Party Monster Cash Conversion

Soulman · #1 10-13-2006, 01:40 PM

Just to let everyone in MTT know:

http://forumserver.twoplustwo.com/showfl...e=0#Post7651956

Cliff Notes:
$100 for each weekly entry
$350 for each monthly entry
$1800 for each Grand Final entry

NewGuy · #2 10-13-2006, 01:42 PM

IMO, they butchered it and we got screwed

Party held back most of the prize pool thread

NewGuy · #3 10-13-2006, 01:49 PM

For those of you happy with the Party conversion of Monster seats to $s, I respectfully disagree.

Unless I miscalculated, they held a LARGE portion of the $s back, since they calculated it based on 8,000 Grand Final seats. Since there were only 1,000 won so far, and only 10,000 monthly seats + some unknown # of weekly seats this was grossly unfair.

What they paid
1,000 Grand Final x $1,800 = $1.8 Million
10,000 Monthly x $350 = $3.5 M
~10,000 Weekly x $100 = $1.0 M

Total =$6.3 M paid (out of $14.5M pool)

Here is a draft of the email I am planning on sending to vip@partypoker.com / info@partypoker.com / whatever emails anyone suggests, as well as following up with phone call(s) to VIP. If anyone thinks I'm off, please correct me.

To: Whoever is in charge of distributing the PartyPoker Monster prize Pool
Subject: Actual “fair value” calculation methodology for Monster seats

Executive Summary:
A large group of players in the 2+2 community agrees that the approximate “fair” expected value of Monster seat payouts are as follows below.

Grand Finale (May 2007) seats value = ~$5,000
Monthly seats value = ~$750
Weekly seats value = ~$200

Please note that these estimates are based on final prize pool of $14.5 Million and 10,000 weekly Monster seats left outstanding. To the extent there are fewer weekly seats, these values would increase correspondingly.

Detailed Calculation methodology:

Let W$ = Weekly seat $ value
M$= Monthly seat $ value
GF$ = Grand Final seat $ value

- 8,000 Monthly seats -> 1,000 Grand Final seats + $1 Million , therefore M$ = (GF$ x 1,000 + $1,000,000) / 8000 = 1/8 GF$ + $125
- 8,000 Weekly seats -> 2,000 Monthly seats + $100k, therefore W$ = (M$ x 2,000 + $100,000) / 8000 = 1/4 M$ + $12.50.
- Substitute 1/8 GF $ + $125 for M$ into above and you get W$ = 1/4 (1/8 GF + $125) + $12.50 = 1/32 GF$ + $43.75

So to sum up values that we know:
W$ = 1/32 GF$ + $137.50
M$ = 1/8 GF$ + $125
Total Prize Pool = ~$14.5 Million
# of Grand Final seats outstanding / to be paid = 1,000
# of Monthly seats to be paid = 10,000 (9 weekly qualifiers x 2,000 – 8,000 for 1 monthly run)
Weekly Seats outstanding / to be paid = ?

Formula for total prize pool distributed should be:
Total = Grand Final seats * GF$ + Monthly seats * M$ + Weekly Seats * W$

$14,500,000 = 1,000 * GF $ + 10,000 * (1/8 GF $ + $125) + WeeklySeats * (1/32 GF $ + $43.75)

Solving for GF $, we get:
$14,500,000 = GF$ * (1,000 + 1,250 + 1/32 WeeklySeats) + $1,250,000 + WeeklySeats * $43.75

$13,250,000 - WeeklySeats * $43.75 = GF $ * (2,250 + 1/32 * WeeklySeats)

GF $ = ($13,250,000 - WeeklySeats * $43.75) / (2,250 + 1/32 * WeeklySeats)

Final calculation
Plugging in a value of WeeklySeats = 10,000

Grand Final seat value = ($13,250,000 - $875,000) / (2,250 + 10,000 / 32) = $5,000
Monthly seat value = $750
Weekly seat value = 200

If weekly seats outstanding are only 4,000, then we get
Grand Final seat value = ($13,250,000 - $875,000) / (2,250 + 4,000 / 32) = $5,505
Monthly seat value = $813
Weekly seat value = $216

If weekly seats outstanding are 20,000, then we get
Grand Final seat value = ($13,250,000 - $875,000) / (2,250 + 20,000 / 32) = $4,304
Monthly seat value = $663
Weekly seat value = $173

#4 10-13-2006, 01:50 PM

Quick hijack, but didn't want to start my own thread:

When does Party officially "shut its doors" to US customers? Is playing the Sunday Million this week still kosher?

Soulman · #5 10-13-2006, 01:53 PM

[ QUOTE ]
Quick hijack, but didn't want to start my own thread:

When does Party officially "shut its doors" to US customers? Is playing the Sunday Million this week still kosher?

[/ QUOTE ]
Sorry man, you're shut out as of now [img]/images/graemlins/frown.gif[/img]

#6 10-13-2006, 01:55 PM

[ QUOTE ]
[ QUOTE ]
Quick hijack, but didn't want to start my own thread:

When does Party officially "shut its doors" to US customers? Is playing the Sunday Million this week still kosher?

[/ QUOTE ]
Sorry man, you're shut out as of now [img]/images/graemlins/frown.gif[/img]

[/ QUOTE ]

Whoa. Link to annoucnement/info?

edit: And can I still cash out my chump change that I accidentally left behind?

Soulman · #7 10-13-2006, 02:00 PM

http://www.partygaming.com/images/do...activities.pdf

And yeah, your account is still open and will be indefinitely.

BennyMac · #8 10-13-2006, 02:12 PM

Why do you have to click "Convert Freeroll"? Why would anybody not convert unless converting means you agree with their calculations?

Soulman · #9 10-13-2006, 02:14 PM

[ QUOTE ]
Why do you have to click "Convert Freeroll"? Why would anybody not convert unless converting means you agree with their calculations?

[/ QUOTE ]
Beats me...you actually have to confirm when click on the button as well. Shrug.

jccookjr · #10 10-13-2006, 02:25 PM

They gave me 10,000 Party points for a Party for Free monthly entry that I won, more than I expected. Can that be converted to cash? I guess if so not very much.