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27 - Sylvester Suzuki - Poker Tournament Strategy
27 - Sylvester Suzuki - Poker Tournament Strategy
Poker Tournament
Strategies
By
Sylvester Suzuki
+ =
SECOND EDITION
FIRST PRINTING
June 2004
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ISBN: 1-880685-19-1
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Table of Contents
Foreword by Mason Malmuth . v
Introduction 3
Background 7
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ii Table of Contents
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iv Table of Contents
Conclusion 179
Index .197
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Foreword
by Mason Malmuth
Poker tournaments have hit the big time, and when I say big
time I don't just mean the great events like the World Series of
Poker held every spring at Binion's Horseshoe Hotel and Casino
in Las Vegas and the televised tournaments from the World Poker
Tour. I mean all poker tournaments including those with very
small buy-ins.
Oddly enough, though, many of the best tournament players
don't do well in standard ring games, and many of the top side-
game players perform poorly in tournaments. There is a very good
reason for this: Ring games and tournaments are very different.
In a side game, whether it be stud, hold 'em, or another form
of poker, you are generally trying to weave a "web of deception"
that will allow you to maximize your results on every hand you
play. In a tournament, depending on your situation, you will either
be trying to accumulate chips, be on the attack, or trying to
survive. In many situations this will lead to dramatic changes in
strategy from what would normally be correct.
Tournaments can also be very exciting. One particularly
dramatic example of this occurred in the $10,000 no-limit
championship event at the 1982 World Series of Poker. Jack
Straus was down to one chip. After managing to bluff off most of
his assets, he played survival poker and made an incredible
comeback to be proclaimed World Champion. He also gave
credence to the saying that all you need is a "chip and a chair."
Author Sylvester Suzuki has played a lot of tournaments.
While Suzuki is a pen name, he is a real person who not only has
much experience to draw conclusions from, but who understands
the underlying theory that governs tournament play. What follows
is a very dynamic book. It should prove helpful to virtually
everyone interested in tournament play and is an excellent guide
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vi Foreword
for those of you who are new to this form of poker. I recommend
that you read it more than once and, of course, get some
experience playing "the tourneys."
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Introduction
Winning at the poker table in a card casino is not easy. Not
only are players in casinos very competitive, but the casino must
also take its share, and over time, this house "rake" can add up to
a substantial amount. If you stop and think about it, it could not
possibly be otherwise. It costs a tremendous amount of money to
operate a casino and obviously, someone has to pay for the rent,
utilities, salaries, and so forth. In the long run, that someone will
have to be you and me, the patrons of the casino.
In this respect, the situation in a casino is very different from
the typical neighborhood home game. Except for a small amount
of money that is collected to pay for the beer and snacks, for every
dollar that is lost by a player in a home game, a dollar is won by
another. The win-loss balance is different in a casino, and even the
winner contributes a share to maintain the game. Although the
higher caliber of play in the casinos is undoubtedly a contributing
factor, the large drain on funds has its impact on all players. This
includes those who win in neighborhood home games, but who
fail to adjust to the more competitive casino environment.
Still, there are a small number of players who are highly
successful in the commercial cardrooms. Some of these players
"graduate" to the middle- and high-limit games, and some go on
to become tournament experts.
How do you reach this level of success? A few do it very
quickly because they are extremely talented. Most others who
succeed do so because they have access to good information and
work hard at improving their poker skills.
So what about you, the average poker player? How likely are
you to succeed at casino poker and perhaps attain the status of a
professional? The answer to this question depends largely upon
how willing you are to work at improving your game.
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4 Introduction
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Introduction 5
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Background
As this is being written, the major casinos in Los Angeles
County sponsor more than thirty-five regular weekly poker
tournaments with buy-ins of less than $30 and service charges of
$5 or less. A review of Card Player Magazine indicates that these
small-stakes tournaments are becoming increasingly popular
across the country. Obviously, with such a small amount being
deducted by the casinos, these tournaments offer the small stakes
player an opportunity to compete successfully in the casino
environment. Before you begin, however, it would be wise to
learn about some of the nuances of tournament play.
In addition to these small-stakes in-house tournaments, many
of the large casinos sponsor major tournaments that have buy-ins
ranging from as low as $120 to as high as $10,000 for the main
event of the World Series of Poker at Binion's Horseshoe Hotel
and Casino in Las Vegas and $25,000 for the final event of the
World Poker Tour.
