Money and prestige
In just 24 hours, the World Series of Poker (WSOP) opens its doors for its 56th edition. Last year, record numbers of players created record-breaking fields in The Horseshoe and Paris. While there is some concern that economic uncertainty and travel concerns may result in lower numbers this year, what is certain is that hundreds of millions of dollars will change hands in the desert.
100 live bracelets are up for grabs in Las Vegas, alongside a big schedule of online events. There are six new events, including a $100K PLO High Roller, $3000 TORSE and ‘The Battle of the Ages’ which segregates the Day 1 field based on age. While it’s always nice to see a revamped schedule, it’s noteworthy that the number of events continues to rise. Printing more money causes inflation but does minting more bracelets devalue them as a prize?
I will get down to brass tacks and ask them about two of poker’s main motivators
In Part 1, I asked my panel of nineteen players what the best and worst things were about the WSOP. In Part 2, I asked them about possible changes that could be made to the festival’s structures, procedures and rules. Now, in Part 3, I will get down to brass tacks and ask them about two of poker’s main motivators – money and prestige.
Do you sell or swap action in WSOP events?
Brad Owen: Typically, I try to avoid selling action. I probably put too much pressure on myself already for a lot of these events and when I sell, I feel like I let people down when I get knocked out short of the money. Last year I sold action for about ten tournaments and I bricked all of them. This year I don’t plan on selling much, if any, but some of my coaches have small pieces of me as part of the deals that I’ve made. I do have a few friends that I swap with for small percentages when we’re both playing the same events.
Vanessa Kade: No, as I have a weird superstition about swapping. Whenever I have done in the past, I always seemed to run bad (and never got any payout) so I rarely swap, almost never, in fact.
Kevin Rabichow: I do both, depending on how big the event is. I’ll sell for most of the high rollers, but I’ll only swap for smaller tournaments, and swap extensively in the Main Event.
Ian Simpson: I try to keep as much of my own action as I can as a general rule. I’ve sold in the past to make the bankroll management side of things a little more sane, but the WSOP Main Event is the best event of the year, and I like having as much of myself as possible.
Maria Konnikova: It depends. I don’t do many swaps, but there are a few people I do often swap with – my Risky Business Podcast co-host Nate Silver being one of them. It’s fun for the show but we also did it even before we had the pod together. I’ll also often swap with Maria Ho, because us Marias need to stick together (and I love her).
Fabian Bartuschk: I will be selling action in all of them with one or two exceptions for variance reasons.
Dan Wilson: Yes. I generally swap with other pros that I know. I also like to swap when deep in an event with other pros who are still in.
Kyna England: I usually sell pieces of my events. For anything $1K or more, I usually sell at least 30%. I like to swap with friends and then always book some fun swaps for the Main Event.
Soheb Porbandarwala: I don’t sell, but I have in the past. I do like to swap small pieces with friends.
Matt Affleck: I have a full makeup deal for live poker. So, apart from that, no swaps or selling.
Andy Wilson: I’ve sold action for schedules in the past and don’t mind booking swaps here and there. Nowadays, I am in a fortunate situation where I only really sell for the biggest buyins on my calendar but:
I am definitely still willing to swap with fellow gamblers out there.
Angela Jordison: I prefer to do ITM swaps with players that are better than me. 😜
TJ Reid: I sell occasionally, though I always keep most of myself. There are a few investors who always want as much as they can get, so it’s always up to me how much I sell. This year, I’m selling a full summer package and selling about 20%. I’ll also swap 1% for the Main Event with about 5 friends.
Jen Shahade: Yes!
Andrew Hedley: Yes – most, if not all pros are aware that they need to manage their bankrolls correctly. I almost always sell some % and swap often, especially in the Main Event which is certainly one of the best tournaments to have multiple swaps.
Aaron Barone: This year, I decided to keep all for myself. Last year, I sold action and got roasted for it on Twitter because the skills I’ve used to make $3M+ online over a 15 year career are less important than whether or not I’ve been on a televized feature table.
Dara O’Kearney: Yes, I like to do swaps with my friends.
How important is the WSOP bracelet to you? Would you consider it a failure if you ended your career without a live one?
Brad Owen: Winning a major title like an EPT, WPT championship event or bracelet event is something that has been elusive for me. I’ve made some big live and online final tables, but I haven’t been able to close out one of those types of tournaments. I wouldn’t consider it a failure if I didn’t end up winning one of those events at some point, but I would likely feel disappointed if my playing days were over and I hadn’t been able to secure a major title.
Vanessa Kade: There was a time when I desperately wanted a bracelet, but they really just don’t feel quite the same anymore. The one exception to that of course is the Main Event bracelet!
