Millions World and the PSPC will play out within a month of each other. Partypoker is guaranteeing $10 million, whereas PokerStars has so far committed to adding $9 million in Platinum Passes and added prize money for its PSPC event.

Partypoker has announced a new $25,000 buy-in “Millions World” tournament to be held as part of the Caribbean Poker Party at the end of the year. The event guarantees $10 million in prize money, making it a direct competitor to PokerStars’ big event of the year: The PokerStars Players No Limit Hold’em Championship (PSPC).

Millions World and the PSPC will play out within a month of each other. Both tournaments will offer the same buy-in and are to be held in Nassau, in the Bahamas. While the PSPC will almost certainly have a larger prize pool, both will pay out over $10 million.

“There are many coveted titles in poker, from the EPT and WPT Grand Final titles, to WSOP and WSOPE Main Event and Players Championship bracelets, and not forgetting our own MILLIONS Grand Final crown,” said partypoker LIVE president John Duthie.