Can you honestly imagine being in a poker competition where the total prize pool is a winner take-all sum of $60 million dollars? That is what Phil Ivey is facing, along with five other players (who are yet to be named) for what is being called the world’s richest poker game. The event is planned for July of 2006, to be held at the Melbourne Crown Casino in Melbourne, Australia. 

Though there seems to be conflicting reports on the exact dollar figures, each player (or the companies/investors that choose to sponsor them) will pony up either $10 or $13.3 million, competing for a first place prize of either $60 or $80 million dollars. Who am I to quibble about $20 million dollars, though – once you have that much money, I don’t see what difference it really makes. 

Word on the street is that Aussie native Joe Hachem is expected to attend the event along with Ivey. The remaining four players should be announced shortly. The competition will be televised worldwide, with Fox Sports broadcasting to the United States. I am just praying to the Poker Gods that Phil Hellmuth gets invited to attend. I would pay good money to see what is sure to become known as the '$60 million dollar meltdown.'