WSOP 2012 Cash Tournament League

Overview:

Players in The League agree to play cash poker with the other members of the league.  A portion of their wagers will be set aside for a prize or prizes to be awarded at a later date.  Those prizes will be awarded based on performance in a tournament to be held shortly before WSOP 2012.  The 2012 tournament is currently scheduled to occur on April 7, 2012. Starting position in that tournament will be based on participation in the league from April 16, 2011 until April 6, 2012.

Legality:

In Arizona, gambling is considered "social" (and as such, completely legal) provided several conditions are met.

  • Not a business.
  • We all compete on equal terms.
  • There is no benefit for anyone except those directly involved in the gamble.
  • Everyone is 21 or older.

The gamble that we all agree to participate in is, ultimately, a race to see who can win a seat at the final tournament - at which time all withheld monies are returned to the players.  We are essentially betting each other than we can "survive" at a cash table against each other until a final tournament is held for WSOP seats.  Players may "buy out" of the gamble at any time by not continuing to play in the cash game or by not playing enough hours in the cash game to qualify for the final tournament.  A player failing to accrue enough hours forfeits their contributions toward the final tournament.  They have conceded, and have lost their wager.  Players not winning a prize in the final tournament also lose their wager.

Since we all not a business, all players complete on equal terms, there is no "house" advantage, nobody derives any benefit except what they might win in the game, and all of our players are over 21, this game is 100% legal under Arizona law.

 

The Term: "Rake":

The term "rake" is used in this document to simplfy a concept that poker players are familiar with.  In most casino settings a portion of pots is taken to pay for the casino's expenses and their profits.  In this document the "rake" is simply the money that is temporarily withheld in trust for the players.  Unlike a casino, no expenses are paid and no profit is generated.  By saying we "rake a dollar at $20", we're explainging that we've agreed to set aside $1 of our gamble to have the outcome determined at the final tournament -- not at the moment the winner of the hand is determined.  As explained above, THAT is our gamble.  

Cash Play:

The standard cash game will be two orbits of single-$1-blind NLHE and one orbit of single-$1 blind PLO, but players are free to play other games at similar limits provided that it generates a rake similar to or greater than the standard game.  Other games played must be "standard" casino games, and include (but are not limited to) Big-O, Big-O/8, Stud, Stud/8, Razz, 2-7, Badugi, Pineapple, et cetera.  Limit games are played $2-5 with an optional $5-10 kill ($40 qualify, $60 re-kill).  Tournaments may be played provided that a similar-to-cash rake can be established before the tournament.  [The standard rake is roughly $3 per person, per hour.]

 

$1 blind games have a $50 minimum and $150 maximum buy-in.  Players may “top off” at any time, and players may make one short buy for any amount between full buys.

 

48 hours minimum notice should be given for a game, and Matt S. or Marco D. must approve.  A game must begin with at least 5 players, but may continue play shorthanded.

Rake:

The original withholding schedule has been modified.  The current withholding schedule is as follows:

$0-$19:           $0

$20-$59:         $1

$60-$99:         $2

$100-$199:     $3

$200-$299:     $4

$300-$399:     $5

$400-$499:     $6

+$1 for each additional $100, with no cap.

Earning Hours:

A player earns a point for each whole hour spent playing, rounding to the nearest quarter-hour.  Hours are recorded for each game played.  If a player plays for 2 hours, they receive 2 points.  If a player plays for 4 and a half hours, they receive 4.5 points.  Times are rounded to the nearest quarter hour.  Players are honor-bound to record the times of their buyins and cashouts, and to “clock out” when taking extended breaks from the table.  It is expected that all players will take short breaks for the restroom, cigarettes, et cetera; and as such, the clock will run during a player’s entire session at the table, even if they take regular short breaks. 

 

Players waiting for a seat at a full table (10-handed) will earn half-credit towards time.  [At 13 players or more, the game will break to 8 handed, plus a must-move table where practical or space allowing.]

 

Players who have busted from the game may volunteer to deal and will earn half-credit towards time.  [A player must play first and bust to be eligible for half-time dealing.]

Final Tournament:

The player earning the most hours will be given a T-10,000 chipstack for a deep-format NLHE tournament.  All other league players with at least 15% of the highest earner’s hours earn the right to play in this tournament.  Any player with fewer than 15% of the hour-leader's accrued time will not qualify for the final tournament and will have lost his wager.  All other players receive tournament chips relative to the hour leader’s stack in direct correlation to their hours.  [Examples: If the leader has 100 hours, a player with 80 hours would receive T-8,000 in chips, and a player with 45.5 hours would receive T-4,500 in chips.  A player with 14.5 hours would not qualify for the final tournament.]

 

Should it be necessary, a provision will be created to handle a player who has earned the right to be at the final tournament but who cannot attend.  It is expected that the hours needed to qualify will be 30+ before the finals.

