Why the WSOP Colossus is great for poker
Barry Carter is excited about the new $565 event from the World Series of Poker and thinks it will be huge.
Earlier this year I was quite critical of the WSOP’s decision to guarantee $10 million to the Main Event champion at the expense of everyone else who cashed. I think that it’s only fair, therefore, to also write when I think they got a big decision right.
They have ended the year by announcing the Colossus. A $5 million guaranteed re-entry event with just a $565 buy-in.
Not only is this about as generous and ambitious a guarantee as you will find in poker, with a huge chance of an overlay, it is the lowest sized buy-in for an open event at the WSOP in over 30 years.
The true spirit of poker
I have heard some people complain that such a small buy-in devalues the bracelet. Generally those that think this feel the same about the $1,000 & $1,500 events too, and that only the professional buy-in tournaments should count. I couldn’t disagree more.
To me the beauty of poker is not in the elite high stakes games where the best play against the best, it is in the Cinderella stories like Chris Moneymaker winning a satellite and becoming world champion the first time he played live. The reason why poker is popular is because it gives anyone the chance to win big, almost overnight. For that reason I much prefer seeing bracelets awarded in events like the Colossus than I do for seven-figure events like the Big One for One Drop.
The $1,000 and $1,500 events are considered the ‘cheap’ events for the mainstream public, so some have suggested that $565 wont entice many more players. I strongly disagree. $565 really is a buy-in level that almost any poker player can justify, and I think more people will play their first bracelet event this year than several of the last WSOPs combined.
Then you have the small matter of the guarantee, which is ridiculous. It’s rare the WSOP put guarantees on events (they don’t need to) but this one is amazing. To make this guarantee, the WSOP will need to break some sort of attendance record. A ballsy move and one which I love.
The future of midstakes poker
Events like this really are the future of poker. Next year the WSOP will be hosting what I consider to be the Triple Crown of midstakes poker events – the Colossus, the Monster Stack and the Milionaire Maker. All three of them have a ‘main event’ feel to them for recreational players who can't afford the $10k version.
One slight concern, as a European, is whether this event can attract many players outside of the US. It takes place at the start of the WSOP and most non-US poker players prefer to get there closer to the time of the Main Event. This is one of those rare events where travel expenses will cost more than the buy-in, which can be off-putting to poker players. I hope that some Europe-facing online rooms can put together some 'holiday' qualification packages which include multiple re-entries for this event.
However, I can’t complain about the timing of this event as the aforementioned Millionare Maker, Monster Stack, plus the Little One for One Drop and the Main Event, all have to fit into the schedule too and will all push the capacity of the Rio to the limit.
It will be interesting to see if this event takes away players from other similar events like the Millionaire Maker and Monster Stack. My instinct is no. We are constantly being surprised by just how many people turn out for these $1,000-$1,500 events like the Monster Stack and even the Seniors Event. I think once again we’ll see growth rather than just a redistribution of the field.
Will it make the guarantee? I think so. However even if it doesn’t, as long as the WSOP does not take a big overlay hit this is going to be a win-win for the series and the poker community. With all the focus on the high stakes elite in this game, it's great that the WSOP recognises what the poker community as a whole want from the World Series.
Do you like the idea of this size buy-in for a bracelet event? Will it make the guarantee? Let us know in the comments.
