If you can, take the time to read this thoroughly - so I don't have to get long winded before our first tournament this Saturday night.
Even if you have zero interest in going to Vegas or the World Series of Poker, this promises to be fun and exciting as you can still potentially win big monies for a very small investment.
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Entirely optional - this year, another side game for Pepper Street Poker!
In each tournament, players will have the option to participate in the PSP WSOP League and have a chance to win a seat in the World Series of Poker in 2011!
Before you sit down for each tournament we play, for only $5 you can purchase 1000 in chips for a WSOP Championship in January of 2012.
The winner of this Championship tournament wins the seat.
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You also can win bonus chips based on how high you finish in 2011 PSP tournaments.
For every cash, you earn chips.
1st Place - 3000 Chips.
2nd Place - 2000 Chips.
3rd Place - 1000 Chips.
All remaining paying spots - 1000 Chips.
This includes the "bubble" spot, where this year in addition to the regular pay out structure, the next highest finishing player recieves $40 from the first place money instead of the usual DVD. The DVD will instead go to the player who busts before the "bubble".
These bonus chips however are optional, as for each 1000 in chips awarded - $5 will be deducted from that players tournament prize pool. A player may chose to retain the cash and forgo the extra chips in the WSOP Championship. Obviously, if the player is not participating in the league, he or she will keep the money.
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Speaking of participating in the league - all players have the option of not doing so, but if anyone changes their mind later on, it is never too late to join in.
Even if January 2012 rolls around and you haven't contributed at all to the WSOP League prize pool, you can still purchase chips for the Championship. But instead of $5 for 1000 in chips, it is $10 per 1000. This rewards those who participate in the league, but still gives others (late comers to PSP, busy people who can only play a handful of tournaments and non-participants who have a change of heart) a chance to contribute and join in.
However, at no time may a purchase of chips exceed 1000 for each the total number of PSP tournaments in 2011 (excluding any bonus chips a player may have won) which will likely be 12 (though may be as many as 15). In other words, if we play 12 tournaments, no player may ever purchase beyond an amount of 12,000 chips in all (excluding bonus chips won). He or she can only go beyond this amount by cashing in a tournament where they have paid their $5 WSOP League fee.
Only WSOP League participating players who cash in 2011 have the opportunity to increase their Championship starting stacks
well beyond the cap amount.
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The date of the WSOP Championship will be on Saturday night, January 14th, 2012 at 7pm. (Date is subject to change).
The winner of this Championship is guaranteed a $1000 seat in the WSOP.
After all the starting stacks are finalized, if the total prize pool that we have accumulated is less than $1000, there will be an entry fee required from each player to meet this goal. All Championship participants will pay the same amount, and receive the corresponding amount of chips to match what the entry fee is, at 1000 chips per $5. For example, if players end up having to pay $25, they would receive 5000 in extra chips.
If our Championship winner, hereafter known as the REP, cashes in the WSOP, everyone who participated in the WSOP league in 2011 (all those who added to the Championship prize pool in 2011, wether or not they actually play in the Championship) gets a proportionate share of 40% of the winners earnings. Click here to see the details on profit sharing.
Any remaining cash up to $200 in the prize pool that does not add up to a $1000 seat, will be given to the REP to help offset travel and accommodation expenses. All remaining money that exceeds this amount (but does not add up to another seat) will be held over and put into the 2012 World Series of Poker League prize pool. This left over money is only in play for PSP participants in 2012.
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And don't forget, even if you have zero interest in ever going to Vegas for the WSOP, it's still to your advantage to join in and try and win the seat - when you take down first place in the Championship, you have the option of passing your seat to the next highest finisher, hereafter known as the NEWREP.
When you choose this option, you (the OLDREP) are awarded a full 10% of the NEWREP. So if he or she cashes in the WSOP, you don't get a proportional slice of this cash drawn from 40%, but an entire 10% all to yourself! The NEWREP gets to play for 50% instead of 60%.
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REMEMBER:
AT NO TIME WILL PEPPER STREET POKER EVER IMPOSE A RAKE OR A FEE FOR POKER.
ANY PRIZE MONEY TEMPORARILY WITHHELD FROM ANY PARTICULAR PLAYER WILL ALWAYS REMAIN IN PLAY FOR SAID PLAYER - HE OR SHE WILL ALWAYS BE ELIGIBLE TO POTENTIALLY WIN BACK THAT MONEY. NO FURTHER PARTICIPATION IS EVER REQUIRED TO HAVE THIS WITHOLDING POTENTIALLY RETURNED.
