The June LVA has an article detailing the horrible house percentages taken out of the prize pools for events, which are as high as 18 percent(!!!). But it's even worse than that! They also take out 2.7% for mandatory tokes! So for example...a $1000 buyin event has a vig of 11% + 2.7% for a net of 13.7%. Horrible. Ridiculous. And unbeatable.
So why are so many people coming to play? Well, from what I discern from all the online poker forum chatter, every spring, Vegas turns into Lake Woebegon. EVERY player who hits town is above average!! Ask any of these players why they're willing to fight a 14% vig, and they'll inevitably say, "There's so much dead money out there." Yeah, I think, and it's you.
The myth is fueled by the fact that several of the WSOP main event winners have been total morons who got lucky (REALLY lucky). So, why not me, the suckers think.
If you add in the sky-high costs of transportation and accommodation, the average WSOP participant is bucking a vig of 20% or more. At that point, they might as well stay home and play slots at their local Injun casino.