Official *Party Screwed Monster Seat Holders* Thread

[NewGuy]

Edit: Sorry belongs in the Zoo

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

[PBJaxx]

I actually just posted that this seemed fair. I didn't take into account that there arent 8,000 players qualified for the Grand Finale. I am going to look at your math and get back to you. I definately made a mistake.

P.S. I highly doubt Party will do anything about this, but its worth trying.

-Jaxx

[Vuron00]

I, actually, didn't expect them to give us anything. I almost closed my account last night, but now I'm glad that I didn't.

Has the money already been put in our accounts?

[APerfect10]

Party seeded the monster pot with $5M (I believe). I cant see them handing that out now...so I would subtract $5M from that Monster Jackpot total.

[PBJaxx]

Go on the website and there is an option to convert your seats to cash under promotions -> monster. A party rep made a statement on 2+2 that they would be paying out the promotion. Otherwise, I would have not expected anything either. Fact is, they should pay it out fairly. They are the ones refusing our business.

-Jaxx

[HavanaBanana]

I knew this would happen, $#@% Party would not pay out fair value which in addition to the $125 per monthly and the $12.5 per weekly would be atleast 14,4 Million less the 5 Mill seed prorated which is say 1 million so 10.4 million which means that they are keeping more than 5 mill out of our money.

ToT

[SoloAJ]

From what I had in the other thread...

*Paid out for 1000 Finals: $1800 = $1,800,000
Paid out for ~10,000 Monthlies: $350 = $3,500,000
Total 5.3 million of 23.4 million
(14 million final + 7 million monthly + 2.4 million weekly)

Paid out $100 for weeklies. So to make this structure correct, they would have needed to pay out $18 million for the weeklies. At $100 a piece, that is 181,000 weeklies.

(Even if you subtract their initial $5million, which you shouldn't because it was int he pot....They need to pay out 130,000 weeklies...no effin way)

Considering 192,000 was the max, and we had 8 months left..I think that is under.

I don't know what the new system should be, but by my high end estimates (20,000 weeklies)

There is about 16 million $ unaccounted for. ($11 million if we take out the initial 5 mil)

They paid out roughly 7 million of 23 million. Yikes.

[cbloom]

Dudes, you should be very happy they're paying anything at all. They coulda just kept all the monster mobneys.

[PBJaxx]

[ QUOTE ]
Edit: Sorry belongs in the Zoo

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

[/ QUOTE ]

Your math looks good to me. I would like to suggest that anyone with interest in the monster reimbursment send an email. We could either all send your wonderful email, or a simpler version. What do you think?

-Jaxx

[jbsc7769]

Screwed maybe, but, I got the seat for free for answering the 10 questions in the promo a while back (thanks 2+2'ers) and as I am Eurpean, I probably wouldn't have bothered staying up until 4am or whatever time it was on it. Works for me...