Are you beating the rake?

[TJ]

I was pondering a trip to The Gilpin tomorrow to play the $50 freezeout tomorrow at noon. I emailed the Gilpin to ask about percentage payouts, and was very quickly replied to which I liked. What I didn't like was the answer to my question "What sort of admin. fees are associated?"

The Gilpin withholds $11 per $50 of buyins, equating to a 22% rake by the house. The staff informed me that of that $2 or 2% goes to the bad beat jackpot, the remaining 20% goes straight to the house, not dealers or anything.


So I ask you that frequent BH for the tournaments.... Are you beating the rake?

[PoWdA]

So I ask you that frequent BH for the tournaments.... Are you beating the rake?

not in this state...

[crankalicious]

I'm almost sure when they talk about the rake going to the house, that includes dealer salaries. In a typical $50 tourney up there, they usually pay 7 to 10 dealers for a combined 15-20 hours of work (that's probably a conservative guess). You do the math. I assume they make minimum wage at whatever it is now, $7.35/hour.

In other words, I don't doubt there are significant costs to run any of their tournaments. They must cover all labor, all other associated costs, plus make a profit.

[adaugust]

Dealers at the Gilpin make only $4.00hr. They do not have to make min. wage since they are tipped employees. It is an awfully high rake for the number of tourneys they run.

[idh78]

Played the Wednesday noon tourney yesterday....got 5th out of 60 players for a whopping $85 profit, but I was a little dissapointed when I realized they took 25% rake on this thing, and the dealers only make money off the tips????

they made $600 off a $40 tourney that took 5 hours to finish....that's just gross....I really wish the would be more upfront and label their buy-in as $30+$9+$1 which is what it really is....

[takeittothehouse]

I really wish the would be more upfront and label their buy-in as $30+$9+$1 which is what it really is....

IMO...

They don't want to be upfront as they may lose some players. All their tourneys take about 25% from the buy in. I've talked to Weave about this and he said that as long as people will pay it they will charge it and that they have to make money somehow. Most people don't do the calculations to see how much they are pulling from the buy-ins.

Central Station says $100+15 whereas Gilpin will say $100. The last thing they want to say is 79+20+1. No one would play it. It's just not worth the extra 2k in chips you get from playing there.

[idh78]

I agree it's probably not worth it, but I do have many many more cashes at the Gilpin than I do at CCS or GG. But I think that long term, that 25% rake will kill even the best players....

honestly what keeps these tournies going strong is the lack of NL cash games, I mean who wants to drive an hour each way to play 2-5 bingo poker?