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Charity Poker Tournaments Can Raise Millions
Charity organizations are always looking for new ways of raising money. While hosting auctions, events, and other activities can raise a lot of money, some people do get tired of going to the same type of event over and over. One different way of raising money that hasn't been used by a lot of charities is hosting a charity poker tournament.
There are a couple of reasons why charity poker tournaments aren't more prevalent. First, the laws surrounding poker are somewhat complicated, and charities often prefer to go with an event that has no questionable legality than to dive into local gambling laws. Also, a number of people may not play poker or may have a personal dislike of gambling, which means the number of donors may be smaller than if a different charity event were held.
Each charity poker tournament is likely to be slightly different. The organization will set down the rules, including the rules of the game, the buy-in amount, the prize amount, if players are allowed to buy back in, and how much of the money goes to the charity. Most charities will also want to hire professional dealers, if not for the whole tournament than for the last table. This will guarantee impartiality and help settle any disputes among players
There have been a number of large payouts at these events. At a charity poker tournament in July of 2014, a player won $15 million dollars. This tournament, the Big One for One Drop event, was held in Las Vegas. Daniel Colman took home the huge prize. The buy-in of the tournament was set at $1 million. After the winnings were paid out, the remaining $4.6 million was donated to the One Drop Foundation, a nonprofit group that works to bring clean water to countries in need.
Another charity poker tournament is the All in for Kids Charity Poker Tournament. This tournament has supported the Children's Hospital of Philadelphia since its founding in 2008. Over the years, the organization has raised almost $5 million dollars.
Bill Gates is no stranger to poker--he co-founded Microsoft using money partially won from poker games. He has continued to play throughout the years, even going up against Warren Buffet from time to time. He also brought charity poker to Microsoft. In October of 2014, the company hosted a charity poker tournament for the Peace Fund, another organization aimed at providing clean water to countries in Africa. A huge number of celebrities turned out for the game, including actors Rocky Carroll and Adrian Paul.