The Venetian Poker Room is set to host a new tournament series in October, but it has garnered some new controversy ahead of it. Venetian Poker Room is well-known for its popular DeepStacks Series that offer extensive guarantees for new players all over the world.
It is essential to note that the popular poker room scheduled about $225,000 for the Lucky Shot Poker Series & Drawing that comes up on Oct.21-27. In the upcoming tournament, there will be about seven poker events plus a $250 buy-in no-limit hold’em tournament with $150,000 guaranteed. Even though the tournament promises to bring up exciting features, many poker players on Twitter are calling out the Las Vegas Strip casino for the controversial event.
Vlogger Jeff Boski gave a spreadsheet of the event; he also shared a screenshot a fine print which led to some critical comment.
“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.”
The guaranteed prize is not to be exceeded – event though there maybe 600 or 900 total entries. At 600 entries, there would be a $150,000 free prize pool.
Many other professionals including Boski called the Venetian Poker Room over a $150,000 guaranteed tournament in October. The tournament itself, with a buy-in of about $250, also has some stipulations, and the rake may go higher.
It is also essential to note that there won’t be any rake for up to $150,000 worth of entries, but when the guarantee is met. Then the room rakes in monies of additional buy-ins, i.e. if about 200 players enter beyond the guarantee, then the organizers would keep the extra $50,000.
This is largely different from other tournaments where the room charges an entry fee for every player before being allowed. If the total buy-ins is more than the guarantee, then money is included to the prize pool. That means that if the event itself assures players of $100,000 in prize money and there are $130,000 worth of buy-ins, the house does not include taking the extra $30,000.
However, a Venetian spokesperson stated: “The $225,000 Lucky Shot Poker Series and Drawing is a new poker series catering to a player who likes promotions and drawings. It is designed to have a lower buy-in, but still guarantees $225,000 in total prizes that includes a drawing, providing two ways to win.”
The Venetian Poker Room only needs 600 players to hit $150,000. Additionally, the poker room also hosted a $35,000 guarantee for $400 on Monday. More than 120 players participated in the DAY 1 event.
The reaction of the poker community
Boski’s tweet raised some anger toward the Venetian poker room. Lots of poker players believe that the Venetian is hiding some truth about the “guarantee” in the fine print.
Another main worry among poker players is the registration to the event without having to know what hat percentage of their buy-in will go to the prize pool and the percent will be going to the house.