One of the key differences between playing in a tournament
and playing at an open table on the casino floor is that you cannot
cash in at your convenience. As a result, at various points in a
tournament, preserving a portion of your stack (in essence,
surviving) may be a more important consideration than
maximizing the amount you can win with a particular hand.
This is very different from open table play where generally
your objective is to maximize your winnings on each hand you
play. As an example, assume you are in the last position in a
seven-card stud tournament with only eight players remaining.
The eighth place finisher will receive $20, the seventh place
finisher will receive $30, and the sixth place finisher will receive
$50. Further assume that a player bets $1,000 in tournament chips
after the last card has been dealt and you have $1,100 in
tournament chips remaining and a hand that is nearly certain to
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8 Background
win. Would it be wise to raise with your last $100? In a ring game,
you would put every penny you have into the pot. But in a
tournament, that may not be the best move. In fact, in a
tournament your move would depend on how management
determines tournament placings when two or more players are
eliminated from the tournament during the course of a hand. This
is explained in Part Seven of this book.
Another important characteristic of tournament play was first
pointed out by Mason Malmuth in his book Gambling Theory and
Other Topics: In almost all tournaments, the average value of each
chip will change as play progresses. This is very different from
play at an open table on the casino floor where the value of a chip
is always equal to the amount shown on the chip. A chip at an
open table that indicates a value of $10 is always worth $10. In a
tournament, the value of a chip that indicates a value of $10 could
be worth far more than $10 or only a fraction of $10, depending
on a host of factors.
How is this possible? The value of a chip changes during the
course of a tournament because:
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Background 9
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10 Background
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Background 11
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12 Background
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Background 13
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Part One
Progressive Stack
Rebuy Tournaments
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Progressive Stack
Rebuy Tournaments
Introduction
For years many tournament players had a complaint. They
felt that rebuys weren't worth making after the betting limits had
been raised a couple times since the amount of chips they were
receiving was now equivalent to only a small number of bets. As
we will see later in this book, this logic is flawed. In an effort to
satisfy these complaints however, Progressive Stack Rebuy
Tournaments were born — and in many locations they have
become very popular.
For those of you unfamiliar with Progressive Stack Rebuy
Tournaments, these are simply events that allow rebuys and for
which you get more in tournament chips the later in the rebuy
period it is. This solved the late-in-the-game rebuy complaint,
allowing players to feel that when they make a rebuy they would
get enough chips (and bets) so that they could still compete.
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Overview
Progressive stack rebuy tournaments that pay finalists a
percentage of the tournament pool are the most common type of
small poker tournaments currently being conducted in casinos
across the United States. An example of current tournaments of
this type in one casino is as follows:
3. Rebuys:
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5. Betting limits:
Betting Limits
20 minutes $10-$20
20 minutes $15-$30
20 minutes $30-$60
Intermission
20 minutes $50-$100
20 minutes $100-$200
20 minutes $150-$300
Intermission
20 minutes $200-$400
20 minutes $300-$600
20 minutes $500-$ 1,000
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Overview 19
Tournament Payouts
1 $800 10 $20
2 $520 11 $20
3 $270 12 $10
4 $155 13 $10
5 $135 14 $10
6 $110 15 $10
7 $90 16 $10
8 $70 17 $10
9 $55 18 $10
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1,2 ChipS
$40 = ($2,000)1 °°
60,000 chips
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tournament with
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The blinds are $5 and $10, and the rebuy stack will increase to
$300 (from $200) in the next few minutes. Would it be proper
strategy to play this hand against the two blinds? Even though you
are holding the best possible starting hand, the answer is that you
should quickly muck it because the most that you will be able to
win with the hand is only $10, and the pair of aces is far from a
certainty to win. By waiting for the rebuy stack to increase, you
will be certain to get an additional $100. When playing in a
Progressive Stack Rebuy Tournament, always watch the clock and
play accordingly. Try to avoid paying a premium for chips that
will be discounted soon thereafter. This is just one example of
how tournament play can differ from correct strategy in a standard
ring game.
Since betting limits at the start are typically only $10 and
$20, players who are playing these tournaments well should
seldom find themselves being forced to make a rebuy during the
first twenty minutes. The exception is when the tournament is no-
limit.
