. Why no one caught this up to now, I don't know, I guess no one adds up the entrants wnen they cash to figure out the withholding. It just shows how important it is that we have an official player body that sanctions events and would prevent this type of scam. You should check out the CEO Tour main thread, players are fighting to get their money back.

[BigAlK]

[ QUOTE ]
Looking at the WSOP main event is says 4.2% of the total entry pool will be withheld for entry fees, and 1.8% of the total entry pool will be withheld for tournament staff.
So I assume this means 9400 + 600 which is how I hope it is reported on the receipts (I can't find mine). But for other tournaments it seems like it might be standard to say $9400 + $600 and then in the fine print it says 1.5% is withheld for the staff or something. So in this case it would be $9259 + $741.

Am I crazy for thinking it should be standard for all tournaments to report everything in one standard way?

[/ QUOTE ]

I checked my receipt for a WSOP prelim. It says $1365/135. Dividing the total prize pool as reported in the results by the number of entrants equals the $1365. The structure sheet for the event says 6.3% for entry fees and 2.7% for staff (9% total) which adds up to $135. It looks like they at least got this right.