Results 1 to 10 of 10

Thread: Venetian $150,000 Guarantee event is actually a $150,000 MAXIMUM event where they pocket extra money

  1. #1
    Owner Dan Druff's Avatar
    Reputation
    4620
    Join Date
    Mar 2012
    Posts
    32,181
    Blog Entries
    2

    Venetian $150,000 Guarantee event is actually a $150,000 MAXIMUM event where they pocket extra money

    Total scumbag move by Venetian's poker room, where they have mangled the entire concept of a guarantee, and made it super player-unfriendly without being totally up front about it.

    Their late October "Lucky Shot" series is described here: https://www.venetian.com/casino/poker/lsp-oct-2019.html

    Here's the structure sheet for Event #1, a $250 NL event with rebuys, and 6 flights: https://www.venetian.com/content/dam...019-250_NL.pdf

    Go to page #2 of the structure sheet linked above, and look at term #9:

    100% of all funds collected will go to meet the $150,000 Total Prize Pool. Any funds collected above and beyond the total prize pool will be the sole property of The Venetian Poker Room.


    So basically, the prize pool is going to be exactly $150,000, no matter how many or how few entrants they get. So if they get 1000 entries, they will be collecting $250,000, yet only awarding $150,000 in prize money! If they get 2000 entries, again they will be only awarding $150,000 prize money, and pocketing the other $350k!

    WTF!!!!

    While it's true that there will be an overlay if fewer than 600 entries are achieved, that's unlikely because they have 6 starting flights, and allow rebuys. They would need just 100 entries per flight (including rebuys) in order to avoid the overlay and start pocketing every single entry fee beyond that.

    This is totally non-standard. Never seen anything like it before.

    What's worse is that they are not up front about this horrendous payout scheme. It's buried in term #9 of page 2 of the structure sheet. On the main tournament webpage, they refer to the tournament simply as "$150,000 Total", which isn't at all clear. Every single event of this series has a pre-set "total", with one as low as $4,000 for a $125 event, meaning they will pocket the remaining buyins once they get 32 entries! WOW!!!

    The poker world should speak up LOUD AND CLEAR that this will not be tolerated, and the Venetian Poker room should be pressured to change this awful policy, or at the very least, be VERY CLEAR AND UP FRONT about this scheme to everyone attempting to register.

  2. #2
    Bronze mdj1980's Avatar
    Reputation
    49
    Join Date
    Mar 2016
    Location
    Florida
    Posts
    105
    That is awful. I hope word gets around and there end up being overlays. That is something you would expect from a smaller cardroom or shady Indian casino, not The Venetian.

    Of course some players will not understand what is happening here, and even if everyone did, natural greed would take over and prevent much of an overlay, so I would expect The Venetian to make out pretty well with this. Best case scenario is the more aware regulars will boycott their other tournanents or cash games, take their business elsewhere and leave them with lower numbers across the board for everything else.

  3. #3
    What in holy hell.

    This is a BIGGG blunder by Venetian. 100% agree with Detective Druff that Venetian needs to be called out on this LOUD AND CLEAR.

    >>> This is totally non-standard. Never seen anything like it before.

    I'm tempted to say I agree (and this is obviously the brainchild of some fantasizer on Venetian's staff that thinks poker players are just mindless idiot gamblers like slot players)...but you know, I have seen this before. This tourney is basically the crappy everyday scam we commonly call a:

    RAFFLE

    I always am amazed when there's some office raffle where people stuff 350 $5 raffle tickets into a box for a two year old iPhone 7. That's basically what's happing here, just with some skill need to win the "prize offered".

    It'll probably be changed if Venetian gets enough heat. If these don't die quickly and become huge underlays (trade mark pending on that term BTW) then God help us all.

    1






  4. #4
    Owner Dan Druff's Avatar
    Reputation
    4620
    Join Date
    Mar 2012
    Posts
    32,181
    Blog Entries
    2
    According to Terry King, Vegas poker veteran dating back to the 70s, this isn't a new idea.

    They tried it at the Riviera (RIP) in the mid-1980s.

    But this hasn't been seen in the "modern" (post-2003) poker era, and even before that it was uncommon.

    Awful.

  5. #5
    That this is being pulled in one of biggest and most popular rooms in Vegas is a huge deal, and sets a terrible precedent. The only good news is it shouldn't be hard to convince any players above the minimum to boycott, since they would be throwing away money by doing so.

  6. #6
    Even though the room is nice and the structures are good, kinda glad I put the Venetian on the banned list (due to Adelson)
    http://www.miraclecovers.com

    "Donk down, thatís what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

  7. #7
    Silver sah_24's Avatar
    Reputation
    -79
    Join Date
    Mar 2012
    Location
    Laclede
    Posts
    937
    Blog Entries
    5
    No poker player should be playing there ever anyways ... don't feel bad for any of them

  8. #8
    Gold ftpjesus's Avatar
    Reputation
    313
    Join Date
    Mar 2012
    Location
    Mesa AZ
    Posts
    2,399
    Adelson and his company fucking poker players.. Color me shocked.. Sure he may not be directly involved in this action but this is ridiculous but on a side note if people are clowns enough to play in this tournament then they deserve what they get.. Nobody who gives a shit about Poker in general should be giving Adelsons Venetian or any other Sands corp a dime of money.. Has anybody thought of a good name for this type of tournament.. I have..

    The Reverse Guarantee.. Seems perfect.. There is a guarantee prize pool but the poker room is guaranteed to make a shit ton of money over and above as they only have to shell out the total amount of the said guarantee.. Ya know at least if theyre gonna fuck the players they shouldn't charge any vig on the tournament since theyre likely to make plenty on the backend anyway

     
    Comments
      
      sah_24: Spot on ... fuck Adelson
    <This Ad Space for Rent or Sale>

  9. #9
    Name:  totprx.png
Views: 564
Size:  142.3 KB

    Actually, it is a no rake tournament. Just fixed prize pool and the house keeps the rest.

  10. #10
    Todd got the bossman at VENETIAN is stuttering and now getting ready to explode! you know what u getting into, must be posted on 2+2! please Mr.Malamuth Mr sklansky.let todd EXPOSE this scam and EXPLOITATION of Poker players! fk u Venetian!

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Thomas Kremser stealing EPT side event player's money
    By klinz in forum Scams, Scandals, and Shadiness
    Replies: 6
    Last Post: 04-15-2018, 03:35 AM
  2. Here we go again: Money stolen from hotel room at EPT event
    By Dan Druff in forum Scams, Scandals, and Shadiness
    Replies: 10
    Last Post: 04-12-2015, 05:22 AM
  3. Replies: 12
    Last Post: 02-11-2014, 03:16 PM
  4. Replies: 0
    Last Post: 02-01-2014, 02:16 AM
  5. Replies: 4
    Last Post: 03-28-2013, 05:39 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •