The Indian poker platform PokerBaazi has just set a new record for the largest overlay in online poker history, with a staggering $1.4 million shortfall. This event now ranks as the third-largest overlay ever recorded in poker, including both online and live events.
The Ambitious Attempt at GOAT 2024
The record-breaking overlay occurred during PokerBaazi’s flagship tournament, GOAT 2024, which coincided with the platform’s 10th anniversary. GOAT had already established its reputation through two previous editions. In its inaugural edition, a $825,000 guarantee was covered successfully with 7,233 players. However, in its second year, despite doubling participation to 15,376 entries, PokerBaazi faced a minor overlay due to raising the guarantee to $1.2 million while halving the buy-in.
In 2024, PokerBaazi aimed to go big. They returned the buy-in to 11,000 Indian Rupees (around $120) and hoped to draw 28,000 participants to reach a prize pool exceeding $3 million. Confident in their numbers, they set the tournament’s guarantee at an ambitious $3 million.
The Reality: A Massive Overlay
When registration closed, GOAT 2024 attracted 15,172 entries, slightly fewer than the previous year. Despite requests from players to add extra starting days, PokerBaazi adhered to the original schedule. As a result, nearly half of the $3 million guarantee became the platform’s responsibility, resulting in an overlay of ₹11.81 crore (approximately $1.4 million).
This shortfall even surpassed the infamous PokerStars Big Blowout overlay during the pandemic in 2020, where the site missed its $5 million guarantee by $1.23 million. GOAT 2024 now holds the title for the largest overlay in online poker history, and it ranks third overall, trailing only behind the WPT World Championship 2023 and the SHRPO 2014 overlay.
What’s Next for Poker in India?
Despite the setback, PokerBaazi’s bold attempt underscores the potential of the Indian poker market, which many see as an untapped goldmine. With a population comparable to China, India is often viewed as the next big frontier for poker. However, the technological and cultural readiness of this market remains in question, as demonstrated by the challenges faced with this event.
As PokerBaazi continues to explore and refine its approach, the poker world watches eagerly to see how operators can unlock these promising but elusive poker markets in Asia.
