Will World Series of Poker be Affected by Economy?

This year’s World Series of Poker will kick off on May 27th with the $500 Casino Employees No Limit Hold’em game. After record setting entries were seen last year, the largest franchise in the poker industry is ready to set more records this year. But with the state of the economy in the world, will it happen?

The 2008 WSOP saw a record 58,720 entries into the series of events and thus awarded more than $180 Million in the 55 events run. This years Series will have two more events than last year including an 40th Anniversary event with a $40,000 buy in. The economic crisis in the world is likely to carry over to the WSOP thus resulting in few entries and smaller prize pool for the larger buy-in events.

Evidence of the economy’s downturn was seen in the recent Foxwoods Poker Classic in which the entries for this year were down about 33% from last year’s field. Last year the $10,000 Main Event drew 346 players.
This year only 259 players bought in to the event. A few of the tournaments saw an increase in entrants. The Limit Hold’em and Ladies No Limit Hold’em events, both of which had lower buy ins this year, had more players get into the game.

The World Series of Poker has added a new event this year, something the like to call the ‘Stimulus Special”, which will feature a $1,000 buy in for the No Limit Hold’em event which will start on Saturday May 30th. But the odds are still showing that the Amazon Room of the Rio Hotel and Casino won’t be quite as packed this year as it has been in previous years.

The average US citizen is saving more and spending less. Putting thousands of dollars on the line pursuing the dream of a World Series title may not be as attractive to people who have seen the equity in their homes disappear, not to mention the 8.6 percent of the nation that is currently unemployed.

Additionally, a large percentage of the growth in last year’s field was attributed to the explosion of international players joining the fray. The US dollar is much stronger now than it was a year ago, making WSOP tournaments more expensive for international players. Add in a more expensive trip and equally turbulent economic situations in foreign countries, and that growth cannot be sustained.

Professional poker players might find they have a harder time getting the cash to enter WSOP tournaments as well. While the most famous professional players have endorsement deals with online poker rooms that cover tournament buy-ins, many rely on receiving stakes from backers to enter tournaments. In return, those backers get a percentage of the winnings should the player cash in the event, but many investors may be unwilling to risk so much money on something as speculative and risky as the performance of a player in a poker tournament.

Overall, I expect to see at least a 20 percent drop in the overall prize pool at this year’s WSOP when compared to last year. Most people will judge the Series on the size of the Main Event, which drew 6,844 players for a $64.4 million prize pool in 2008. I believe that the field will once again eclipse 6,000, but just barely.

The 2009 WSOP will likely start and end with a bang, but in between, expect to see 50-something events that are a shadow of what we saw in 2008.

News Added: 21 May, 2009

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