Awarding Prizes:

The final tournament prize will be allotted in $1,500 WSOP tournament-entry blocks.  Any remaining sum will be given as a cash prize (or prizes) based on the schedule and explanation below.   No prize is given for any other finish.  Players may not chop or split the WSOP entries, but may make deals for any cash portion of the prize.  [Each runner-up finisher receives (4% of $1,500) in addition to any cash prize, making his prize already worth $60 * each grand prize winner.  Standard prize structures for tournament award no more than 2/3rds of the top prize to runners up.  As a $1,500 WSOP award is worth $1,200, a runner-up should receive no more than $800 total in prize, including his $60 for each "grand prize" winner.]

Schedule of Payouts:

  • $1,499 in the prize pool = Four cash prizes, split 50-25-15-10%.
  • $1,500 in the prize pool = 1 tournament entry, and places 2-6 receiving 4% each of the grand prize winners' net tournament win (detailed below).
  • $1,501 in the prize pool = 1 tournament entry, $1 to 2nd place, and places 2-6 receiving 4% each of the grand prize winners' net tournament win.
  • $2,240 in the prize pool = 1 tournament entry, $740 to 2nd place, and places 2-6 receiving 4% each of the grand prize winners' net tournament win.
  • $2,241 in the prize pool = 1 tournament entry, $740 to 2nd place, $1 to 3rd place, and places 2-6 receiving 4% each of the grand prize winners' net tournament win.
  • $2,980 in the prize pool = 1 tournament entry, $740 to 2nd and 3rd places, and places 2-6 receiving 4% each of the grand prize winners' net tournament win.
  • $2,981 in the prize pool = 1 tournament entry, $740 to 2nd and 3rd places, $1 to 4th place, and places 2-6 receiving 4% each of the grand prize winners' net tournament win.
  • $3,000 in the prize pool = 2 tournament entries, and places 3-7 receiving 4% each of the grand prize winners' net tournament win.
  • $3,001 in the prize pool = 2 tournament entries, $1 to 3rd place, and places 3-7 receiving 4% each of the grand prize winners' net tournament win.
  • $3,680 in the prize pool = 2 tournament entries, $680 to 3rd place, and places 3-7 receiving 4% each of the grand prize winners' net tournament win.
  • $3,681 in the prize pool = 2 tournament entries, $680 to 3rd place, $1 prize to 4th place, and places 3-7 receiving 4% each of the grand prize winners' net tournament win.
  • $4,360 in the prize pool = 2 tournament entries, $680 to 3rd and 4th places, and places 3-7 receiving 4% each of the grand prize winners' net tournament win.
  • $4,361 in the prize pool = 2 tournament entries, $680 to 3rd and 4th places, $1 prize to 5th place, and places 3-7 receiving 4% each of the grand prize winners' net tournament win.
  • $4,500 in the prize pool = 3 tournament entries, and places 4-8 receiving 4% each of the grand prize winners' net tournament win.
  • $4,501 in the prize pool = 3 tournament entries, $1 to 4th place, and places 4-8 receiving 4% each of the grand prize winners' net tournament win.
  • $5,120 in the prize pool = 3 tournament entries, $620 to 4th place, and places 4-8 receiving 4% each of the grand prize winners' net tournament win.
  • $5,121 in the prize pool = 3 tournament entries, $620 to 4th place, $1 to 5th place, and places 4-8 receiving 4% each of the grand prize winners' net tournament win.
  • $5,740 in the prize pool = 3 tournament entries, $620 each to 4th and 5th places, and places 4-8 receiving 4% each of the grand prize winners' net tournament win.
  • $5,741 in the prize pool = 3 tournament entries, $620 each to 4th and 5th places, $1 to 6th place, and places 4-8 receiving 4% each of the grand prize winners' net tournament win.
  • $6,000 in the prize pool = 4 tournament entries, and places 5-9 receiving 4% each of the grand prize winners' net tournament win.
  • $6,001 in the prize pool = 4 tournament entries, $1 to 5th place, and places 5-9 receiving 4% each of the grand prize winners' net tournament win.
  • $6,560 in the prize pool = 4 tournament entries, $560 to 5th place, and places 5-9 receiving 4% each of the grand prize winners' net tournament win.
  • $6,561 in the prize pool = 4 tournament entries, $560 to 5th place, $1 to 6th place, and places 5-9 receiving 4% each of the grand prize winners' net tournament win.
  • $7,120 in the prize pool = 4 tournament entries, $560 to 5th and 6th places, and places 5-9 receiving 4% each of the grand prize winners' net tournament win.
  • $7,121 in the prize pool = 4 tournament entries, $560 to 5th and 6th places, $1 to 7th place, and places 5-9 receiving 4% each of the grand prize winners' net tournament win.
  • $7,500 in the prize pool = 5 tournament entries, and places 6-10 receiving 4% each of the grand prize winners' net tournament win.
  • $7,501 in the prize pool = 5 tournament entries, $1 to 6th place, and places 6-10 receiving 4% each of the grand prize winners' net tournament win.
  • $8,000 in the prize pool = 5 tournament entries, $500 to 6th place, and places 6-10 receiving 4% each of the grand prize winners' net tournament win.
  • $8,001 in the prize pool = 5 tournament entries, $500 to 6th place, $1 to 7th place and places 6-10 receiving 4% each of the grand prize winners' net tournament win.
  • $8,500 in the prize pool = 5 tournament entries, $500 to 6th and 7th place, and places 6-10 receiving 4% each of the grand prize winners' net tournament win.
  • $8,501 in the prize pool = 5 tournament entries, $500 to 6th and 7th place, $1 to 8th place, and places 6-10 receiving 4% each of the grand prize winners' net tournament win.
  • $9,000 in the prize pool = 6 tournament entries, and places 7-11 receiving 4% each of the grand prize winners' net tournament win.
  • $9,001 in the prize pool = 6 tournament entries, $1 to 8th place, and places 7-11 receiving 4% each of the grand prize winners' net tournament win.
  • $9,000 in the prize pool = 6 tournament entries, $440 to 7th place, and places 7-11 receiving 4% each of the grand prize winners' net tournament win.
  • $9,441 in the prize pool = 6 tournament entries, $440 to 7th place, $1 to 8th place, and places 7-11 receiving 4% each of the grand prize winners' net tournament win.
  • $9,880 in the prize pool = 6 tournament entries, $440 to 7th and 8th places, and places 7-11 receiving 4% each of the grand prize winners' net tournament win.
  • $9,881 in the prize pool = 6 tournament entries, $440 to 7th and 8th places, $1 for 9th place, and places 7-11 receiving 4% each of the grand prize winners' net tournament win.
  • $10,320 in the prize pool = 6 tournament entries, $440 to 7th and 8th and 9th places, and places 7-11 receiving 4% each of the grand prize winners' net tournament win.
  • $10,321 in the prize pool = 6 tournament entries, $440 to 7th and 8th and 9th places, $1 to 10th place, and places 7-11 receiving 4% each of the grand prize winners' net tournament win.
  • $10,500 in the prize pool = 7 tournament entries, and places 8-12 receiving 4% each of the grand prize winners' net tournament win.

