WSOP 2006 (World Series of Poker)

July 26th, 2006 by Kenric

I get a text message on my phone from one of my friends that says, “K, I think you should enter the main event in this year’s WSOP I’ll pay half of the $5k buy in, I’m serious.” So that got me really thinking… should I go? Poker is the only game where you can play against the pros in a big time event.

Steve Dannenman placed 2nd in last year’s Main Event. He also entered with his buddy paying half of the buy-in. The 2nd place prize was about $3.5 million last year, so his buddy won $1.75 million on a $5,000 investment. My friend was telling me that it’s only $5k, and the potential winnings for 1st place is $10 million this year. But those numbers, the risk to reward as an investment is incredible, $10,000 to get $10,000,000 in 2 weeks.

The problem is that the tournament starts on Friday. That gives me tomorrow to board my dogs, pack and drive the 5 hours to Vegas. I’m pretty sure there aren’t going to be any rooms available at the Rio! It’s estimated that 7,000 people will enter this year’s main event!

After thinking about it for 5-6 hours and talking to my friend we decide to save the $5,000 each this year and both enter it next year. That means we’ll both have to put up $10,000 each to enter. It will be a very expensive vacation next July!

Now after thinking about it some more… it seems like he and I have $5,000 that we were both willing to spend on a buy-in. How can we turn that $5,000 into $15,000 buy next year so we can enter the tournament for free? Well, maybe the answer is real estate? Can we buy a home and put down $10,000 and get some cashflow on it? Maybe next year we can sell and profit at least $20,000! Then we can get in the WSOP 2007 for free! It’s always nice to have goals!

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