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World Series of Poker Wagering Legal

Betting on the WSOP is legal.

There’s a new wrinkle in this year’s World Series of Poker (WSOP). It will be legal to take action on the outcome of the WSOP events. That is it will be in Vegas as the Gaming Control Board of Nevada has acknowledged that gamblers may now wager on the event. This change has some worried about the possible problems that might be created that could include major collusion opportunities.

Gambling on Gambling?

Some have noted that this is gambling on gambling. But then again that depends on what one considers poker to be. Is it, in fact, gambling or something different? Money is involved, wagers are made and people win and lose cash. But unlike many forms of gambling, those involved in the winning and losing of cash, those who are playing the game, also control it to a degree. They can elect not to plays hands, to fold or to raise the stakes.

Betting on the final table is now legal.

This all occurs as they are playing the game. It’s much different than playing a game of pure chance, such as roulette, or wagering on a sporting event.  The strategic elements along with the mathematical component regarding odds, cards and position take poker out of the realm of chance.

Gambling on Poker Players

The worry here is that poker players may end up bet colluding with gamblers. That creates real problems for the WSOP as far as the reputation and trustworthiness of the tournament is concerned. A worst case scenario involves a player who has made it to a final table telling a buddy to bet against him. Maybe that player has made a deal with the friend to split the winnings for the inside advice and dive. It’s not a foolproof scheme as there are no guarantees as to who will win but get enough players involved and you could have more cash being bet under the table than there are chips on top.

Betting Rules and Restrictions

Last year the Gaming Commission did allow wagering on the main Event’s final table. There were numerous props (aka sucker bets) offered such as what hand will take the championship and would the first flop of that event yield more red or black cards. This year is different in that all final tables of just about all events may be wagered on with the million-dollar buy-in charity event and two others competitions being excluded.

The Nevada Gaming Commission will have to do its job.

Bets are to be placed on the final day of each event when there are a small number of players left.

Gaming Commission Vigilance

This new gambling venue will have to be heavily monitored by the commission. There are various scenarios that could play out that would create major problems for the industry. The addition of wagering opportunities creates even more anticipation of the upcoming WSOP that will start in less than two weeks.

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Posted by on May 13 2012. Filed under Live Poker News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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