WSOP making “the bracelet” less valuable
The addition of more bracelet-winning events is decreasing their value
Poker is fun and exciting and has garnered a significant amount of popularity over the past couple of decades. Many poker players look to become the next big winner and compete for the million-dollar prizes, which has fueled an increase in the number of big money tournaments held each year. The World Series of Poker (WSOP) is no different and has increased the number of bracelet-awarding events in its annual series of competitions. However, this is proving to be counterintuitive because, as the number of bracelets offered increases, their corresponding value decreases.
In 2003, there were only 36 bracelet events in the WSOP; this year, there will be a total of 78. The increase is designed to attract more fans and players and provide more money-winning options, in theory, but it ultimately comes down to a question of economics.
With the increase in the number of bracelets awarded, the tournament’s rake is increased. In other words, more tournaments equal greater profits. However, as with any market, if the bracelet market becomes too saturated, the value of the winnings is decreased. Good for the WSOP, not so good for players.
The WSOP asserts that the addition of more tournaments is based on customer demand. However, the organization is picking up more off the increased number of bracelets, which leads to an increased number of entries, as well as its increase in tournament fees.
The WSOP used to be at the top of the poker charts – everyone wanted to be a WSOP champ. If the group is determined to water down the value of their awards, though, this will soon change and it will no longer be a leader in the industry.