Even with blinds of only $5 and $10, it is possible to quickly
accumulate a large stack in a no-limit tournament because many
players will not hesitate to make an all-in call with a mediocre
starting hand. They are aware that many others are also playing
loosely and it will only cost a small amount to make a rebuy.
Again, don't fall into this trap yourself. Be prepared to play very
aggressively when appropriate, especially if you have a larger
stack than your adversary and/or believe that you have the best of
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1. How far will the player have to play down his stack?
2. What is the strength of the player's hand?
3. How likely is the player to be raised?
Since betting limits during this period are typically $30 and
$60, it may be possible to play down your stack for as little as $ 15
(from the small blind). That clearly would be worth doing.
However, the complexity and multiplicity of factors that need to
be considered in playing down your stack renders it impractical to
attempt to formulate any exact standards. My personal rule of
thumb for these tournaments is: approximately $60 or one big
bet.1 If I do not feel that I have a reasonable chance to win the pot,
I will not play down my stack for more than this. If there is no
legitimate chance for me to win the pot, I am practically giving
another player some of my chips, and these are chips that I had to
pay for and he did not.
In a no-limit tournament, as the end of the rebuy period
approaches, you will find that there are large differences in the
size of stacks at your table. This happens because many all-in
hands have been played and the rebuy stack is relatively small
when compared to the chip holdings of the players who had been
successful in the tournament up to that time. At this stage, because
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Special Note
What I have been discussing is a series of actual small stakes
rebuy tournaments. As mentioned earlier, these types of
tournaments are the most common small-stakes tournaments in
our casinos. However, the variations are almost endless and one
of these is appropriate for discussion while we are on the subject
of rebuys.
I have played in some tournaments (although fortunately not
recently) in which the add-on stack was as much as double the last
rebuy stack. In other words, if applied to the preceding model, the
add-on stack would be $800 in tournament chips for only $10. In
my opinion, this makes absolutely no sense because with such a
structure it would probably be proper strategy to play virtually no
hands during the rebuy period — except when it is possible to
steal antes or blinds from absent players. By not playing any hands
except the certain steals, it is possible to survive the rebuy period
with the original stack and make an add-on. This will allow you
to start the second session of play with a minimum investment and
a reasonably competitive stack. But think about it: What fun
would that be? Having played in over a thousand small-stakes
poker tournaments over the years, I am convinced that the vast
majority of small stakes tournament players are recreational
players who are there for the fun of it. Even so, I'm sure we'll all
agree: Winning is invariably more fun than losing.
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Put another way, I will not get into a raising war with another
large stack unless I have a "virtual" cinch.
So why is this the case? In a standard ring game it would
certainly be correct to be much more aggressive. But we must
understand that at this stage of the tournament — the end
game — tournament play frequently differs dramatically
from standard ring game play. Because of the percentage
payback nature of tournaments, when two large stacks clash,
especially late in an event, all other remaining players will
benefit regardless of which player wins the pot.
To see exactly how this works, let's look at the
following example. Let's say there are only three players left
in a tournament that pays 60 percent for first place, 30
percent for second place, and 10 percent for third place, and
each player has exactly $ 1,000 in front of him. With $3,000
in the tournament this means that first place is worth $ 1,800,
second is worth $900, and the third finisher receives $300.
1,800 = (.60)(3,000)
900 = (.30)(3,000)
300 = (.10)(3,000)
However, if they are all equal players, then each player at this
point should expect to win an average of $1,000.
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900 = (300) (900) + I (1,800)
V °/
The same calculation would hold true for player B. But how
can this be? Both players A and B started their hand with an
expectation of $1,000. They are now gambling on a dead-
even proposition. Yet somehow this even gamble seems to be
costing both of them money in the long run.
Where has this extra $200 gone? Has player C somehow
gotten it just by sitting out the pot? Well, let's figure it out.
Regardless of the outcome of the contest between A and
B, player C will find himself a 2-to-1 underdog to the winner.
