Should the WSOP Main Event buy-in increase?
The WSOP Main Event has been $10k since 1972, will we ever see the entry fee increase due to inflation?
Live poker is booming worldwide, particularly at the World Series of Poker. We have seen multiple attendance records smashed, most notably the $10,000 WSOP Main Event which attracted 10,043 players (a 14% increase on the 2006 record).
Lots of people are speculating why live poker is on the up, the most plausible and commonly cited reason being the pandemic. The lack of live poker for several years created pent-up demand, while at the same time, all the new online poker players lockdown created are now venturing onto the live felt.
That is likely the main reason, but one I don't see mentioned as often is inflation. The world is in a period of high inflation and the purchasing power of our dollars is decreasing all the time. That is bad news for all of us, we are all worse off, but a side effect of that could be that poker entry fees are getting cheaper, relatively.
The original Main Event was a Super High Roller
The first $10,000 Main Event was in 1972 (it was $5,000 the year before). Adjusting for inflation that $10k was worth $72,213 in terms of what it could buy you today. $10k in 2003, when the boom happened, would have been worth $16,407 in today's money.
$10,000 was much more money when the poker boom started, but with everything being expensive right now, relatively speaking $10k might not seem like much to some people.
When it started the WSOP Main Event was like a Super High Roller today. The event has gotten progressively bigger in terms of field size while at the same time, the value of $10k has decreased significantly in similar. It might be easier to justify blowing $10k for some players, because $10k doesn't get you as much.
It might seem sacrilegious to suggest it, but should the Main Event consider increasing the buy-in?
Overall prize pool is more important than buy-in
There are signs to suggest this might be an idea. We have a thriving Super High Roller scene which suggests there is an appetite for this kind of thing.
There is also an equally thriving series of lower stakes 'Bucket List' events for those who cannot afford the Main Event. The $300 Gladiators of Poker, the Colossus, and the Millionaire Maker all spring to mind.
The two nearest events to rival the WSOP Main Event in terms of atmosphere have both gone this way. The WPT World Championship is $15,000 and the PSPC is $25,000 to enter. Both these events enjoy a healthy mix of amateurs and pros, although it must be said that many recreational players win their seats for free.
One day it might have to increase, but I hope the WSOP keeps it at $10,000 for as long as possible. As long as the fields are record-breaking the final prizes are always going to be gigantic. Overall prize pool is likely the metric 99.99% of poker players care about, and for the foreseeable future, I think the total prizes in the WSOP will be greater with the entry fee at $10k than it would if we made it a $15k-$25k event.
The beauty of the WSOP Main Event is the accessibility of the biggest event in the game. Amateur players can play alongside their heroes if they have the money, which is simply not true in any other comparable championship event for other sports. Keeping the buy-in to $10k should hopefully get more people playing the Main Event for years to come.
Would you increase the Main Event buy-in? Let us know in the comments:
