Low Interest Expected for November-Nine Money$21.1 Million Waits Safe and Secure for Finalists |
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With a volatile U.S. market and low interest rates, the final nine players in the 2011 World Series of Poker main event likely will not accrue significant interest dollars on their $21.1 million remaining prize pool in the weeks leading up to November’s finale.
Although it won’t be known exactly how much interest will be earned until the funds are withdrawn from the Goldman Sachs account, the money is expected to be risk-free. The fund’s objective seeks to “maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity.”
“With the market volatility we want the money safe and secure and that’s the priority,” said Seth Palansky, Communications Director for WSOP.
Last year, after the finalists were each paid ninth-place prize money from the initial final-table prize pool, the remaining amount of $21.7 million for spots 1-8 accrued $459 in interest over a three-month period. After the funds were withdrawn in late October, the interest dollars were redistributed amongst the top eight places in a sliding scale percentage consistent with the original payout structure. The same thing will happen this year.
Here is a look at the interest dollars in the brief history of the November Nine:
| Year | Prize Pool Amount | Interest Dollars |
| 2008 | $24.5 million | $98,179 |
| 2009 | $15.8 million | $1,321 |
| 2010 | $21.7 million | $459 |
| 2011 | $21.1 million | TBD |
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Comments
SevenKidsPoppy
almost 2 years ago
Is that 2008 interest dollar figure right?
How could it go from $98K in '08 to only $1.3K in '09?
The prize pool amount in '09 was a little less than 64.5% of that of '08, but the '09 interest dollars value was less than 1.35% of '08's.
Does anyone know?
Jebusrulez
almost 2 years ago
Interest rates on saving accounts were much higher in 2008 than 2009 because of the recession. I remember getting like 4 to 5 percent on my account in 2008, then like barely 1 percent in 2009.
mkhammer
almost 2 years ago
Some real geniuses involved here. How the hell can you not get more than $459 on 21 MILLION in three months LOL. Even at 1% interest, it would be $54,250. Goldman Sachs fks everyone over again.......weird.
RuptureAchilies
almost 2 years ago
That is extremely low. GS fees eat up the interest. They should just invest it in gold.
crosow
over 1 year ago
That is ridiculous. GS must charging them a ton of fee's. They are keeping all the profits. If they had invested in Gold like RA suggests, their money would have earned roughly $2,000,000 in interest already.
romolus666
over 1 year ago
they should invest it in greece government bonds loooooooooool
dustin3m
over 1 year ago
Dude they must have that money in a grandpa account, at 1% of 21 mil is 210k!!! Goldman Sachs is either getting a super sweet deal or that money is in a CD type account.
dustin3m
over 1 year ago
that money is most likely earning at a fraction of a percent