Tournament Money Split
The state says I can only sell a certain amount of chips per-day, irrespective of the game, poker, craps, BJ. Doesn't matter the game, you must stay within the per-day limit. Hypothetically, let's say the chip limit is $50,000.
What is the smarter play...making a high buy-in like $500 and seat only 100 players or, make the buy in say $100 and attract 500 players?
And, for $50,000 handle, what would you you suggest the payout be for the winner and say the top 4 under? How much should the house retain of the $50,000? Obviously the payouts would be after the house takes its share.
Thanks.
Being a charity I would hold out at least 30% of the money.
Quote: bigfoot66Riva Are you sure that tournament chips would count towards the limit? You would have to use different non-cashable chips in order to run a tournament, otherwise players could simply leave the tournament and cash in the chips. My guess would be that tournament chips do not count towards the limit (though government has certainly made dumber rules than this).
We would use unique chips for poker that are not honored at our other games.
Currently, the chip limit is $15,000 per day. So, if you are offering a cash game poker, once you reach $15,000, you can not sell any more chips to players even if you wanted to. The house makes its money on cash games by taking rakes. So, the more hands played, the more the house can make.
In a tourney, it's different. There is a buy-in and the house simply keeps a percentage of the buy-in. They do not take a rake, as I understand it. However, for a tournament, the house can still only offer a $15,000 max pot.
In either case, unique chips are used. We do the same with roulette. Players buy colored chips using house chips (non-poker). We cash them out with house chips and keep the roulette chips at the table.
Quote: bigfoot66Riva Are you sure that tournament chips would count towards the limit? You would have to use different non-cashable chips in order to run a tournament, otherwise players could simply leave the tournament and cash in the chips. My guess would be that tournament chips do not count towards the limit (though government has certainly made dumber rules than this).
Ditto.
I would think that the tourney buy-in counts towards the daily total, but the chips don't.
Also, casinos typically advertise the buy-in as split amounts: $100 ($80 + $20) where it is understood that the $80 goes to the prize pool and $20 to the casino. As such, maybe only the $80 (or whatever number you come up with) may count towards your daily total.
Frankly both seem high to me.
Here in suburban northern NJ, tourneys are typically $50 to $150 with 50 to 150 seats. In NYC, triple those numbers.
Rebuys and addons can change things too.
How you split the money between house and players is up to you, but should be advertised.
How you split the prize pool is easily handled by a variety of free apps. One key is, whoever is at the bottom of the prize structure should get at least their buy in back.
Note: Finding competent dealers will be a big issue. One hour of training won't cut it.
Quote: RivaWe would use unique chips for poker that are not honored at our other games.
Currently, the chip limit is $15,000 per day. So, if you are offering a cash game poker, once you reach $15,000, you can not sell any more chips to players even if you wanted to. The house makes its money on cash games by taking rakes. So, the more hands played, the more the house can make.
In a tourney, it's different. There is a buy-in and the house simply keeps a percentage of the buy-in. They do not take a rake, as I understand it. However, for a tournament, the house can still only offer a $15,000 max pot.
In either case, unique chips are used. We do the same with roulette. Players buy colored chips using house chips (non-poker). We cash them out with house chips and keep the roulette chips at the table.
Why not just say that the chips are worth 1/20th of a cent and then award whatever size prize you want?
Quote: bigfoot66Why not just say that the chips are worth 1/20th of a cent and then award whatever size prize you want?
Tournament chips should have no cash value. They should only have value to determine the tournament standings.
Quote: DJTeddyBear
Note: Finding competent dealers will be a big issue. One hour of training won't cut it.
Boy, you can that again. Getting and keeping competent dealers is huge. Many of our dealers move on with the graduation of their child. Some, like myself, hang around for decades after their kid graduated.
Blackjack is where the most mistakes are made by volunteer dealers. Fortunately, they rarely have more than $50 in their tray so, if things go south, we know about it pretty quick. As I have shared before, we hire in pro dealers for craps however, from time-to-time, a volunteer steps up and really knows his/her stuff. Have one fellow well into 30+ year working craps for us.
And, one game that you would think that it does not take a lot of skill is the Big Six Wheel. You have to be engaging, ever vigilant looking over the layout for cheaters and, never turn around to look at the wheel. Then, you have to have that "Oh Golly, I'm so sorry you lost again" attitude when you're sweeping up the chips.
The lady in this video is an absolute master at this game. She gets them there, keeps them there and, at the end of the night,has $5,000 of their money all from $1-$5 wagers. http://tinypic.com/r/10dfhgj/8
