Yesterday I attended the wedding of Michael "The Grinder" Mizrachi and Lily ... It was a beautiful ceremony held at the Bellagio Wedding Chapel. Many high profile poker players took time out of their busy WSOP schedule to attend including JC Tran, Chino Rheem, Joe Sebok, Amnon Philippi, David Plastic, The Armian Express, Matt Savage and his wife, and of course Michael's brothers. A small reception was held in one of the presedential type suite on the top floor of the Bellagio.

Neither Jan nor myself had ever attended a Jewish wedding and we found it quite beautiful. The rabi was quite humorous.

Next is the blind structure... The $330 tournament gives you 12000 in chips … well Ok then, but the ante and blind structures keep to many players in too long before everyone is short stacked.

Blind Structure for all Deep Stack No Limit Events

40 minute levels for $330 and $550 events

60 minute levels for $1,070 and $2,100 events

90 minute levels for $2,500 and $5,000 events

Ante Blinds

1st Level - $50-$100

2nd Level - $75-$150

3rd Level - $100-$200

4th Level $25 $100-$200

5th Level $25 $200-$400

6th Level $50 $300-$600

7th Level $75 $400-$800

8th Level $100 $500-$1,000

9th Level $100 $600-$1200

10th Level $200 $800-$1,600

11th Level $300 $1,000-$2,000

12th Level $300 $1,200-$2,400

13th Level $400 $1,500-$3,000

14th Level $500 $2,000-$4,000

15th Level $500 $3,000-$6,000

16th Level $1,000 $4,000-$8,000

17th Level $1,000 $5,000-$10,000

18th Level $2,000 $6,000-$12,000

19th Level $2,000 $8,000-$16,000

20th Level $3,000 $10,000-$20,000

21st Level $4,000 $15,000-$30,000

22nd Level $5,000 $20,000-$40,000

23rd Level $5,000 $25,000-$50,000

24th Level $5,000 $30,000-$60,000

25th Level $10,000 $40,000-$80,000

26th Level $10,000 $50,000-$100,000

27th Level $15,000 $60,000-$120,000

28th Level $20,000 $80,000-$160,000

29th Level $25,000 $100,000-$200,000

30th Level $40,000 $150,000-$300,000

My proposed changes to the blinds and mostly to the antes ….

The antes are make players gamble and subsequently get busted... low antes just waste time keeping too many players in the tournament too long and everyone is short stacked...

Last night with 54 players remaining they were on the 6000/12000 with a 2000 ante playing 9 handed … The average chip stack was 227,000 and it cost 36,000 per round to play yielding a M of only 6.3 for an average stack. By the time they get down to the final table I think the average stack size will have an M of less than this and less than 5M is in critical shape according to Dan Harrington. You should not be critical when you reach the top of a very top heavy payout structure when you have average chips.

Blind Structure for all Deep Stack No Limit Events

40 minute levels for $330 and $550 events

60 minute levels for $1,070 and $2,100 events

90 minute levels for $2,500 and $5,000 events

Ante Blinds

1st Level - $50-$100

2nd Level - $75-$150

3rd Level - $100-$200

4th Level $25 $100-$200

5th Level $50 $200-$400

6th Level $75 $300-$600

7th Level $100 $400-$800

OLD 8th Level $150 $500-$1,000 REMOVE THIS LEVEL

8th Level $150 $600-$1200

Color Up Green Now

10th Level $200 $800-$1,600

11th Level $300 $1,000-$2,000

12th Level $400 $1,200-$2,400

13th Level $500 $1,500-$3,000

14th Level $500 $2,000-$4,000

15th Level $500 $2,500-$3,000

16th Level $500 $3,000-$6,000

17th Level $1,000 $4,000-$8,000

18th Level $1,000 $5,000-$10,000

19th Level $2,000 $6,000-$12,000

20th Level $2,000 $8,000-$16,000

21st Level $3,000 $10,000-$20,000

22nd Level $4,000 $15,000-$30,000

23rd Level $5,000 $20,000-$40,000

24th Level $5,000 $25,000-$50,000

25th Level $5,000 $30,000-$60,000

26th Level $10,000 $40,000-$80,000

27th Level $10,000 $50,000-$100,000

28th Level $15,000 $60,000-$120,000

29th Level $20,000 $80,000-$160,000

30th Level $25,000 $100,000-$200,000

31st Level $40,000 $150,000-$300,000

If the Venetian were to implement some of these changes I think they would be getting bigger fields on the days when the other casinos are currently offering much better structures and payouts. The WSOP $1500 events although they only give 4500 in starting chips the structure and overlay is much better than any tournament the Venetian is offering and that is why when the WSOP $1500 dollar events are going the fields drop at the Venetian.

