The $5 Million WPT Freeroll is grabbing a lot of attention, and rightfully so—it’s a $5 million freeroll. However, for poker enthusiasts like me, it’s not just the size of the prize pool that makes this event stand out. It has one of the most unique payout structures ever seen in poker, and I guarantee that 99% of the players won’t fully understand how to approach this unusual event.
The Payout Structure
Before diving into strategy, let’s break down the event’s payout structure:
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Mystery Bounty Format: Players can earn random bounties when they knock out opponents.
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25% of the field gets paid: This is relatively standard but worth noting.
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Big bounties are held back for the final table: This adds an additional layer of excitement as players progress.
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Top-heavy first prize: The first-place prize is massive, at 20% of the prize pool, and it’s four times the second-place prize.
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100 x $10,300 tickets: These are randomly awarded to players who bust after making the money but before reaching the final table.
These unique elements create a complex situation where strategies may need to change depending on the stage of the tournament.
Strategy: Competing Incentives
In my experience, tournament strategies are often influenced by the payout structure. I call it the ICM Dial, which describes how the payout structure can pull players in different directions, either toward playing more conservatively or aggressively.
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Quarter of the field gets paid: This should encourage players to tighten up. A min-cash is important, and players will likely want to avoid risky moves that could jeopardize their chances of at least getting into the money.
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Top-heavy payouts: The first-place prize is four times the second-place prize, which will motivate players to take more risks and play aggressively as they approach the final table. The potential for a big win makes playing for the win very attractive.
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Mystery Bounties: These usually reward looser players. In this case, however, the bounties are worth less than in other Mystery Bounty events (less than 1/5th of the prize pool). This means you shouldn’t go too crazy for the bounties.
What Makes This Tournament Unique?
There are some interesting nuances that you should be aware of as the event progresses:
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Random $10,300 tickets: After making the money but before the final table, 100 players will randomly win $10,300 tickets. This changes the value of a mincash, making it worth three times as much, as the ticket essentially adds value to any payout.
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Final table bubble: The final table bubble will be very interesting because players will know the value of the penultimate bounty. If it’s a small bounty, players will probably play it safe. But if it’s a $100,000 bounty, the dynamics will change dramatically as players weigh the risk of playing for that massive prize against securing a final table finish.
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Last $10,300 ticket: If this ticket hasn’t been claimed, it could become a consolation prize for the 10th place finisher, giving them an equity boost.
The Key to Winning: Understanding and Adapting to the Structure
The key to succeeding in the $5M WPT Freeroll lies in understanding how the payout structure impacts both your own strategy and the behavior of your opponents. At different stages, you’ll face competing incentives: to ladder up and secure a mincash, and to push aggressively for the massive first prize. Navigating this delicate balance will be key to advancing deep into the tournament.
Final Thoughts
I believe the genius of this tournament’s structure will only become apparent after the event is over. The most successful players will be those who can manage both the allure of big bounties and the temptation to play aggressively for the win while still keeping their focus on the guaranteed payout for making it into the money.
If you’re preparing for this event, whether you’ve already got a ticket or are hoping to win one, Barry Carter and I have created a 90-minute masterclass on how to master the unique payout structure of this tournament. You can get the masterclass for free, along with a free ebook on poker study techniques and another masterclass on GTO strategy, by signing up for our email newsletter at Simplify Poker.
It’s time to get ready for one of the most exciting and unpredictable tournaments in poker history!
