WPT Payout Structures
Back in my earliest days as a poker player, the first online player that I became a big fan of was Prahlad “Spirit Rock” Friedman. He was one of the first guys to gain notoriety for crushing high stakes cash games. Back then, the high stakes games weren’t nearly as big as they are today. Friedman’s stomping grounds were the $25/$50 games on Ultimate Bet where he’d regularly be sitting with $30k+ (and sometimes even $100k+) despite the fact that the maximum buy-in was $5k. (Today you can find $500/$1,000 cash games online).
I’m not the authority on Prahlad Friedman’s poker career, but I believe his once colossal bankroll gradually shifted ownership into the hands of eventual CardRunners founder Taylor “Green Plastic” Caby. Since then, Friedman’s name hasn’t popped up as much as it did a few years ago, but he’s clearly still got it.
With that win, Friedman was the benefactor of one of the most ridiculously top-heavy payout structures in major tournament history. For winning the Legends of Poker, Friedman received $1,009,000. Kevin Schaffel, playing in his first tournament since reaching the Main Event final table, finished second (what’s he eating for breakfast?). Schaffel’s payday when compared to Friedman’s is nearly insulting, $471,000. The dropoff doesn’t stop there.
Sixth place finisher Mike Krescanko won $89,220!
Who is organizing these tournaments? I understand that a seven-figure first place payday looks better in promotional publications, but that short-sightedness is killing the WPT in the long run. No one wants to play a tournament where sixth is less than 1/10th of first, not for a $10,000 buy-in anyway.
I would be willing to wager that whatever value is gained from having a seven-figure first place prize is erased, and then some, by a.) ratcheting up the variance on participants this much (one guy getting all the money equals fewer guys that can play in the next one) and b.) turning players away who have better things to do with $10,000 than to risk it on a small-field, top-heavy tournament.
News flash to the WPT: it’s not 2006 anymore. Your prize pools are smaller. Adjust accordingly.
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