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June 5th 2006
PartyPoker launches weekly $1 million guaranteed pot tournament
Just one year ago the biggest guaranteed tournament on PartyPoker was $350,000; and that was a monthly event. Now, as of last Sunday (June 4th), the world’s biggest online poker room is hosting a weekly tournament with a guaranteed prize pool of $1 million. What a difference 12 months can make.
It is still less than a year since PartyPoker issued a profit warning that sent shivers through the online poker industry. Company statements suggested the industry was seriously overvalued and that predictions of rapid and sustained growth were wildly optimistic. Party warned its shareholders that profits would be considerably lower than earlier predictions.
The news was devastating and had a drastic effect of the share value of all publicly listed online poker rooms. Suddenly it began to look like the industry was a fragile bubble waiting to burst; a dot.com collapse appeared to be just over the horizon.
Well, we all make mistakes.
Quite clearly the apocalyptic predictions of doom were about as accurate as the vote count in the 2000 election. The online poker industry is quite simply booming.
PartyPoker’s recent addition of a weekly $1 million guaranteed tournament to its multi-table tournament schedule is just the latest in a series of milestone achievements by a multitude of poker rooms.
Alongside multiple announcements of booming profits by every poker room under the sun we already have a weekly $1 million tournament online at PokerStars.com, the same site which recently announced it had dealt its 5 billionth real-money hand (celebrating this fact with a $1 million promotion giveaway).
PartyPoker’s $1 million guaranteed tournament costs $215 to enter directly, though it is possible to gain entry for free if you have accumulated over 100 PartyPoints and are successful in your satellite. Otherwise you can enter satellites for as little as $3 or can qualify through the numerous sit-n-go qualifiers on offer.
Submitted: 05/06/2006 16:24:45
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