Full Tilt is celebrating the launch of the 2011 World Series of Poker with a tournament run of their own. Known as the Mini Series of Poker, this marathon schedule kicks off on the final day of May and runs through Main Event Time in early July.

The basic concept here is simple. For each tournament run at the WSOP, Full Tilt will launch a mirror event on their servers. But, rather than forcing their players to meet the Vegas-level buy-ins, the online poker room will charge just 1% of the WSOP entry fee. This translates into rich tournaments action for prices as low as $5.50.

In all, Full Tilt has guaranteed a prize pool of $1.2 million. But besides the monetary rewards, there is another reason to consider entering the Mini Series of Poker: The player who posts the best record at the end of the schedule will receive entry into the 2012 WSOP Main Event.

Full Tilt is also launching another promotion, one which will be familiar to devotees of fantasy football, baseball, and basketball. According to a recent press release, the “WSOP Fantasy Poker League lets players choose a team of poker pros for events at this year’s Series. As the pros win real money at the WSOP, players earn Fantasy Dollars for their team.”

Just as with other fantasy games, teams who amass the most points will earn rewards for their GM’s. Prizes include Full Tilt merchandise, exclusive freeroll tickets, and (like in the Mini Series above) a chance to earn a seat at the 2012 WSOP Main Event.

Players can begin selecting their fantasy roster at any time, with play beginning on May 31st.