His expectation is therefore,
'1} (1,800) +
2)
(900)
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2
This example was originally presented in the book
Sklansky on Poker by David Sklansky; it appears here with the
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3. You have one of the small stacks. You will not have the
luxury of waiting for a premium hand. In games that are
played with blinds, the position of the dealer button is often
far more important than the skill of the players. Pay close
attention to the location of the dealer button and the stacks of
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1. For games that are played with blinds, be aware that players
with small stacks will often be forced to commit to less than
ideal starting hands because of the size of the blinds. Be
prepared to stand your ground if you have a reasonable
number of chips against players with small stacks who come
on aggressively, especially if that player is in a position
where he will soon be required to put up the big blind. (This
concept is particularly true if you can easily put them all-in.)
By the same logic, if you see a player with a small stack
bring it in for a raise and he has several hands to go before he
is required to put up a blind, give him credit for a good hand.
In my experience, even in the smallest tournaments, few
players play poorly enough to come out charging from a
favorable position with a weak hand.
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3
A hand that is better "hot and cold," but not better if there
are bets on each round would be a hand (assuming bets) that
would tend to win a little for you when it finishes best, but would
frequently loose a lot if your hand finishes second best.
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Rebuys Revisited
In playing progressive stack rebuy tournaments, an intelligent
rebuy strategy is critical to your long-term prospects for success.
Here's a brief summary of recommended rebuy strategy for these
tournaments.
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Rebuys Revisted 41
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The Ultimate
Recommendation
If you are playing to win (and who isn't), never enter a
progressive stack rebuy tournament unless you have both the
resources and the intention to take advantage of all rebuy and
add-on options. You will be at a significant disadvantage to those
players who are prepared to make the proper rebuys if you choose
not to. Although miracles do sometimes happen, you will not
maximize your long term results if you are paying a higher price
for your chips than your rivals. Furthermore, by not making the
proper rebuys and add-on, you will quickly become a short stack
which will put you into a survival mode early producing a
strategic disadvantage against players with larger stacks.
The one exception is for freeroll tournaments that do not have
an entry fee. However, for most freeroll tournaments, the rebuy
stacks are far more progressive. For the last such tournament that
I entered, the initial stack was $200 in tournament chips and the
rebuy stacks increased to $500 and $ 1,000. For a tournament such
as this, the first rebuy should be considered to be equivalent to the
buy-in.
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Common Mistakes
A number of mistakes are commonly made by players in
progressive stack rebuy tournaments. Here they are, ranked in
order of relative frequency.
2. Not taking advantage of the tight play that always follows the
end of the rebuy period.
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Common Mistakes 45
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Part Two
No Rebuy Tournaments
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No Rebuy Tournaments
Introduction
Many players feel that the "cheap" progressive stack rebuy
tournaments aren't so cheap. In fact, they claim they can be quite
expensive. These players point out when you total up all the
rebuys and add-ons these "small" events can be quite costly —
and in some cases they are right.
They also argue, somewhat correctly, that the progressive
stack rebuy tournaments favor the individual with "deep pockets."
Having the ability to make many rebuys will allow someone to
play more aggressively than the player who must conserve his
chips from the beginning.
So this brings us to the "No Rebuy Tournaments," which are
also very popular. Some of the concepts of the rebuy tournaments
that we just discussed apply here, but take note: many other
important strategic ideas are different.
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Overview
No rebuy tournaments appear to be the second most popular
type of small-stakes tournaments conducted in our casinos. For the
most part, they seem to be popular in the smaller casinos and
cardrooms. (At the other end of the scale, ironically, the major
events like the World Series of Poker are also comprised mostly
of no rebuy tournaments.)
From the management perspective, the primary advantage of
these tournaments is that since the participants cannot rebuy, they
become more readily available to play at an open table where
collections can be made. The major disadvantage is that without
rebuys it is more difficult to build tournament pools large enough
to attract players. As a compromise, the buy-in for most no rebuy
tournaments is generally higher than for rebuy tournaments.4 In
addition, in order to make the tournament more attractive, some
casinos add a small amount of money to the tournament pool or
guarantee a minimum for the tournament pool. (This guarantee is
not as good as it sounds since some cardrooms have been known
to quickly cancel their tournaments if poor attendance is forcing
them to "ante up.")
An important characteristic of no rebuy tournaments
distinguishing them from rebuy tournaments is that the initial
stack is usually much larger in relation to the size of the opening
bet. In a typical progressive stack rebuy tournament discussed in
the previous chapter, the initial stack was only $200 in tournament
chips and the limits increased to $30 and $60 after only forty
minutes of play. Therefore, if rebuys were not permitted, the
tournaments would be practically over after an hour of play.
