Payout Clarity (Controversy?) Prior to Kickoff
Day 2 hasn't officially kicked off yet and already there have developments in the inaugural Midway Poker Tour.
All 31 players returning to action today are guaranteed a $2,300 prize, while the eventual winner is slated to receive $55,060. However, due to the Illinois Charitable Gaming Acts and regulations (230 ILCS30), organizers are only able to pay out $500 in cash atop the cost of the buy-in. As such, players will only receive $1,600 in cash no matter their finish, while the remainder of their prize will be awarded in gold/precious metals/collectibles.
Apparently, not all players had been aware of that fact. Tournament officials just informed the players that they have contact information for someone off-site willing to buy said gold/precious metals/collectibles if players are interested in selling after the fact.
The payouts are a topic of conversation among the seated players, many of whom seem to be unhappy with the situation and the fact the payout situation wasn't more clearly explained prior to the tournament.
Here's a look at how the prize pool is slated to be distributed in cash and prizes:
| Place | Prize |
|---|---|
| 1 | $55,060 |
| 2 | $38,180 |
| 3 | $25,800 |
| 4 | $18,320 |
| 5 | $14,120 |
| 6 | $11.600 |
| 7 | $9,680 |
| 8 | $8,150 |
| 9 | $6,680 |
| 10-12 | $5,290 |
| 13-15 | $4,120 |
| 16-18 | $3,200 |
| 19-27 | $2,600 |
| 28-31 | $2,300 |