WSOP Final-Table Money Gaining Interest Dollars
Return Expected To Be Around $10,000
The World Series of Poker main event final-table money is now gaining some extra value. On Friday, $20,454,658 was placed into a Fidelity Investments Money Market account, and it will sit there as the final nine wait to resume play in October.
Boston-based Fidelity, a private company, is one of the largest financial services groups in the country.
After the final table was set in the middle of July, the survivors were each paid the ninth-place prize of $754,798 from the initial $27,247,840 final-table prize pool.
The WSOP is using the same account as last year, said Seth Palansky, VP of Corporate Communications for Caesars Interactive Entertainment. He added that there’s no set interest rate “due to the [account’s] very safe nature and goal of preserving capital at all costs.” According to Fidelity’s website, Money Markets are “one of the safest types of mutual funds.”
Last year’s $21.1 million accrued $9,858. Palansky expects this year to be a bit less since the WSOP elected to move the final table up to late October. In 2008, the first year of the final-table delay, the $24.5 million prize pool generated a return of $98,179.
Interest dollars are redistributed amongst the top eight places in a sliding scale percentage consistent with the original payout structure.
The $10,000 buy-in WSOP main event attracted 6,598 entrants, which built a total prize pool of $62 million. First place will walk away with $8.5 million and the gold bracelet.
Follow Brian Pempus on Twitter — @brianpempus
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