Unfortunately, we arrived too late to see any of the action, Raymer cashed out about 30 minutes before we arrived. We did go to Binions though and hung out with Mike. Binions is a classic old-school casino - dark, low ceilings, no pageantry. You can just picture mafioso hanging out in the hallways and backrooms. The tournament at its height apparently took up the whole casino including the sports book. The feature and final table were in a smaller room upstairs. Perhaps the most interesting thing about the whole tournament is the betting - not on your cards but on the players. It seems that almost no one actually walks away with their prize money. This begins with the entrance fee. Raymer apparently raised $8000 of his $10,000 entrance fee online. Therefore, he only collected 20 percent of his $5 million - ONLY $1 million. Mike won his entrance but nevertheless he sold about 30 percent of himself to friends (who paid him prior to the tournament). So, Mike ended up with $350,000 of his $474,000 prize. A $1000 piece of Mike earned you $35000. The really crazy thing is that this doesn't end with the entry fee. Players will sell equity during the tournament. In other words, based on the amount of chips you have and the number of players left, you can sell portions of your profits. Mike estimated he was worth about $700,000 at one point if he could have found buyers. A note on getting to the final table. According to Mike, and he knows what he is talking about, the best poker player in the world has about a 70 percent chance of making the final table once every five years. So, don't expect to see familiar faces there too often! He talked a little bit about the bitching and moaning that too much luck was involved. His opinion was that virtually everyone in the final 30 was a very good player and deserved to be there. Luck plays a big role but very few made it through on luck alone. So shut up and post the entrance fee! A fair amount of camaderie seemed to have developed amongst the final players as well. ESPN will cover the event I think starting in August. Expect to see Mike prominently featured. As last year's "Agony of Defeat" player, his success this year was a great tv story. He hammed it up for the cameras too apparently.