A huge UK group is to invest 3 million Pounds Sterling in a megabucks poker tournament.

The massive resources of UK betting group Ladbrokes will be behind a revamped version of the popular Poker Million tournament planned for next year in a bid to create a European rival to the famous Harrah’s World Series of Poker which takes place annually in Las Vegas, USA.

Ladbrokes is very serious about the new project and has available 3 million quid as an initial investment in the project.

The 2006 World Series of Poker was the biggest live poker tournament in history, with about 8000 players competing for more than 44 million Pounds in prize money.

This year’s Poker Million tournament, run by Ladbrokes and the sports promoter Barry Hearn, will culminate in all those who have qualified via Ladbrokes Poker.com attending a 7 day final at its new casino in Paddington, all televised on Sky Sports.

The winner will pocket $1.2 million out of a total prize pool of $4.1 million.