The Caribbean Poker Party organized by partypoker has, for the most part, been an overwhelming success. However, a couple of key events didn’t reach their intended draw, leaving to several overlays that have had organizers breaking out their wallets to make up the differences.
The 10-day festival got underway on November 9, offering millions in guaranteed cash. The $25,500 High Roller was the first event to not reach its goal, falling well short of the required number of players to cover the $10-million guarantee. In total, only 394 entries were recorded – well under the number necessary to avoid an overlay.
The $5,300 Main Event has also fallen short of expectations. Between the first three Day 1 registrations and Day 2a from yesterday, there have been 1193 entries. It’s nowhere near enough to cover the $10-million prize pool.
John Duthie, who became the CEO for partypoker LIVE in February of last year, had high hopes for the Caribbean Poker Party. Duthie, who founded the EPT, said at the time, “I believe there is a gap in the market for an operator whose primary focus is poker and who will listen to, and work with, the poker community as this was something that was absolutely key to the growth and success of the EPT.” It might possibly be that Duthie bit off more than he could chew with partypoker.
Partypoker has to already be getting nervous. There are still a number of events remaining and the online poker site is already in for a significant amount of cash that it didn’t expect to have to pay. This will certainly lead to the site, as well as others, questioning the validity of providing multiple eight-figure pots in a single tournament series.
Partypoker has already announced that it would be increasing the guarantee for the second installment of its MILLIONS only tournament series, offering a prize pool of $20 million. It is double the amount paid out at the same series last year and is the richest online MTT in poker history.
There will be a number of satellites available for as low as $0.01 beginning November 25. However, if the site plans on avoiding another overlay (and to try and recuperate some of its Caribbean Party Poker losses), partypoker is going to have to up the ante and offer a significantly higher number of satellites and promotions.