From Friday, March 27th to Sunday, March 29th, Full Tilt Poker will host Sit and Go Madness, with over $75,000 in cash and prizes up for grabs. The event will run concurrently with the second weekend of the NCAA College Basketball tournament, dubbed “March Madness.”

The event officially kicks off at 4:00pm ET on Friday and runs for 48 hours, ending at 4:00pm ET on Sunday. The time period is divided into 24 two-hour blocks, with the top seven players on a series of four leader boards taking home cash at the end of each interval. The payouts vary by sit and go stakes as follows:

Group A ($1 to $2 sit and gos)

First Place: $20
Second Place: $12.50
Third Place: $7.50
Fourth Place: $5
Fifth Place: $2.50
Sixth Place: $1.50
Seventh Place: $1

Group B ($5 to $11 sit and gos)

First Place: $100
Second Place: $60
Third Place: $40
Fourth Place: $25
Fifth Place: $12.50
Sixth Place: $7.50
Seventh Place: $5

Group C ($20 to $33 sit and gos)
First Place: $200
Second Place: $125
Third Place: $75
Fourth Place: $50
Fifth Place: $25
Sixth Place: $15
Seventh Place: $10

Group D ($50 to $110 sit and gos)
First Place: $500
Second Place: $300
Third Place: $200
Fourth Place: $125
Fifth Place: $60
Sixth Place: $40
Seventh Place: $25

Overall leader boards will keep tabs of the best performances during each two-hour time period. The top two players in each group’s overall leader board during Full Tilt Poker’s Sit and Go Madness will take part in a high-stakes $5,000 freeroll that pays out to the top three finishers; the event occurs at 4:30pm ET on April 4th. According to the online poker room, “Even if you put up a high score in one of the two-hour blocks, it pays to keep trying to best your score.”

Every time a player wins a sit and go during the 48-hour period, they will take home one entry into the Madness Raffle. Its grand prize is a Deluxe Home Game Package, featuring a poker table, 500 piece chipset, and two leather poker deck cases. It’s sure to spice up any Full Tilt Poker member’s home game and, according to a picture found on its website, is a full-fledged free-standing table (not just a table top).

Also up for grabs in the raffle are five $535 buy-ins to the Main Event of the 12th Full Tilt Online Poker Series (FTOPS), 10 FTOPS XII Event #10 entries (valued at $322 each), and 15 FTOPS XII Event #1 entries (valued at $216 each). A total of 30 Mini-FTOPS XII Event entries will also be given out. In addition, 150 satellite tokens, 300 Full Tilt t-shirts, and 600 Full Tilt hats will be given away to raffle winners. Sit and Go Madness tables will be outlined in green within the Full Tilt Poker lobby.

Full Tilt is scheduled to release the schedule for FTOPS XII on Wednesday. From the prizes found in the Sit and Go Madness raffle, it appears that the online poker site will follow the lead of PokerStars and Ultimate Bet by creating FTOPS and Mini-FTOPS series. PokerStars recently unveiled its Spring Championship of Online Poker (SCOOP) All-Stakes festival, which includes three buy-in levels for each tournament: Low, Medium, and High. The inaugural SCOOP includes 22 events and kicks off on April 2nd. Its Main Event boasts a $1 million guaranteed prize pool at the low-stakes entry, $3 million at mid-stakes, and $5 million at high-stakes.

Over 2,000 Full Tilt Poker members participated in sweat tournaments for the first installment of the Friday Night Fights Main Event last week, in which Gus Hansen defeated Andy Bloch. A total of 1,030 players turned out for Hansen’s sweat tournament, while 1,257 competed in Bloch’s. The next Friday Night Fights Main Event will take place in just four days.

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