Poker Tournament in Chicago Pays Part of Prizes in Silver

The Main Event of the Midway Poker Tour series in Chicago, with a $1,100 buy-in and a $100,000 guarantee, attracted 266 participants. Due to Illinois gambling laws, players could only receive $1,600 in cash, with the remaining prize money paid in precious metals.

The organizers initially bought silver to cover half of the prize money, and later found a dealer to supply the rest. The Illinois Attorney General's office intervened, stating that the organizers had no legal right to exchange precious metals for cash. Some players were aware of the payment method, while others were upset about not being informed that they would receive silver instead of cash. The silver was purchased at a 30% markup, resulting in players receiving less prize money in cash than initially stated.

Dan Bekavac, the founder of the series, was absent during the event and subsequent payments, but promised to compensate all affected players.