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WSOP and the Inflationary Spiral
2009-05-05 14:42:37
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How has the inflationary spiral affected the WSOP? The first WSOP was in 1970, the first that featured the $5000 no limit hold'em main event was in 1971, and the first that featured the $10,000 no limit hold'em main event was in 1973. The entry fee doubled after two years, but has remained static ever since. However, the economy has changed a great deal over the last 40 years. The Price of a Cadillac In its initial conception, the entry fee for the main event was worth about the price of a new Cadillac (Cadillacs actually ran from about $3000-$5000 in 1971 depending on the model), and in fact, Doyle Brunson coined the phrase "the Cadillac of poker games," to refer to no limit Texas hold'em. Today's Cadillacs can go for as much as $100,000, but the price of the World Series of Poker main event remains the same. The Effect of the Inflationary Spiral on the WSOP While the large majority of people still cannot afford to plunk down $10,000 on a poker tournament, the number who could do it back then was no more than a handful. The first few WSOP main events had less than 20 players. Today, there are thousands. The creation of satellite tournaments and particularly online satellites, has been a great contributing factor as well, but the fact remains that $10,000 isn't what it used to be. Nowadays a vast majority of Americans can afford to enter super-satellites or at least any cheap sub-satellite via us poker rooms such as PokerStars or Full Tilt. Response to the Effect of the Inflationary Spiral on the WSOP The $10,000 event is not likely to be changed anytime soon. Tournament organizers feel that the 10K is an immutable part of the tradition of the WSOP and they like the fact that more people are able to participate. Furthermore, with the current recession counteracting some of the effects of the inflationary spiral, $10,000 has gained in value a little bit in recent years. However, the WSOP has responded by adding more $10,000 events, and adding events that have a greater than $10,000 buy in, most notably the $50,000 H.O.R.S.E event but also in 2009 a special $40,000 no limit hold'em event in honor of the WSOP's 40th anniversary. |
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Posted On: 2010-09-01 12:51:48
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