Eraiserhead 0 Posted July 1, 2005 Share Posted July 1, 2005 anyone know how much 10,000$ was back when the WSOP started, when you adjust for inflation? Link to post Share on other sites
bascomeb 0 Posted July 1, 2005 Share Posted July 1, 2005 not sure but thats why I think the buy in should be brought up. I mean the WPT Championship was 25k right? Why not 25k for the WSOP? Link to post Share on other sites
Jordan 1 Posted July 1, 2005 Share Posted July 1, 2005 i have no idea...but just look at gas prices to get an idea of what the buy in for the main event "should" be.Maybe my comparison is off a bit...but 10k back then was a lot more than it is now (derrr).- Jordan Link to post Share on other sites
econ_tim 0 Posted July 1, 2005 Share Posted July 1, 2005 Anyone know how to use the internets?I hear you can find lots of good information on them. Link to post Share on other sites
offset 0 Posted July 1, 2005 Share Posted July 1, 2005 Let's see...Assuming inflation is 3% and it is the year 1970 its 10,000*1.03^35 ...or $28,138.62 Link to post Share on other sites
btlee 0 Posted July 1, 2005 Share Posted July 1, 2005 Let's see... Assuming inflation is 3% and it is the year 1970 its 10,000*1.03^35 ...or $28,138.62 um, its actually $50,379.13 :wink: . Link to post Share on other sites
offset 0 Posted July 1, 2005 Share Posted July 1, 2005 I think entry for the main event should be at least 25k. If the buy in for the majority of notable poker tournaments continues to be so low and poker continues to be so popular (and it shows no signs of slowing) a pro winning a tournament will become rarer and rarer.I think eventually the casinos will recognize that it's in their best interests to host some larger buyin touraments- maybe 50-100k -to appeal to a wealthier, more select group of poker players. Link to post Share on other sites
offset 0 Posted July 1, 2005 Share Posted July 1, 2005 Let's see... Assuming inflation is 3% and it is the year 1970 its 10,000*1.03^35 ...or $28,138.62 um its actually $50,379.13 :wink: .Are you sure? where did i mess up? Link to post Share on other sites
btlee 0 Posted July 1, 2005 Share Posted July 1, 2005 Let's see... Assuming inflation is 3% and it is the year 1970 its 10,000*1.03^35 ...or $28,138.62 um its actually $50,379.13 :wink: .Are you sure? where did i mess up?thats where... inflation is not fixed. you need to refer to CPI in order to adjust for time value of money. You basically just did a compound interest problem. ie. "If I invest 10K at 3% interest for 35 years..." Its not that simple. To be clear I use 1970 as the base year also. see below.The CPI for 1970 = xThe CPI for 2005 = yA WSOP in 1970= $10,002005 WSOP = $10,000 (y / x) Link to post Share on other sites
offset 0 Posted July 1, 2005 Share Posted July 1, 2005 ah, thanks for enlightening me. I'm going to go sulk in a corner for being an idiot. Link to post Share on other sites
btlee 0 Posted July 1, 2005 Share Posted July 1, 2005 ah, thanks for enlightening me. I'm going to go sulk in a corner for being an idiot.nah man, no biggie. great effort. most couldn't swing the calc you did. I just happen to have been an econ/stat major. I'm actually surprised I still remember. Link to post Share on other sites
faisal 0 Posted July 1, 2005 Share Posted July 1, 2005 look at the bracelet winners this year.Alot of them are pros. Link to post Share on other sites
vaglvr 0 Posted July 1, 2005 Share Posted July 1, 2005 2 and a half a keys Link to post Share on other sites
lrlslo 0 Posted July 1, 2005 Share Posted July 1, 2005 look at the bracelet winners this year.Alot of them are pros.OMG. Dude I have seen a lot of funny shit on this forum, but I seriously watched that video over and over for the last 20 minutes and haven;t stopped ;aughing. Holy shit, did she survive? Link to post Share on other sites
Guest Posted July 1, 2005 Share Posted July 1, 2005 look at the numbers.. there are at least 2x as many people paying the 10k buy in this year as last year.. and I think it was like 300 people buying in in the 70's - 90's so why the heck would they want to up the amount you need to pay to get in? Add in anouther event at a different time for more money sure but if the amount of people doubles every year they aren't going to change much in the near future. Link to post Share on other sites
