WSOP PA’s FOC Festival Forces A Rethink In Strategy For Overlays
WSOP PA went live in July 2021 and was keen to make a strong impression in the Pennsylvania market. Its biggest competitor in the Keystone state is PokerStars who held a monopoly over the online poker market in Pennsylvania for over a year.
WSOP PA has tried to experiment with different tournaments and marketing strategies during the last four months to see what works and does not work in Pennsylvania. The latest online poker festival from WSOP PA ended up well short of expectations
WSOP PA decided to launch its Fall Online Championships (FOC) in October and scheduled a total of 67 events from Oct 10 to 26. WSOP PA FOC had a combined $1 million in guaranteed prize money across all 67 events as the online poker operator was very confident that it would get a strong market response.
It looks like WSOP PA got its predictions wrong as the WSOP PA FOC ended up with nearly 25 percent in overlays. The operator ended up with a lot of out of pocket expenses but it was a good series for online poker players in Pennsylvania who were able to take advantage of the overlays.
The overlays could have ended up being a lot more as the WSOP PA decided to pull one of the events from the schedule and complete the series with 66 events instead of 67 events. The $525 High Roller event which had a $25,000 guaranteed prize pool was pulled at the last minute and no explanation was given.
Over 25 Percent In Overlays
The total guaranteed prize pool at the start of the series stood at $1,035,166 but the WSOP only brought in a $765,319 which resulted in total overlays of $244,847. The numbers were alarming as out of the 66 events that were held only 14 events managed to go past the guaranteed prize pool.
The highlight of the WSOP PA FC was the Main Event which had a $300 buy-in and a $150,000 guaranteed prize pool. It turned out to be the biggest disappointment of the FOC as it brought in only $104,100 in prize money which resulted in a 30 percent overlay.
While WSOP PA had to cough up the $244,847 in overlays, the online poker operator will be able to use this data to analyse and see what it needs to tweak for its next festival for online poker in Pennsylvania.