Prize Use:

Players winning a WSOP entry are subject to sharing their prize with the group.  A player keeps 80% of his net win.  [A $3,000 cash win on a $1,500 entry is a $1,500 net win.]  20% of the player's net win is shared 4% each with the top-5 tournament finalists, not including their take.  A player cashing in a WSOP event is personally responsible for any and all tax liability this may cause.

 

Winners may not voluntarily opt out of attending a WSOP 2011 event.  If a player cannot attend the WSOP due to a significant life event that occurred after the forming of the league, or has a genuine financial hardship that occurred after the league was established, a player must sell his $1,500 voucher to the highest non-voucher-winning finisher for $1,200.  If the highest non-voucher-winning player does not want the voucher at $1,200, it is offered at that price to each player who qualified for the final tournament, in order of their finish.  If no player in the final event wants the voucher at $1,200, it is offered again, to all finishers in order at $900, then $600, then $300.  If there are no takers during this process, it is awarded at no cost to the next highest non-voucher-winning player.

 

A player winning a $1,500 tournament entry may use their prize to enter into an event costing more than $1,500.  In that case, the league players with a percentage of his action are owed a proportional amount of his action relative to their shared 20% interest in a $1,500 tournament.  If, for example, a player entered a $2,500 event, he would still need to share 12% of his net win with the club, split 5 ways.

 

A player winning a $1,500 tournament entry may use their prize to enter into an event costing less than $1,500, but only where the player can demonstrate to the league that they have a significant advantage in playing in that event.  Such examples would include the Ladies, Seniors or Casino Workers events -- but would not include the $1,000 "open" hold'em event, as there are numerous $1,500 alternatives.  Players are still responsible for providing a proportional percentage to the league as in the example above.  Were a player to play in a qualified $1,000 event, they would owe 30% of their net win to the club, split 5 ways.  Further, the $500 portion of the prize not spent on their entry would count against any net win they might have for splitting purposes.

Game Rule Notes:

Robert’s Rules of Poker will be used as a guideline for game play and in settling any and all disputes.  All rule disputes will be settled (where possible) in the long-term best interest of the game.  If a dispute cannot reach a consensus decision, Matt S. (if present and not involved in the dispute) will assume the role of “Floor Person” or “Tournament Director.”  Marco D. will assume these duties if Matt cannot.  If Matt S. or Marco D. can not act as the floor person, then the duty falls to the dealer of the hand.  If he or she can not perform the duty, the responsibility falls to the player to his right - and so on.

Other Notes:

This makes no attempt to be a legal document.  This is merely a statement outlining our mutual understanding of the game.

 

Matt S. will hold all funds and keep all records.  Totals will be made public and auditable.