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I'm assuming it's going to be by invite only??? If thats the case have the kids rsvp with a phone number and give the kids parents a courtesy ring to make sure their ok with it. Some kids parents are kinda weird. Most will probably be like wth are you calling for yeah it's fine but all it takes is one to get pissed to ruin it for everyone else.
I think that you'd be better off removing the buy-in completly and making it a free-roll with a prize that you pay for yourself (iPod or something similarly attractive to teens). Much safer all round that way. It would, in effect, just be a party game with a prize at the end.
Obviously if you were thinking of having 150 players, that might not work out.
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The freeroll idea does seem like a good one. That keeps the possible parent indignation to a minimum. It would seem that once you and your son see how that goes a more standard game could follow.
I would also check your local state and city laws for any strange gambling laws. You've got the possibility of being pretty exposed and could be characterized as badly as adults who allow underage drinking.
A friend of mine did a game for his teenagers and their friends - he got some huge candy bars - like the 1/2 ppund kind for 1st, some smaller ones for 2nd-3rd etc. Worked pretty good, parents won't get upset if their kids playing for real money and the competition is just as strong over the prize.
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Sounds pretty harmless to me. They're going to spend that much on Slurpees or movies or whatever anyway, right? I wouldn't worry too much.
Thank goodness my parents didn't have access to the internet back in the day (late sevenites/early eighties) when I was a teenager playing poker with my buddies.
Stock, I really don't think you've got much of anything to worry about. I'm 18, and my friends and I have been playing games for real money for the past two years. We've never had any trouble with the law or crazy parents. Give them plenty of food, make sure there's an XBox or a pool table or something else available to keep the kids busy once they've been knocked out of the tourney, and I think you'll all have a great time. Good luck!!!