The Ongame Network, which owns poker sites such as Pokerroom.com, has launched the Ongame Network Poker Classic tournament with a record prize pool of $5 million (£2.84 million).

Having been recently acquired by Austrian public company Bet and Win, the Ongame Network said that lucky winners will walk away with a share of a guaranteed prize pool of $5 million, with one lucky contender walking away with a cool $1 million.

Hopefuls entered the competition through qualifying rounds held solely on Ongame Network operators' websites, such as Pokerroom.com.

Some 45 Ongame Poker Network finalists are to fly to Barcelona for the competition, which Ongame Network claims has the highest pool of any competition that started online.

Patrick Selin, president of Ongame, said: "We are truly excited to be launching this Poker Classic tournament which we believe marks a milestone in the development of online poker.

"The guaranteed size of the prize pool available makes it an opportunity no true online poker fan can miss - and I'm sure beginners will be tempted to try their luck too."

The grand final will be held in the Casino de Barcelona during the weekend of September 30th - October 1st, 2006.