MC2 Prizes

To summarize, all five sections will have guaranteed prizes down to 20th place. In addition, the Open section will have prizes for the top four places for those players rated 2400 – 2549 and for players rated under 2400. Those are not two separate sections — they are part of the Open Section and those prizes are in addition to the top 20 places. Those four places will also be decided on Millionaire Monday.
 
The U2200, U2000, and U1800 are three separate sections. The top four places in these sections will be decided in the Semifinals and Finals on Millionaire Monday.
 
The U1600 is one big section for all players rated below 1600 (Unrated players and Provisionally rated players are only allowed in the Open and Unrated/Provisional section). There are prizes for U1400 and U1200 as well, making it three different divisions within the same section (much like the Open section). The top four in all three divisions will play on Millionaire Monday to decide who takes home the the first four places. There will be no tie for first, second, third or fourth in any section of the Millionaire Chess Open.

Prize fund MC#2

OPEN

  
1st place100,000 
2nd place50,000 
3rd place25,000 
4th16,000 
5th10,000 
6th8,000 
7th to 10th5,000 each 
11th to 20th3,500 each 
Sub-total264,000 
   
Top 2400-2549  
1st place40,000 
2nd place20,000 
3rd place13,000 
4th place8,000 
5th place5,000 
Sub-total86,000 
   
Top Under 2400  
1st place38,000 
2nd place19,000 
3rd place11,000 
4th place7,000 
5th place4,000 
Sub-total79,000 
   
Total for OPEN 429,000
   
   

U2200

  
1st place38,000 
2nd place19,000 
3rd place10,000 
4th place8,000 
5th place6,000 
6th place5,000 
7th to 10th4,000 each 
11th to 20th3,000 each 
Sub-total132,000 
   

U2000

  
1st place36,000 
2nd place18,000 
3rd place9,000 
4th place7,000 
5th place5,000 
6th place4,000 
7th to 10th3,000 each 
11th to 20th2,500 each 
Sub-total116,000 
   

U1800

  
1st place34,000 
2nd place17,000 
3rd place8,500 
4th place6,500 
5th place5,000 
6th place4,000 
7th to 10th3,000 each 
11th to 20th2,500 each 
Sub-total112,000 
   
Total for U2200, U2000, U1800 360,000
   

U1600

  
1st place30,000 
2nd place16,000 
3rd place8,000 
4th place6,000 
5th place4,000 
6th place3,000 
7th to 10th2,500 each 
11th to 20th2,280 each 
Sub-total99,800 
   
Top Under 1400  
1st place24,000 
2nd place12,000 
3rd place6,000 
4th place4,000 
Sub-total46,000 
   
Top Under 1200  
1st place20,000 
2nd place10,000 
3rd place6,000 
4th place4,000 
Sub-total40,000 
   
Total for U1600 185,800
   
   
UNRATED / PROVISIONAL ($100 EF)  
1st place3,000 
2nd place2,000 
3rd place1,000 
Sub-total6,000 
   

Special Prizes

  
Biggest upset prize1,000 
Tie Break Consolation6,000 
Mixed Double2,000 
Best dress for man100 per day x 4 days 
Best dress for woman100 per day x 4 days 
Best dress for child under 18100 per day x 4 days 
Top female Prize (OPEN)1,000 
Top female Prize (U2200)500 
Top female Prize (U2000)500 
Top female Prize (U1800)500 
Top female Prize (U1600)500 
Top senior prize (65+) - OPEN1,000 
Top senior prize (65+) - U2200500 
Top senior prize (65+) - U2000500 
Top senior prize (65+) - U1800500 
Top senior prize (65+) - U1600500 
Best child under 13 yrs old (OPEN)1,000 
Best child under 13 yrs old (U2200)500 
Best child under 13 yrs old (U2000)500 
Best child under 13 yrs old (U1800)500 
Best child under 13 yrs old (U1600)500 
Sub-total19,200 
   
Total 25,200
   
Total PRIZE FUND 1,000,000


Millionaire Square Prize

One player in the 2nd Millionaire Chess Open will have a 1 in 64 chance to walk away a millionaire!

The player will be one of the 36 who make it to Millionaire Monday, the final day of competition. The Millionaire Square Prize is in addition to the million-dollar prize fund that up to 1,200 players from over 40 countries will be competing to win. 

 
Here’s how it will work: Of the 36 players who make it to the final day, nine winners representing each rating division will emerge from the competition. Those nine players will match wits in a fast-paced game of strategy (details to be revealed later) to determine who moves on to get a shot at the Millionaire Square Prize. The winner will then pick from 64 envelopes filled with cash and other prizes randomly placed on a giant chessboard. If the lucky envelope is picked, the winner will walk away an instant millionaire!

Mixed Doubles

Millionaire Chess would like to announce the Mixed Doubles Prize at the Millionaire Chess Open. One team of two players – one male and one female – will take home a $2,000 prize for the top score at the tournament. The teams may include players from different sections, and the average team rating must be less than 2200. Teams must be submitted to contact@millionairechess.com.  May the best team win!
 

Rules for the MC Mixed Doubles Prize

  1. Teams must have an average rating under 2200.
  2. Average ratings are not rounded (so a team with average 2199.5 is fine).
  3. Players in “Under” sections must use their wall chart rating to calculate the average.
  4. Players in Open section will use their FIDE rating to calculate the average. (If the player doesn’t have a FIDE rating, the assigned rating will be used.)
  5. Unrated players or Provisionally Rated players are calculated with 2200 rating for the purposes of this prize.
  6. Once a player has started their first round, regardless of schedule, that player cannot switch teams.
  7. Both players on the team must fill out and sign the registration form.
  8. Standings through the previous round will be updated during the current round.
  9. There are no “class” prizes – all teams play for the same pool of prizes.
  10. The mixed doubles prizes are considered separate “special” prizes, so a player can win both a mixed doubles prize and a section prize.
  11. The Chief Arbiter reserves the right to make on site decisions about any aspect of these rules that he deems necessary to maintain the integrity of the competition.

Millionaire Chess Open Tax Compliance Policy

Millionaire Chess must report any prize of $600 or more to the IRS.  U.S. citizens and permanent residents must complete IRS Form W-9 to receive a prize of more than $600.
  1. For prize reporting purposes, Millionaire Chess will calculate the prize NET of the entry fee.
  2. A non-resident alien CANNOT use an alternate payee.  This person MUST have the 30% backup withholding done on site.
  3. A non-resident alien MUST have 30% backup withholding done for ANY cash prize, regardless of amount.
  4. A non-resident alien must give his current mailing address to the tournament when receiving his prize.  Millionaire Chess will then send him IRS Form 1042, which he may then use to file a tax return with the IRS and try to get his withheld prize money back.
  5. Even if a non-resident alien has a taxpayer ID number (TIN), Millionaire Chess MUST withhold 30% of any prize.
  6. Certain non-resident aliens with a TIN who win prizes of less than $5,000 may be able to fill out IRS Form 8233 (this is done at the tournament).  The IRS will review the form and advise Millionaire Chess within two weeks whether the player can receive the 30% withheld, or whether it has to be remitted to the IRS.
  7. For more information about U.S. income taxes, please consult a tax professional.