Clearly, this will not do. Casino managers, are aware that their
4
Of course, if you consider the rebuys and add-ons, this
may not be the case.
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customers need to feel that they are getting value for their
investment. Thus the tournament needs to last for more than an
hour for most participants.
Following is an example of a small-stakes no rebuy
tournament that I recently played. This is fairly typical of small-
stakes tournaments of this type:
3. Betting limits:
Betting Limits
15 minutes $15-$30
15 minutes $30-$60
15 minutes $50-$100
15 minutes $100-$200
15 minutes $200-$400
Inter mission
15 minutes $300-$600
15 minutes $500-$ 1,000
15 minutes $l,000-$2,000
15 minutes $2,000-$4,000
15 minutes $3,000-$6,000
5. Tournament payout:
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Overview 51
Tournament Payouts
Place Payout
1 40%
2 23%
3 12%
4 9%
5 6%
6 5%
7 3%
8 2%
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in this situation since your implied odds will probably not be high
enough. With a hand like this, if you flop a draw you may be
required to call bets and raises on both the flop and the turn in an
attempt to hit your hand.
In the early stages of a stud tournament, small pairs,
(particularly if they are buried), small three flushes, and three
cards to a straight with a gap may be profitable, especially if you
can get in for only the bring-in and your cards are live.
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For example, if no one has yet raised and you hold a hand
like
or a hand like
you can call providing that the cards you need, particularly the
deuces in the first example and the sevens in the second example,
are not out on board in other players' hands. You are looking to
catch perfect. If you catch a "blank" and are facing a full bet on
fourth street you should usually fold.
Another part of your strategy, especially if you are in an early
position, is to use the check-raise more liberally. This is especially
true in hold 'em. For example, if you are in an early position with
a hand like
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player out. The reason why this change in playing strategy occurs
is that as the end of the tournament approaches, as mentioned
previously, the value of a chip will vary, depending on the number
of chips in a player's stack. The larger the player's stack, the less
each chip in that stack is actually worth and conversely, the
smaller a player's stack the greater the value of each chip in that
stack. Thus your strategy should include the proper plays to use
this change to your advantage where it is appropriate to do so.
(This, however, is not true in those rare tournaments that don't
play down to the end or where everyone keeps what they have in
front of them.)
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3. You have one of the small stacks. You will not have the
luxury of waiting for a premium starting hand. In games that
are played with blinds, the position of the dealer button is
often far more important than the skill of the players. Pay
close attention to its location and the stacks of players who
will be required to post blinds before you. If they have small
stacks, consider the possibility that you might be able to
avoid posting blinds because of the movement of players
and/or the consolidation of tables. If you do decide that you
must commit yourself to a hand, do so aggressively.
However, always bear in mind that if you can save even one
chip, that might be enough to move you up the payout ladder.
1. For games that are played with blinds, be aware that players
with small stacks will often be forced to commit to less than
ideal starting hands. So be prepared to stand your ground if
you have a reasonable number of chips against players with
small stacks who come on aggressively, especially if that
player is in a position where he will soon be required to put
up the big blind. (This concept is particularly true if you can
easily put them all-in.)
By the same logic, if you see a player with a small stack
bring it in for a raise and he has several hands to go before he
is required to put up a blind, give him credit for a good hand.
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Common Mistakes
A number of mistakes are commonly made by players in
small-stakes no rebuy tournaments. They are listed as follows,
approximately in order of relative frequency.
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Part Three
Constant Stack
Rebuy Tournaments
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Constant Stack
Rebuy Tournaments
Introduction
Before Progressive Stack Rebuy Tournaments became
popular, the most widely held type of tournament were the
Constant Stack Rebuy Events. Today they have fallen somewhat
out of favor at the smaller buy-ins because many players feel that
it is a mistake for them to rebuy once the limits have been raised
a couple of times. They believe that even with the rebuy they are
just too much "out chipped."
This, however, is faulty reasoning. Even though your chances
of winning the tournament have gone down, the rebuy is still
usually profitable. (The reason for this is beyond the scope of this
book. See Gambling Theory and Other Topics by Mason
Malmuth.)
