Rate the chances of an average player winning a WSOP bracelet

[WotaWaster]

This is similar to Sklansky's basketball question.

You take a player who is competent and currently winning enough to support himself through online mid stakes SNG/Cash games.
- He is prepared to make his life goal winning a WSOP bracelet.
- He is perhaps 20 now and expects to live to 70.
- We can assume he will spend the duration of each WSOP in Las Vegas entering as many events as possible

Rate the chance that he will win a bracelet throughout his lifetime and give any assumptions you make which I have left out.