Please do not get me wrong, I love the atmosphere and people at the Venetian, but someone has to tell it like it is.

I titled this open letter to the world “What's Wrong with the Venetian Deep Stack Tournaments” because I think that they need serious improvement in several areas.

Attendance: I have no doubt that the Venetian Hotel and Casino should be very happy with attendance. Yesterday June 30^th, 2009 they attracted 985 players for a $330 entry fee tournament. WOW that is good for the Venetian, but what about for the players.

Payout structure: To say the payout structure is top heavy is a bigger under statement, than saying no media coverage was given to Michael Jackson's sudden death. First only 8.2% of the field makes the money. If you are good enough and fortunate enough to reach the money congratulations. You have outlasted 904 players out of 985. Only 81 places are paid. You have out lasted 91.8% of all the entrants and your reward is 0.15% (ZERO POINT ONE FIVE PERCENT) of the prize pool. You have played at least 12 hours to reach the money because of the “Venetian Makes You Feel Proud Structure” and you made $98 profit on your $330 entry fee for your great play and good fortune. An insult if you ask me and no one has.

Below is a spreadsheet showing the current payout structure in which out of 985 players the final 10 get 75.9% of the entire prize pool. Yes the top 1% of the players split 75.9% of the prize pool and a better structure in which the top 1% of the prize pool gets 50% of the prize pool but 150 players get paid and all them get at least double their $330 entry fee for playing the 12 hours and beating over 800 players out of the 954.

 

