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$80 million poker tournament in Australia

Melbourne's Crown Casino is set to host the world's richest poker game with an $80 million winner-take-all prize next year. It is the biggest prize for any event in Australian history and will see the six best poker players in the world play cards for four hours in an attempt to win the money.

Organizers of the tournament, to be launched in Los Angeles today, have already signed up one of the world's leading players, American Phil Ivey. Another five players will be announced in the next few months.

Each player will pay a $13.3 million entrance fee to participate. Crown gaming boss Richard Longhurst also said that the casino is planning an even bigger poker event in 2007, with a $100 million winner-take-all prize ? to be followed by a $132 million event in 2008.

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