VaderWolf, along with martillo1978 and TLC-365, recently entered a $10 Spin & Go tournament on the regulated New Jersey online poker site and hit the jackpot … literally.
The trio of poker players hit the special promotional 12,000x multiplier, which meant they were playing for $100,000 to $120,000 for the winner and $10,000 for the runner-up and third-place finisher, despite putting up only $30 in entry fees.
VaderWolf went on to win the tournament and claim the $100,000 prize, but as a consolation prize, martillo1978 and TLC-365 both received $10,000 — not a bad return for a $10 investment.
The appeal of Spin & Go’s
Spin & Go’s are fast-paced, three-person tournaments combining traditional poker with elements of gambling thanks to the randomly assigned multipliers that range from 2x to 12,000x in New Jersey.
It’s essentially a progressive jackpot for poker tournaments.
Instead of paying $10 and battling two other players for the $30 pot (the games are winner-take-all except in the larger multipliers), Spin & Go’s have prize pools that range from $20 to $120,000, as seen in the chart below.
|Multiplier||Prize Pool||1st Place||2nd & 3rd Place||Frequency|
|12,000x||$120,000||$100,000||$10,000||1 in 500,000||0.0002%|
|120x||$1,200||$1,000||$100||1 in 10,000||0.01%|
|25x||$250||$250||1 in 1,000||0.1%|
|10x||$100||$100||1 in 200||0.5%|
|6x||$60||$60||75 in 10,000||7.5%|
|4x||$40||$40||189,652 in 1m||18.965%|
|2x||$20||$20||729,196 in 1m||72.92%|
Players have flocked to Spin & Go tables because they provide the opportunity to book significant wins for a minimal investment of time and money — that is, if players are lucky enough to hit one of the big multipliers and win the three-person tournament.
Poker pros may despise the format for having too much “gamble” involved, but recreational players unconcerned with ROI and win rates enjoy the volatility.
In an interview with Bloomberg in August 2016, Scientific Games Senior Vice President Roger Snow commented:
“I think what players like is what I call volatility, which is very loosely the ability to win money quickly.”
Spin & Go’s are the poster child for volatility, and so far it’s worked out for online poker players and the sites.
The $100,000 Spin was nearly a year in the making
PokerStars launched in the New Jersey online casino market on March 21, 2016, and a week later the site launched its first New Jersey-based promotion, which unsurprisingly focused on Spin & Go’s: the $100,000 Spin & Go Special Edition.
The $100,000 Spin & Go Special Edition added a special 12,000x multiplier (see the chart above) as a way to attract players. PokerStars expected the jackpot to be hit relatively quickly, but as time wore on without a jackpot multiplier, the promotion was sort of forgotten.
When it was first announced, PokerStars indicated the promotion would run until the jackpot Spin & Go was hit.
And run it did, as the promotion lasted nearly a year before the trio of lucky New Jersey players found themselves playing a $10 three-person tournament with $100,000 up top.
With VaderWolf cashing in for $100,000, PokerStars is trying to leverage the jackpot as a marketing tool, as it appears the $100,000 Spin & Go’s will continue to be offered in New Jersey.
In an email to registered PokerStars NJ players announcing the $100,000 Spin & Go jackpot, PokerStars noted, “100K Special Edition Spin & Go’s are running now at PokerStars NJ.”