As to the original question: Does this contest have positive EV?
There is no way to know from the information provided. How many players are participating, how many hours are they playing and how much are the betting? Consider: If there are only five players, each flat bets the table minimum and only plays for a one hour, the EV is absolutely fantastic. If there are a billion players, each flat bets the table max, and plays 24/7, there is going to be a negative EV. The actual situation is somewhere in between and impossible to calculate.
If the penetration is only 40-45%, it will be hard to make money, even for a strong AP. The event is probably worth avoiding.
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