The World Series of Poker (WSOP) is currently offering WSOP online bracelet events for poker players in Nevada and New Jersey while running 2021 WSOP at the Rio. To keep online poker players in Pennsylvania busy in October, WSOP PA announced the launch of its Fall Championships.
WSOP Fall Championships
WSOP Fall Championships started on Oct 10 and will have a total of 67 events. The online poker festival will finish on Oct 26 and offer a total of $1,035,166 in combined guaranteed prize money. The WSOP decided to keep the buy-ins for this event rather low, keeping in mind that WSOP PA concluded an online bracelet even for players in Pennsylvania in July 2021.
The average buy-in across the 67 events is just $68 and the average guarantee for each event is just over $15,000. WSOP PA which went live in the Keystone state earlier this year was confident that it would get a good response to this low-stakes Fall Championships.
However, it looks like WSOP PA might have misjudged the Pennsylvania market based on how the Fall Championships have started.
WSOP PA Facing 6 Figure Overlays
The Fall Championships got off to a very poor start as six out of the first eight events did not meet the guarantee. What is more alarming is that these events did not just fall short of the guarantee but fell way behind.
The first 8 events of the series had a combined $175,722 in guaranteed prize money and needed 5,150 player registrations to make this amount. The response was poor and only 2,908 registrations came in amounting to just $96,588. WSOP PA has already paid out $79,134 in overlays so far and is looking at a potential 6 figure overlay if we are to go by the response to the first 8 events.
To show you just how bad the overlays were, we will compare the event that came closest to meeting the guarantee. This was the $20 Turbo Deepstack event which had a $10,000 guarantee. A total of 318 player registrations came in which brought the prize money to $5,806 and a deficit of nearly 52 percent.
WSOP PA is looking to make up for these overlays as the festival progresses. It had a good response to its PKO event which had a $3,000 guarantee. The PKO event is one of the more popular formats in the series and ended up surpassing the guaranteed prize pool by $500.
The biggest overlays WSOP PA is likely to incur is with its Warmup games that are scheduled for Oct 17 and 24. Both these events come with a $22,222 guarantee and need a minimum of 2,020 players to meet that guarantee. The buy-in for this event is just $11 but if the response is poor, WSOP PA is likely to surpass the $100,000 in overlays market pretty quickly.
High Value Games Coming Up
Apart from the Warmup games, there are also a number of high-level games that are coming up in the next 10 days. The Player Appreciation Tournament will take place on Oct 24 and comes with a $100 buy-in and a $75,000 guaranteed prize pool. A total of 750 player registrations is required for this event.
You also have two DeepStack & Super Addon events taking place on Oct 15 and 22. Both these events have a $30 buy-in and a $15,000 guaranteed prize pool. A total of 500 players need to register for each event.
The highlight of the festival is the $320 Main Event which takes place on Oct 24 and comes with a $150,000 guarantee. We will have to wait and see if the player response improves as the festival progresses or if the WSOP ends up with massive overlays in Pennsylvania.