Venetian poker room Total Prize Pool Controversy
POKER

Hit And Run: Venetian Poker Room Panned For “Total Prize Pool” Fine Print For Upcoming Tournament Series; Phil Galfond Completes RIO Stream Week on Twitch

Venetian Poker room criticized for terms of upcoming tournament series. Phil Galfond completes week of Run It Once Poker Twitch stream. Check these stories and more in the Friday Hit and Run.

Venetian slammed by poker players

The Las Vegas Venetian poker room is being widely criticized for an upcoming tournament series, the Lucky Shot Poker Series, which features seven tournaments and a drawing. The series is scheduled to take place on October 21st. What is causing the controversy is that six of the events of the series have “Total Prize Pools” advertised instead of the more common “guaranteed” term typically used for live tournaments.

While many players may assume that the total prize listed is a guarantee, it is not, at least in a traditional sense. Instead, the total prize listed is what will be paid regardless of how many players enter. This is good for players if the “total prize pool” is not met with entries, but bad for players who assume that any excess entries will be added to the prize pool, which is almost always the case.

Indeed, listed in the general rules is this piece of information. “100% of all funds collected will go to meet the $150,000 Total Prize Pool. Any funds collected above and beyond the total prize pool will be the sole property of The Venetian Poker Room.”

Quick hitters

Phil Galfond has been Twitch streaming his play over the last week on his highly acclaimed Run It Once Poker, which resulted in a bump in traffic to around 300 real money players. After his week of streaming, Galfond was candid in his comments about RIO by saying that the online poker room is not close to being profitable but that he believes RIO will have the best software in the industry a year from now (h/t PokerNews).

partypoker is in the midst of its “Fast Foward to $500k” promotion, which is giving away $500,000 in prizes to players playing fastforward tables. The tables, which already awards $81k in weekly leaderboards will be offering Daily Challenges and Fast Forward Hours as part of the promotion, which runs through October 6th.

– Online gambling in New Jersey continues to soar. During the month of August, casinos and poker rooms in the state generated a combined $41.1 million in revenue, the largest month in the 6 years of the industry and beating the record from the previous month. In addition to the record online gaming figure, NJ sportsbooks brought in an additional $19.2 million from online sportsbooks, the second-best month ever.

Meanwhile in other sports betting news, Iowa released its first revenue numbers from the last 17 days of August.

– strong>Timofey “Trueteller” Kuznetsov is among the latest big winners at the PokerStars 2019 WCOOP. On Thursday, Kuznetsov took down the $25,000 High Roller to win $527,458.43, outlasting 90 entries including Jordi Urlingsv, Justin Bonomo and Dominik Nitsche.

– The 2020 Kentucky Derby may be eight months away but it’s not too early to start finding horses that could ultimately be a candidate to win the race next year. The Road to the Roses begins this weekend at the Iroquois Stakes at Churchill Downs.

– Friday’s featured classic Grinderschool poker training video of the day is Part 12 of Colossos’s “Cash Games with Colosssos” series. In these videos, Colossos live plays hands of $0.10/$0.25 no limit hold’em shorthanded.

Best poker videos on the Internet

Doug Polk reviews a hand involving Garret Adelstein and billionaire Bill Klein while Phil Hellmuth and Mike Matusow sit at the table:

Andrew Neeme discusses a notable hand from the Run It Up Live Home Game, where he played a $5/$5 No Limit Hold’em cash game with a $5 ante.

– Check out this hand from Triton Poker Montenegro which lead to a $612,000 pot involving Daniel “Jungleman” Cates and Mikita Badziakouski:

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