It’s official, poker is the hottest game in the universe! Poker tournaments are the hottest gaming events, and the World Series of Poker, (WSOP) is the hottest of them all!
And best of all, for those who host these tournaments, particularly those hosting the WSOP, are the huge monetary rewards, with player buy-ins ranging from $1,000 entry fees to $10,000 buy-ins per player at the final table, and thousands more for special event buy-ins within the WSOP tournament, as well as sponsors literally throwing advertising money at the hosts to get a piece of the world-wide publicity accompanying these events.
Just about everyone addicted to watching poker tournaments would love to get in on the action, but, like most of us, the requisite skills and experience just aren’t there. However, pending legislation in the State of Nevada may soon give anyone a chance to participate by betting on the tournament players. In other words, allowing what amounts to pari-mutuel or group wagering.
Pari-mutuel betting, in which gambler’s wagers are pooled and paid out to winners, are common to such betting venues as horse racing, dog racing and Jai Alai. In pari-mutuel betting players bet against one another, and not against the house. The fewer gamblers who bet on the winner, the larger their share of the winnings.
A primary benefit to the casino’s – if this legislation is approved – is that the casino’s would not be risking their own money by setting the odds. Instead, they would take a “rake” off the top of the pot, as they do with racing events.
Gaining permission to engage in pari-mutuel betting on poker events would give Nevada casinos the opportunity to tap a revenue resource that has traditionally been the domain of illegal bookies, who attend poker championship tournaments and take wagers on individual players and teams of players.
The pari-mutuel betting proposal is still another example of the Nation’s gambling capital originating new ways of making it easier for people to place wagers. Wireless wagering on casino floors and casino games in admission charging venues such as nightclubs, is yet another example.
Actually, Nevada’s new found interest in incorporating pari-mutuel betting into poker tournaments was really inspired by Internet casinos, who, years ago set long and short term odds on individual tournament players.
Still another motivating factor in prompting Nevada casino’s to pursue this legislation, is the fact that in addition to the widespread and still growing public fascination with high-stakes high profile poker tournaments, enhanced television coverage of these events have made celebrities of the players themselves, who are achieving what amounts to stardom, with fan clubs and the like developing for the most popular players.
With poker fans being able to participate in the wagering, thus getting the “feel” that they are actually taking part in the tournament, this legislation, if approved looks like a sure winner for Nevada’s gaming industry.
Kenneth Bateman writes numerous articles on the subject of poker and its players. To read more player profiles, visit XL Poker.