The overlay in the 2014 Seminole Hard Rock Poker Open makes the founders of the ISPT look like bone fide math whizzes.
In case you hadn’t heard, the $5300 buy-in at the Florida Hotel and Casino whiffed big time on estimates on entrants for it’s SHRPO Main Event and are forced to add extra money to the prizepool to the tune of $2.5 MILLION.
Tournament Director extraordinaire Matt Savage was sounding the “Overlay Alert” siren early and often on Twitter this week trying to get people motivated to hop the first flight to sunny Florida.
The event, which was one of poker’s biggest success stories just a year ago in 2013, found out the hard way (womp, womp) that in addition to value, promotion and a fantastic structure – scheduling is key.
With the holiday weekend (in the US) as well as value guaranteed tournaments in multiple spots (including Playground Poker Club in Canada and Winstar in Oklahoma) and a slew of notable pros having travelled to Europe for EPT Barcelona, SHRPO came up short. Really short.
If you take the rake of $300 for each of the 2,384 entries and apply it to the deficit, the event is still $1.78+M in the hole. What will this hold for the future of the event? Will they move to the less guaranteed “approximate prizepool” tag line or double down on the $10M guarantee and make it up next year?