Kevin Rabichow: It’s more important to me than I used to think. Especially because I play smaller fields, I’ve been close a number of times now. I think it’s just a matter of time until I win one, so I won’t start imagining a career without one just yet.
Ian Simpson: I wouldn’t consider it a failure, because there isn’t anything I can do about the variance side of poker. All I can do is study hard and put in volume. After that, it’s out of my hands.
Maria Konnikova: I’d love to have a live one, but I’m thrilled that I have any bracelet at all. Most players never get to experience that, and I already consider myself beyond lucky to have ‘my lowly online bracelet.’ Of course a second one, in a live tourney, would be incredible. But it’s important to have some perspective here!
Fabian Bartuschk: It would be very nice to get one but would it be a failure to not win one… no. I’d rather be a winning player in the games that I’m playing and end my career with zero bracelets than be a losing player who wins one.
Dan Wilson: The bracelet is somewhat important. I would love to win one but I definitely wouldn’t consider it a failure if I never do.
Kyna England: Yes, I would love to win a bracelet and, if I did, I would brag about it non-stop. But I definitely don’t think it should define a player’s career.
Matt Affleck: I don’t think bracelets are important at all and it is stupid to have those expectations if you are a No Limit Hold’em player!
Andy Wilson: I’ve actually made two WSOP final tables in my time and come 2nd twice having come into both as chipleader. For that reason, I think winning a bracelet would be a monkey off my back. They still certainly carry prestige and are ultimately the allure that draws so many people out to Las Vegas and makes the summer the gold mine that it is, lest we forget!
Angela Jordison: The bracelet is the ultimate goal for me. I think about it, I dream about it and hope it’s something I can accomplish. If I never win a bracelet, I’ll be disappointed but my biggest goals are profitability and longevity in the game.
TJ Reid: I want one, and it’s still the most desired title for me. With enough volume and experience, it feels like a checkbox of a reward for players that also carries significant recognition. However, not having a bracelet does not equal failure. Lots of bad players have won bracelets and lots of top-tier players have never done so:
There’s just too much variance involved to use it as a benchmark of success.
Andrew Hedley: It’s not that important at all. The prestige of the bracelet has diminished markedly in recent years in my eyes. What once was the gold standard of poker validation has been diluted in recent years with so many events being eligible for the hardware.
Aaron Barone: It really is not that important to me personally but as a streamer/coach, perhaps I should value the ‘prestige’ associated with being a bracelet winner. The truth be told, I’d rather win a larger prize in a less well known series.
Dara O’Kearney: I’d like to win one but I certainly wouldn’t consider it a failure not to do so.
Jen Shahade: It’s super important – if I had all my own action it would even affect my strategic decisions. Titles are important, especially for authors!
Soheb Porbandarwala: Winning a bracelet is super important and anyone that ends their career without one should be ashamed… totally ashamed! I already won mine, so I’m in the clear. Don’t ask which event. Next question.
I presume that the WSOP Main Event and the WPT World Championship are #1 and #2 for almost everyone but, assuming that the money was the same, rate the following eight titles in order of your preference.
- 10K WSOP championship bracelet (not including the Main Event)
- A sub-10k buy-in live bracelet
- An online bracelet
- A WSOP Circuit ring
- A WPT title (not including the World Championship)
- A WPT Prime title
- An EPT title
- A Pokerstars Open title
For this final question, I aggregated the results to get a sense of not just how prestigious the WSOP is but also where bracelets come in the pecking order. My scoring system gave ten points to a person’s favourite, eight to their second favourite, six to their third and then five, four, three, two, and one to others in order. I then divided the total number by 19 to get an average. Here are the final tallies:
1st: 10K WSOP championship bracelet (not including the Main Event) ~ 8.6/10
2nd: EPT title ~ 7.2/10
3rd: WPT title ~ 6.4/10
4th: sub-10k buy-in live bracelet ~ 6.3/10
5th: WPT Prime title ~ 3.1/10
6th: WSOP online bracelet ~ 2.8/10
7th: Pokerstars Open title ~ 2.7/10
8th: WSOP Circuit ring ~ 2.4/10
I also asked each panelist to add to their list a tournament of their choice and to place it where it would go for them. Quite a few different events were mentioned but by far the one highlighted the most was The Irish Poker Open. Former champions Dan Wilson and Ian Simpson ranked it third and fourth in their overall list, while Irish legend Dara O’Kearney actually placed the second oldest tournament in the world at the top of the pile as his most sought after accolade. A Triton title was mentioned by four of the panelists.
The most noteworthy thing is that, despite almost universal agreement that the sheer volume of bracelets now given out has caused them to lose some of their lustre, with the exception of their online counterpart, they are still the most sought after feathers in a poker player’s cap.
