The 2012 World Series of Poker Main Event finished up a few weeks ago and will not return again until October, when the final nine come back to compete for the most coveted WSOP bracelet. The final nine now have a little bit more to look forward to as the prize money is expected to gain interest of about $10,000 over the next few months.
When the event finished up, $27,247,840 was in the prize pool and each player was given the ninth place prize which was worth $754,798. According to a recent article at Card Player, the WSOP has not placed $20,454,658 into a Fidelity Investments Money Market account. The money will remain in this account until October when the Main Event resumes.
Fidelity is a private company based in Boston, Massachusetts and the World Series of Poker is using the same account at Fidelity that they used last year. VP of Corporate Communications for Caesars Interactive Entertainment, Seth Palansky, commented that the account does not have a set interest rate because the account has a ‘very safe nature’ and a ‘goal of preserving capital at all costs.’ Card Player checked Fidelity’s website and they found that the Money Market account, which is what the WSOP is using, is one of the safest available types of mutual fund account.
Palansky stated that the prize pool from last year’s Main Event gained just over $9,800 but he expects this year’s gain to be a little less since the Main Event has been moved up to October. This means less time will be allowed for the account to gain interest. The interest money gained during the time the cash is in the account will be separated and distributed to the top eight places in the tournament according to a sliding scale percentage which is aligned with the original payout structure of the WSOP Main Event.
Check Out Other Related Posts on 4Flush
100% up to $3,000 Bonus
Bovada is our most recommended ONLINE CASINO and POKER ROOM for US players with excellent deposit options. Get your 100% signup bonus today.