167-169 0 Posted July 1, 2005 Share Posted July 1, 2005 what tourney has the biggest buy in?didnt the plaza have one but was a total dud? it was during the mirage tourney???speaking of the plaza, are they doing one right after the wsop again? dn played awesome that tourney. lederer gave some good insight also. Link to post Share on other sites
otnemem 0 Posted July 1, 2005 Share Posted July 1, 2005 i have no idea...but just look at gas prices to get an idea of what the buy in for the main event "should" be.Maybe my comparison is off a bit...but 10k back then was a lot more than it is now (derrr).- JordanI'm not sure this is a great comparison tool. Three years ago, gas was less than half what it costs now. When I was in college, I remember paying $1.09 per gallon (I'm only 23). Link to post Share on other sites
otnemem 0 Posted July 1, 2005 Share Posted July 1, 2005 $10,000 in 1970 is worth $51,473.69 today.http://www.halfhill.com/inflation.html Link to post Share on other sites
UglyJimStudly 0 Posted July 1, 2005 Share Posted July 1, 2005 anyone know how much 10,000$ was back when the WSOP started, when you adjust for inflation?There's actually (at least) two popular ways to look at the value of money. One way is to look at inflation rates, as various folks in this thread have done. The other is to look at purchasing power, as measured by income. By that standard, $10000 was about 2/3rds of an average American's gross income in 1970, and is a bit under 1/3rd of an average American's gross income today. So for the buy-in to mean as much to the average joe as it did in 1970, it'd need to be in the $20000 to $25000 range. Link to post Share on other sites
Governator 54 Posted July 1, 2005 Share Posted July 1, 2005 I'm just scared of what 2006 will bring. Link to post Share on other sites
Socrates 0 Posted July 1, 2005 Share Posted July 1, 2005 I tried to find middle ground for the decade and could only compare to 2003, due to lack of data.The number I cam up with for 1975 was ~$35,000 Link to post Share on other sites
nutzbuster 7 Posted July 1, 2005 Share Posted July 1, 2005 I remember back in 1971 my dad got a raise and my Mom was crying about how "we're rich!...we're going to be o.k. now".My dad's salary had just been increased to $15,000 a year, which was about $4000 a year more than the avearge annual household income at that time. Incredible. Buying power wise that's gotta equal close to $60k these days.Remember too that the dollar went much further way back then. Bread was 8 cents a loaf and a gallon of gas averaged 32-cents! Link to post Share on other sites
kindofblu 0 Posted July 1, 2005 Share Posted July 1, 2005 Anyone know how to use the internets?I hear you can find lots of good information on them.What the fukc is the internet? Link to post Share on other sites
Jubba 0 Posted July 1, 2005 Share Posted July 1, 2005 anyone know how much 10,000$ was back when the WSOP started, when you adjust for inflation?There's actually (at least) two popular ways to look at the value of money. One way is to look at inflation rates, as various folks in this thread have done. The other is to look at purchasing power, as measured by income. By that standard, $10000 was about 2/3rds of an average American's gross income in 1970, and is a bit under 1/3rd of an average American's gross income today. So for the buy-in to mean as much to the average joe as it did in 1970, it'd need to be in the $20000 to $25000 range.If you just look at purchasing power without adjusting for inflation then the numbers get a little screwy without actually showing the whole truth. http://www.kricar.com/tools/infl.html Link to post Share on other sites
joeythep 0 Posted July 1, 2005 Share Posted July 1, 2005 Add in anouther event at a different time for more money sure but if the amount of people doubles every year they aren't going to change much in the near future.I think this is their intent with the Tournament of Champions. It's technically a "freeroll" but I think it's purpose was to create a tournament in which the majority of players would be "names". Link to post Share on other sites
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