However, in the larger tournaments where rebuys are offered,
they are almost always constant stack rebuy tournaments. Plus, not
all small tournaments that offer rebuys are of the progressive
nature. Thus, it is still very important to have a good
understanding of appropriate strategy for these events.
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Overview
Constant Stack Rebuy Tournaments differ from Progressive
Stack Rebuy Tournaments (discussed in Part One of this book) in
that the size as well as the cost of the rebuy stack remains
unchanged throughout the rebuy period. The constant stack rebuy
format is still popular for major tournaments, satellite
tournaments, and special-event-type in-house tournaments with
higher buy-ins. However, for small-stakes tournaments, they have
been steadily overtaken by the progressive stack format.
The fact that rebuys are less attractive to many participants
tends to limit the size of the tournament pools. To counter this,
casinos introduced multiple simultaneous rebuys, but this led to
the charge that it permits players with deep pockets to almost buy
their way into the money. As a result, most Constant Stack Rebuy
Tournaments now limit rebuys to one or two rebuys per player. In
order to compensate for this limitation on rebuys and produce a
large tournament prize pool, the buy-in and rebuy are usually
higher than for Progressive Stack Rebuy Tournaments.
Following is an example of a typical Constant Stack Rebuy
Tournament. Note that the initial stack is relatively large when
compared to the Progressive Stack Rebuy Tournament ($500 in
tournament chips versus $200 in tournament chips) but that the
betting limits increase more rapidly. These are fairly common
characteristics of small-stakes Constant Stack Rebuy
Tournaments:
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4. Betting limits:
Bettin g Limits
15 minutes $10-$20
15 minutes $15-$30
15 minutes $30-$60
15 minutes $50-$100
Intermission
15 minutes $100-$200
15 minutes $200-$400
15 minutes $350-$600
15 minutes $500-$ 1,000
15 minutes $l,000-$2,000
15 minutes $2,000-$4,000
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V
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$12 = (l-0.40)($20)
5
At the time of this writing, an exception is occurring on
some Internet sites which are trying to attract business.
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3. You have one of the small stacks. You will not have the
luxury of waiting for a premium starting hand. In games that
are played with blinds, the position of the dealer button is
often far more important than the skill of the players. Pay
close attention to its location and the stacks of players who
will be required to post blinds before you. If they have small
stacks, consider the possibility that you might be able to
avoid posting blinds because of the movement of players
and/or the consolidation of tables. If you do decide that you
must commit yourself to a hand, do so aggressively.
However, always bear in mind that if you can save even one
chip, that might be enough to move you up the payout ladder.
1. For games that are played with blinds, be aware that players
with small stacks will often be forced to commit to less than
ideal starting hands. So be prepared to stand your ground if
you have a reasonable number of chips against players with
small stacks who come on aggressively, especially if that
player is in a position where he will soon be required to put
up the big blind. (This concept is particularly true if you can
easily put them all-in.)
By the same logic, if you see a player with a small stack
bring it in for a raise and he has several hands to go before he
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Common Mistakes
A number of common mistakes are often made by players in
small-stakes Constant Stack Rebuy Tournaments. They are listed
as follows, approximately in the order of relative frequency.
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Part Four
Sudden Sayonara
Tournaments
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Sudden Sayonara
Tournaments
Introduction
A big complaint of many tournament players and tournament
directors regards the length of tournaments: Some just last too
long. This is particularly true if some of the players who make the
final table are very conservative.
One solution is to end the tournament before all the players
have been eliminated. Now both the tournament director and the
last remaining players can get a good night's sleep.
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Overview
A Sudden Sayonara Tournament is an event that ends
abruptly when the number of players remaining declines to a
predetermined number. Usually, that number is three or four —
and only those players who survived to the end of the tournament
share in the tournament pool. Although the sudden sayonara
format is now relatively rare, these tournaments do seem to crop
up from time to time, especially in the smaller cardrooms and
casinos where the number of tournament players is small.
At the end of the tournament, chips are counted, and one of
the following methods is used to determine amounts that will be
paid to the finalists:
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Strategy
Advanced knowledge of which method of payment will be
used can be a critical factor in determining correct strategy for the
last few hands of the tournament. For example, assume that there
are five players remaining in a tournament that will end when
there are only four players remaining. In other words, when one
more player is eliminated, the tournament will be over. Further
assume that the last five players have the following quantities of
chips:
Player A $40,000
Player B $39,000
Player C $39,100
Player D $38,000
Player E $1,000
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Strategy 85
A
•
•
V
However, if there has been at least one call, Player D should raise
because he would now be in a position to win the tournament by
winning this hand.
