partypoker Must Deal With CPP Event Overlay Issues
The Caribbean Poker Party (CPP) is well underway in the Bahamas and has been running smoothly so far, but organizers have been forced to break out their wallets after two key events failed to meet the target number of entries.
Guarantees amounting to millions are up for grabs at the CPP which kicked off on November 9.
A $10-million guarantee is on offer at the $25,500 High Roller, but the event failed to hit the required number of players to cover the prize. It only attracted 394 entries resulting in an overlay which partypoker will have to cover.
The $5,300 Main Event is also heading for a seven-figure shortfall, with only 1193 entries since registrations began on Day1 of the event. Although late registrations are allowed, the Main Event is already falling short of expectations and will most likely find it difficult to cover the $10 million guarantee which is up for grabs at the final table.
Organizers In A Tight Spot Due To Average Turnout
Expectations were high ahead of the festival, with organizers predicting more than 2000 players would take part. However, the response has been a tad disappointing and with several events remaining, partypoker will have to cover the shortfall which can be quite expensive given the massive guarantees the brand has promised.
Despite running a series of satellite events as well as offering exclusive promotions, it seems unlikely that partypoker would meet the required targets. These overlay issues would put into question the validity of offering huge guarantees in a single tournament series. While the issues can be considered just a minor setback for the poker operator, they unfortunately happened at the wrong time as partypoker is in the process of hosting the richest MTT in poker history.
partypoker Doubles Its MILLIONS Online Guarantee
partypoker will hold a second instalment of its MILLIONS ONLINE tournament, with $20 million in guarantees – two times the amount awarded during the tournament’s first instalment last year, and the biggest single online MTT in history. Satellite packages starting at $0.01 are also on offer from November 25.
However, partypoker could very well learn a lesson from the recent scenario at the Caribbean festival. If it wants to prevent another overlay from happening, it might be forced to up the ante and run more promos and satellites ahead of the MILLIONS Online tournament.