The PokerNews Mid States Poker Tour (MSPT) has announced a brand new poker tournament format called Keep It or Cash It (KICI), which will be played for the first time ever at the Downstream Casino Resort at Quapaw in Oklahoma from August 30 to September 8. The format will not replace the MSPT, but will serve as an option for casinos seeking something innovative.
The $460 buy-in Main Event promises a guaranteed prize of $150k, featuring unlimited re-entries up to the eighth level. A KICI tournament comprises multiple start days and allows players to either cash it or keep it if they reach the second day multiple times. The tournament is played every day till the field boils down to 10 percent, and players who still remain in the game will be rewarded with cash prizes.
Players have to decide either to keep it or cash it when they reach the second day after already having done the same during an earlier start day. These players can either exchange their current chip stack for their buy-in of $400 in addition to $0.01 per chip in the stack just surrendered. Alternatively, players keep their chip stack and play with more chips on the second day.
The starting flights will use the same structure as the MSPT Main Event. The end of the earlier flight will be considered as the beginning of the second day, and the blind levels on the second day will last 45 minutes each.
Players will be prompted to make the “keep it” or “cash it” decision whenever they make it to the second day. If players decide to give up their chip stacks, they will receive payouts according to the tournament’s payout structure. If they decide to hold onto their stacks, they can continue playing with those chips on the second day. Players, however, cannot exchange their first chip stack, which means that players who survive their first starting flights will have to play on the second day too.
All KICI events offer guaranteed prizes, which include the cash paid to poker players who select the “cash it” option. The prize pool comprises “cash it” payouts minus 3 percent for dealers and MSPT prize packages.
Besides, the player who starts Day 2 as the chip leader will be rewarded with $5k and the player who makes it to Day 2 five, six, seven, or eight times will awarded $10k, $20k, $50k, or $100k, respectively.