Thus, this is an example of a situation in which it would be
proper strategy to fold an extremely strong starting hand that
would have been a heavy favorite to win the pot. Situations also
occur when it might be correct to call with an extremely weak
starting hand that would appear to be a prohibitively large
underdog. For example, assume that instead of the chip counts
shown above, the last five players had the following quantities of
tournament chips:
Player A $40,000
Player B $5,000
Player C $38,000
Player D $500
Player E $1,000
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Part Five
Shootout Tournaments
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Shootout Tournaments
Introduction
Shootout tournaments are events where the tables are not
consolidated, but where each table is played down to one person
who then advances to the final table.
A typical advertisement for a shootout tournament may say
something like "You only have to beat sixteen players to win."
This would refer to your opponents at the first table and your
opponents at the second table assuming a nine-handed game. In
reality, it is as difficult to win a shootout tournament as it would
be any other. On the other hand, they are a "change of pace" and
can be fun to play, especially if you enjoy short-handed poker.
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Overview
Shootout tournaments are No Rebuy Tournaments in which
play at each table continues until one player has won all the chips.
This winner then advances to the next round of play. Although
these shootout tournaments were fairly popular in casinos a few
years ago, they are relatively rare today. That's because the format
has never been well liked by players or management.
From a management perspective, shootout tournaments are
not looked upon with favor because they tend to tie down too
many tables and dealers for an extended period of time. Another
drawback is that shootout tournaments are difficult to administer
because, in order to be fair to all players, the same number of
players would be required at all tables. This always presents a
problem because tournament players are notorious stragglers, and
management never knows how many late arrivals they are going
to have. Obviously, this problem could be alleviated if the
tournaments were started on time.
A possible solution would be to discontinue signing
additional players whenever management feels that they can no
longer complete an additional table. However, refusing to accept
late arrivals is an act that evidently runs contrary to the nice guy
image that tournament directors like to cultivate.
Shootout tournaments were never popular with players
because some tables will invariably complete play much faster
than others. The result is a long wait for some first-table winners.
Another drawback in the eyes of many players is that more often
than not, winners at the first tables will agree to a chop. It is
relatively easy to reach agreement prior to the start of the second
session because each surviving player will begin the second
session with a stack of equal size. However, if the tournament
pool is going to be chopped anyway, why make players wait
around until the final first-table winner is determined?
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A 9A A
is a very weak hand if you are the first player to act before the
flop. At what point (number of players) is the A * 9 * strong
enough to warrant a raise? In lowball poker, a one-card draw to a
nine such as
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3
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2
is also a very weak hand at a full table if you are the first player in.
At what point is this a strong starting hand? For a discussion of
strategy for playing short-handed poker, see the chapter entitled
"Playing Short Handed Poker" in Part Seven of this book.
In the experience of the author, because of the small amount
of money involved, there is little incentive to cut a deal at the first
table. Therefore, since being the first player to be eliminated at
your table is really no different than being the last player to be
eliminated, be aggressive with the hands that you choose to play.
Due to the fact that there is going to be only one winner at your
table, which means that the chips do not change value, survival is
not a consideration. Be inclined to press any small advantage you
might have just as you would in a regular ring game in order to get
the maximum return on every potential winning hand. However,
this should not be construed as a suggestion that you should
charge blindly ahead once you get involved in a hand. As in any
poker environment, there is always room for sound judgment and
a knowledge of your opponent. In other words, as in any other
poker situation, you must play your hands well.
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Part Six
Last Table Negotiations
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Overview
Because of the size of the blinds and betting limits in relation
to the number of chips in the tournament, action among the last
few players in a small-stakes tournament usually degenerates into
little more than a crap shoot, with most of the players only one or
two hands away from elimination. In other words, luck not skill
frequently determines the outcome. Because of the large
differences in the amount of money that will be paid to the
finalists, there is a great deal of incentive for the last few players
remaining in the tournament to negotiate a mutually agreeable
division of the money remaining in the tournament pool.
