This week, Full Tilt Poker announced the launch of its new Onyx Cup, which consists of six live high-stakes tournaments to be held at locations around the world. With buy-ins starting at $100,000 for each event, the Onyx Cup promises to be a showcase of the top players in the world. When the initial announcement was made, only the very basics were released. Since then, however, more details about the Onyx Cup have been divulged.
We now know the general geographic locations and timeframes of all six events, although exact venues have yet to be determined. The first two stops will be in Las Vegas and feature $100,000 buy-ins. Event #1 will be held on May 11th and 12th, while Event #2 will take place on July 7th and 8th. The second tournament coincides with the start of the 2011 World Series of Poker Main Event, so expect to see many of your favorite players choosing later starting days for the No Limit Hold’em World Championship.
The next two Onyx Cup events will be held in Asia in September, with buy-ins yet to be determined. The action will then shift to Europe for Event #5 in October, again with the buy-in not set. The Grand Finale will be a $250,000 buy-in event set for December in Las Vegas.
One of the most interesting aspects of the Onyx Cup Series is its structure. The tables will be eight-handed and feature what Full Tilt calls a “shot clock” format. Players will have just 30 seconds to act or else, just like online, their hand will be automatically checked or folded. There will be an opportunity, though, for players to take a little bit more time. Each person will have access to three “time chips” daily; two time chips grant an extra 30 seconds to think, while the third gives a player an additional two minutes.
Reaction to the Onyx Cup in the poker community has been mixed. Many players have been upset by the news, feeling that it is just another ultra-high stakes game that further removes the Full Tilt pros from the masses. As one TwoPlusTwo poster put it, “You know what would be cool? When I could play poker with the pros at Full Tilt and see Durrrr sitting on my left at my 50NL table, I wouldn’t care if I dropped 10 buy-ins that session. In fact, it would totally make my day and I would brag against my poker buddies about it.”
Others are upset that that the first event is in direct competition with the European Poker Tour’s (EPT) Grand Final in Spain and therefore will likely exclude many Full Tilt Poker players. Most feel that is no coincidence that the EPT is sponsored by PokerStars.
On the flip side, there are those who are excited about the Onyx Cup. One TwoPlusTwo poster wrote, “A nosebleed-stakes tour is awesome. Hopefully this gets lots of coverage and can separate itself from the countless cookie-cutter tours that get no attention from anyone outside of the rabid poker fan.”
Of course, like any big live tournament sponsored by Full Tilt, the poker room is offering players an opportunity to win seats in the first Onyx Cup event through online qualifiers. There are three real money qualifiers as well as a chance to win a prize package via a freeroll.
The three real money Onyx Cup Qualifier tournaments will be held on March 27th, April 10th, and May 1st, all at 6:30pm ET. The buy-ins, respectively, will be $600 + $40, $1,000 + $60, and $2,000 + $100, with the first two tournaments awarding one Onyx Cup Event #1 prize package and the final real money qualifier awarding two.
Seats in each qualifier can also be won via smaller buy-in satellites. The next satellite will be held on March 20th at 6:30pm ET and cost $69 + $6 to enter. At least one seat into the March 27th qualifier will be awarded, but this could increase depending upon the number of entrants.
The Onyx Cup Series Final Freeroll qualifier will take place on May 1st at 3:15pm ET, but to get there, players must advance through a satellite ladder. The Onyx Cup prize packages include the $100,000 buy-in and $5,000 for travel and expenses.
Visit Full Tilt Poker for more details.
