Thursday, April 12, 2012

Got a Spare Milly Sitting Around, Waiting To Be Spent?

Posted By on Thu, Apr 12, 2012 at 2:30 PM

Now that the Occupy (Enter Name Here) fad has seemed to die down and the one-percenters no longer have to concern themselves with defending their frivolous spending, it's time for the richest of the rich to get back to finding ways to blow through large wads of cash.

May I suggest, then, the Big One For One Drop?

The Big One is a $1 million buy-in poker tournament that is being held at the Rio in Las Vegas in July, as an officially sanctioned World Series of Poker bracelet event. At least 30 people have already 'committed' to this event, meaning that the winner is guaranteed at least $12.27 million. That prize would be the largest ever awarded in poker, topping the $12 million awarded to Jamie Gold when he won the 2007 WSOP Main Event.

(Never mind the fact Gold ended up having to give half that money to a former business partner, as part of a handshake agreement prior to the tournament that ended up resulting in a legal battle ... )

The most interesting thing about those who plan to play in this tournament is that the vast majority so far are not professional poker players. Several of the entrants are just rich guys who, based on the 'professions' listed for some, may or may not be playing with other people's pension funds.

By the way, the event is already a fundraiser, as about 11 percent of each buy-in will go to One Drop, a charity created by Cirque du Soleil founder (and poker junkie) Guy Laliberte to help bring clean drinking water to drought- and poverty-stricken parts of the world.

If $1 million is too steep a price for you, take solace in knowing there are chances to qualify for this via satellite tournaments, including a $25,300 buy-in satellite at the Rio a couple days before the tournament.

Me, I'm gonna stick to tournaments costing $1,500 and under when I make my annual sojourn to the WSOP, which kicks off its 43rd edition May 27 and runs through mid-July.

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