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WSOP Glory Hunting Or Worth The Hype?

The World Series of Poker (WSOP) has long been considered the pinnacle of poker, and the hype surrounding it is justified for several reasons, with numerous examples illustrating its significance. Let’s look at some of the aspects that make WSOP the most coveted series in the poker universe. We also have insights from our pros about the event which could shed more light on deciding whether WSOP is worth the hype or just glory hunting. 

Historical Prestige

The WSOP has a rich history dating back to 1970, making it a storied event with a legacy that few other poker tournaments can match. Winning a WSOP bracelet is considered to be the highest honour in the poker world, akin to winning an Olympic gold medal in sports. For instance, legends like Doyle Brunson, Johnny Chan, Stu Ungar, Phil Hellmuth, and Phil Ivey among others have secured their places in poker history through multiple WSOP victories, cementing their legacies.

(L-R) Johnny Moss, Chris Wills, Amarillo Slim Preston, Jack Binion and Walter ‘Puggy’ Pearson, 1974 (UNLV Special Collection).

Life-Changing Money

The financial rewards at the WSOP are substantial, often life-changing. The Main Event, in particular, offers multi-million dollar prizes. In 2003, Chris Moneymaker turned a $39 online satellite entry into a $2.5 Million Main Event win, which not only changed his life but also sparked a poker boom worldwide. Similarly, in 2023, Daniel Weinman won $12.10 Million in the Main Event, grabbing the biggest pay cheque after Jamie Gold (2006, $12 Million)

Recognition and Endorsement Deals

Success at the WSOP can lead to fame and lucrative endorsement deals. Daniel Negreanu, for instance, is one of the most recognisable faces in poker, partly due to his seven WSOP bracelets and his charismatic personality. His success at the WSOP has led to numerous sponsorship deals, further enhancing his career and income.

Competitive Field

The WSOP attracts the best players from around the world, making it a true test of skill. Competing against and succeeding in such a field is a massive achievement. Phil Hellmuth, who holds the record for the most WSOP bracelets (17 as of 2024), consistently proves his prowess in this highly competitive environment.

Media Coverage and Global Audience

The WSOP receives extensive media coverage, bringing global attention to the players and the game. Events are live-streamed, attracting millions of viewers. This exposure can elevate lesser-known players to celebrity status overnight. For example, players like Joe Cada and Jamie Gold became household names after their Main Event wins.

Our Main Event winner @driverseati pic.twitter.com/wVXxxXhbfE

— MBerglund 📸 (@xmatthewbx) July 18, 2024

Cultural Impact

The WSOP has had a significant cultural impact, popularising poker and contributing to its growth worldwide. The 2003 Main Event, won by Chris Moneymaker, is often credited with triggering the ‘poker boom’, making the game more accessible and enticing to a broader audience.

The Flipside

While the hype is largely justified, some argue that the WSOP’s charm can lead to negative consequences. The intense focus on winning bracelets and large sums of money can encourage irresponsible gambling behaviours. Additionally, the sheer volume of events and the commercialisation of the series can sometimes overshadow the pure competitive spirit of the game.

To get better insights into what the series could mean for a player (pro or recreational), we spoke to Indian poker players Avneesh Munjal, Abhishek Goindi and Neel Joshi who have marked their attendance at the prestigious live poker series.

We asked Munjal about the hype surrounding WSOP and the recognition that comes with grinding and winning at the series. The Mumbai based pro who recorded his best WSOP cash (over $9K) in the 2024 edition ($400 Colossus NLH event) said, “There is no denying the fact that tournament grinders hunt for glory and WSOP stands far above anything when it comes to glory. So, yes, it’s worth the hype for sure. It gives you a platform to compete with the best in the business. But having said that, does it make sense from a commercial standpoint is something which is definitely debatable, given high taxes and overheads for the trip.”

Avneesh Munjal

We also asked Munjal about things that a player should keep in mind, to which the pro replied saying, “Keep a strong solid check on bankroll management. Further, making a comprehensive schedule before going and sticking to the same helps a ton as there are endless tournaments going on a daily basis throughout the strip, so having a plan and sticking to it keeps you in check and disciplined.”

Sharing a word of caution for aspiring players, Munjal added, “Getting there (Las Vegas) early is one good hack to get yourself accustomed to the weather and time zone. Stocking up on greens and a good amount of fruits can save you a ton rather than having those expensive meals at the venue. It’s a very long grind, so keeping a process-oriented routine can help players in the long run for sure.”

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Next up we checked with Goindi about advantages of being at the coveted series. Without mincing words, the pro with 22 WSOP cashes said, “There’s nothing like WSOP when you consider tournament poker. But the event could get overwhelming so choose your tournaments wisely. The fields and event sizes at WSOP are massive, you are playing at the highest level which offers incredible exposure. You also get to meet players from across the globe and interact with the international poker community. If you are looking to put volume in tournament poker, then WSOP is ultimate.”

Abhishek Goindi

There was one aspect which obviously concerns Indian players and that is taxation. For this we got Neel Joshi to shed some light. Joshi who has been to the WSOP four times and earned over $250K in earnings from the series revealed that the tax policy is not favourable for Indian players when seen purely from a financial perspective. He said, “As Indians, it is very unfavourable to pay a 30% tax individually on different events. It eats into our ROI. And so now to make WSOP a profitable venture, you have to be good. And, apart from just the taxes, there are other things to consider as well.”

Joshi further talked about the opportunity cost which is associated with participating in WSOP. The online and live reg stated, “I have played the full schedule of the series as well. I been there before the series starts and stayed well after the event was over. So, while grinding at WSOP, you don’t get to play online poker which you would otherwise do. While at WSOP you give up on two months of online poker and money that could come along. Keeping the overheads in mind, financially, the event is not worth it unless you have the taxes figured out.”

Neel Joshi

We couldn’t help but ask Joshi, if he has ever followed a formula to be profitable. The pro commented saying, “There are so many unknown variables in play that it is hard to quantify. Earlier when I had been to WSOP, it was not from a financial perspective, it was to live that experience, but after being there a couple of times, it does not feel viable financially and hence did not opt to grind in the 2024 edition.”

Joshi also highlighted that if a player does manage to make deep runs or even win a bracelet, there is a positive side to it. He said, “Winning a bracelet or having an impressive run, fetches you a lot of attention and coverage from the media. It could also lead to getting commercial deals or ambassadorship and get financial value. So, there are advantages of grinding at WSOP, keeping aside the taxation aspect.”

Conclusion

In summary, the hype surrounding the WSOP is well-earned due to its historical significance, substantial financial rewards, highly competitive environment, fame, and endorsements. While there are some elements that could dampen your WSOP aspirations, the positive aspects of the series make WSOP a worthy pursuit for those passionate about tournament poker.

Image Credit: Alicia Skillman, Danny Maxwell and Katerina Lukina/Pokernews.com

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