Prize Pool	$285,156.61		Number of Players	985
Entry Fee	$330.00	$325,050.00		Juice and Dealer Bonuses Paid	$39,893.39	Approx 12% juice
	Final Table gets 75.9% of the Prize Pool			Final Table gets 50% of the Prize Pool.
Finishing Position	Current Percentage Paid	Amount Received		Better Payout Structure Percentage	Amount Received
1	26.00%	$74,141		20.000%	$57,031
2	13.80%	$39,352		11.000%	$31,367
3	8.00%	$22,813		6.000%	$17,109
4	7.00%	$19,961		4.000%	$11,406
5	6.00%	$17,109		2.000%	$5,703
6	5.00%	$14,258		1.700%	$4,848
7	4.00%	$11,406		1.600%	$4,563
8	3.00%	$8,555		1.500%	$4,277
9	2.00%	$5,703		1.200%	$3,422
10	1.10%	$3,137		1.000%	$2,852
11	1.10%	$3,137		0.900%	$2,566
12	1.10%	$3,137		0.800%	$2,281
13	0.90%	$2,566		0.700%	$1,996
14	0.90%	$2,566		0.650%	$1,854
15	0.90%	$2,566		0.640%	$1,825
16	0.70%	$1,996		0.630%	$1,796
17	0.70%	$1,996		0.620%	$1,768
18	0.70%	$1,996		0.610%	$1,739
19	0.50%	$1,426		0.600%	$1,711
20	0.50%	$1,426		0.590%	$1,682
21	0.50%	$1,426		0.580%	$1,654
22	0.50%	$1,426		0.570%	$1,625
23	0.50%	$1,426		0.560%	$1,597
24	0.50%	$1,426		0.550%	$1,568
25	0.50%	$1,426		0.540%	$1,540
26	0.50%	$1,426		0.530%	$1,511
27	0.50%	$1,426		0.530%	$1,511
28	0.35%	$998		0.525%	$1,497
29	0.35%	$998		0.520%	$1,483
30	0.35%	$998		0.515%	$1,469
31	0.35%	$998		0.510%	$1,454
32	0.35%	$998		0.500%	$1,426
33	0.35%	$998		0.495%	$1,412
34	0.35%	$998		0.490%	$1,397
35	0.35%	$998		0.485%	$1,383
36	0.35%	$998		0.480%	$1,369
37	0.29%	$827		0.475%	$1,354
38	0.29%	$827		0.470%	$1,340
39	0.29%	$827		0.465%	$1,326
40	0.29%	$827		0.460%	$1,312
41	0.29%	$827		0.455%	$1,297
42	0.29%	$827		0.450%	$1,283
43	0.29%	$827		0.445%	$1,269
44	0.29%	$827		0.435%	$1,240
45	0.29%	$827		0.435%	$1,240
46	0.24%	$684		0.425%	$1,212
47	0.24%	$684		0.420%	$1,198
48	0.24%	$684		0.410%	$1,169
49	0.24%	$684		0.348%	$992
50	0.24%	$684		0.348%	$992
51	0.24%	$684		0.348%	$992
52	0.24%	$684		0.348%	$992
53	0.24%	$684		0.348%	$992
54	0.24%	$684		0.348%	$992
55	0.20%	$570		0.348%	$992
56	0.20%	$570		0.348%	$992
57	0.20%	$570		0.330%	$941
58	0.20%	$570		0.330%	$941
59	0.20%	$570		0.330%	$941
60	0.20%	$570		0.330%	$941
61	0.20%	$570		0.330%	$941
62	0.20%	$570		0.330%	$941
63	0.20%	$570		0.330%	$941
64	0.17%	$485		0.330%	$941
65	0.17%	$485		0.320%	$913
66	0.17%	$485		0.320%	$913
67	0.17%	$485		0.320%	$913
68	0.17%	$485		0.320%	$913
69	0.17%	$485		0.320%	$913
70	0.17%	$485		0.320%	$913
71	0.17%	$485		0.320%	$913
72	0.17%	$485		0.320%	$913
73	0.15%	$428		0.315%	$898
74	0.15%	$428		0.315%	$898
75	0.15%	$428		0.315%	$898
76	0.15%	$428		0.315%	$898
77	0.15%	$428		0.315%	$898
78	0.15%	$428		0.315%	$898
79	0.15%	$428		0.315%	$898
80	0.15%	$428		0.315%	$898
81	0.15%	$428		0.310%	$884
82		$0		0.310%	$884
83		$0		0.310%	$884
84		$0		0.310%	$884
85		$0		0.310%	$884
86		$0		0.310%	$884
87		$0		0.310%	$884
88		$0		0.310%	$884
89		$0		0.300%	$855
90		$0		0.300%	$855
91		$0		0.300%	$855
92		$0		0.300%	$855
93		$0		0.300%	$855
94		$0		0.300%	$855
95		$0		0.300%	$855
96		$0		0.300%	$855
97		$0		0.290%	$827
98		$0		0.290%	$827
99		$0		0.290%	$827
100		$0		0.290%	$827
101		$0		0.290%	$827
102		$0		0.290%	$827
103		$0		0.290%	$827
104		$0		0.290%	$827
105		$0		0.280%	$798
106		$0		0.280%	$798
107		$0		0.280%	$798
108		$0		0.280%	$798
109		$0		0.280%	$798
110		$0		0.280%	$798
111		$0		0.280%	$798
112		$0		0.280%	$798
113		$0		0.270%	$770
114		$0		0.270%	$770
115		$0		0.270%	$770
116		$0		0.270%	$770
117		$0		0.270%	$770
118		$0		0.270%	$770
119		$0		0.270%	$770
120		$0		0.270%	$770
121		$0		0.270%	$770
122		$0		0.260%	$741
123		$0		0.260%	$741
124		$0		0.260%	$741
125		$0		0.260%	$741
126		$0		0.260%	$741
127		$0		0.260%	$741
128		$0		0.260%	$741
129		$0		0.260%	$741
130		$0		0.260%	$741
131		$0		0.260%	$741
132		$0		0.250%	$713
133		$0		0.250%	$713
134		$0		0.250%	$713
135		$0		0.250%	$713
136		$0		0.250%	$713
137		$0		0.250%	$713
138		$0		0.250%	$713
139		$0		0.250%	$713
140		$0		0.250%	$713
141		$0		0.250%	$713
142		$0		0.232%	$662
143		$0		0.232%	$662
144		$0		0.232%	$662
145		$0		0.232%	$662
146		$0		0.232%	$662
147		$0		0.232%	$662
148		$0		0.232%	$662
149		$0		0.232%	$662
150		$0		0.232%	$662

The above spreadsheet may look funny on my blog … but the numbers should show up.

This payout structure lets the better players play again twice if they just make the money and invest 12 hours of their time.

I hope someone is listening ... these tournaments could be the best thing since sliced bread with a few changes.