Investors Found by Poker Pros for a $1 Million Event at WSOP

July 4, 2012

The 2012 WSOP hosted a massive $1 million buy-in event with a 48 player cap, although there could be about hundred people sweating the action financially. Some of the best in the poker world have funded this buy-in by selling shares to numerous investors.

About the event

The 1$ million event was the biggest buy-in event in the history of poker. Players who participated could fight for the first place prize, which was a whopping $18 million.

Noah Schwartz and the event

Noah Schwartz, who works on the felt, got support from outside the gambling community for this expensive buy-in. In his words, he approached someNew Yorkhedge fund guys for the amount. He added that there was mutual admiration between his and the guys or each other’s work. The guys eventually decided Schwartz was a smart investment.

The player found it easy to sell action as he is having a lucky year. This year he made it to the L.A Poker Classic’s main event finals and even won the PCA tournament. He also reached the finals of the EPT inMonte Carlo, which was a Grand Final for high rollers. So basically Schwartz has proven he can play against anyone.

In order to facilitate this stake, Schwartz created One Drop Investment LLC. The player added that he had numerous people relying on him. He also stated that opportunities like this rarely come by so he was feeling the pressure but under pressure is usually when he delivers his best.

Other players and the event

A veteran of the tournament Jason Mercier remained with the poker community when it came to his buy-in. The player has won the gold bracelet twice and said it was challenging to raise the money.

Michael Mizrachi bought into this event the same night that he won $1.5 million by participating in the $50,000 Players Championship. The player stated that he was not using this championship as a satellite and he has sold all his pieces before registering. Mizrachi has won the bracelet three times in the past and said that there are many investors who are still keen on buying in but he was fully sold out.

Ben Lamb has played only four tournaments this year stated that he only sold some pieces this year, which were sold outside and within the poker community. He added a 10% mark up to his shares before selling them.

Sam Trickett, who frequently competes inMacau’s high-stake cash games, was sponsored by Matchbook, the online betting site, for the entire $1 million. He did not disclose the terms of this deal.

College Loan Corp.’s CEO, Cary Katz went stag for the event. He told reporters that he did not think he had an advantage, even if he considered the pressure that accompanies such an expensive buy-in. He added that you only live once, so participating in this tournament, he thought would be an enjoyable experience.