To determine how the last few players in a tournament might
equitably "chop" the money, complex studies have been made
based on mathematical probabilities. For any readers who might
be interested in further details, I again refer you to Gambling
Theory and Other Topics by Mason Malmuth or Tournament
Poker for Advanced Players by David Sklansky. However, for our
purposes, a few simple facts should suffice to equip the average
small-stakes tournament player with the knowledge needed to
negotiate equitable (if not more than equitable) settlements at the
last table.
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Player A $100,000
Player B $30,000
Player C $900
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has to do is ram home his chip advantage and pick up all the
marbles, and there is the pessimist who will feel that it would be
a real shame if he fails to win the tournament after having such a
huge lead. Oftentimes, the negotiating stance of the chip leader
will be readily discernible from his response to the first offer to
negotiate. Pay close attention because the pessimist is usually
much more likely to agree to an offer that concedes him first place
in the tournament for a favorable concession to players who have
smaller stacks. Also, in my experience, women generally seem to
be more inclined to agree to a chop than men. However, if a
woman does not initially agree to a chop, you can usually assume
that she will be more likely to stand her ground than a man,
especially if the other finalists are all men, which is frequently the
case. Presumably, this is because many women seem to be
distrustful of a bunch of men who are trying to talk her into
something.
When a settlement is made among the last few players, the
usual method is to apportion the "amount at stake" according to
the size of each player's stack. For example, assume that Players
A, B, and C agree to a chop in a tournament that provides for
payment of $1,000 for first place, $500 for second place, and $300
for third place, and that players A and B each have 30 percent of
the chips and Player C has 40 percent. Since the "amount at stake"
is $900 ($1,800 minus three times $300), players A and B would
receive $570 each.
$570 = $300+(0.30)($900)
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This formula works well if the stacks of the last few players
are reasonably equal in size. However, if they are not, a problem
arises. For example, if Player A has only 5 percent of the chips,
the formula would call for him to receive only $345. Since he has
already assured himself of at least $300, he could hardly be
expected to give up the opportunity to win the $1,000. For only
$45 more than the $300 that he has already won, especially if he
is in a good position relative to the blinds, he still has a shot at
first place. In instances such as this, it is the usual practice for
players with a large stack to pay players with small stacks a
premium. This is reasonable and fair because as we've previously
noted, the value of a chip in a small stack is higher than the value
of a chip in a large stack.
Another factor that should be noted is that if one of the
players has a very large stack, rigid application of this formula
would result in the payment of more than the actual amount of
first place money to that person. For instance, if one of the players
had 90 percent of the chips, rigid application of the formula would
call for payment of $ 1,110
$1,110 = $300+(0.90)($900)
in spite of the fact that, in the example, first place only pays
$1,000.
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The Position
of the Dealer Button
For games such as Omaha, hold 'em, and lowball, the
position of the dealer button can be a critical factor, especially for
players who advance to the last table with a short stack. This is
especially true for lowball because lowball has only two rounds of
betting, and the blinds usually constitute a much higher
percentage of each pot than the other mentioned games.
If you advance to the final table with a small stack but get
favorable position (such as the dealer position) do not sell yourself
short. Due to the size of the blinds in relation to the total number
of chips on the table, luck plays a huge role. In a game that is
played with two blinds, from the dealer position you can usually
count on seeing six or seven hands (assuming a full table) before
being forced to commit any of your chips. This is a huge
advantage over a player with a similar sized stack who will start
play from the big blind position because one good hand could put
you in a position to challenge the chip leaders. There is also the
possibility that other players will be eliminated from the
tournament before you will be required to post a blind.
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The IRS
According to an IRS ruling, casinos are required to issue an
IRS form W2-G to any payee who receives $600 or more at the
end of a tournament. Most players would therefore prefer to
receive $599 rather than $600. This creates opportunities for the
knowledgeable. For instance, assume that players A, B, and C are
the last three players remaining in a tournament that pays the top
three finishers $900, $450, and $225. Further assume that players
A and B have huge stacks of approximately equal size and that
Player C, who has the big blind on the next hand, does not even
have enough chips left to fully satisfy the big blind requirement.
If players A and B chop first and second place money, they
will each receive $675 and the IRS form. Would they accept an
offer to take $599 each and leave $377 for third place? In my
experience, there are many players who will consider taking the
$599 and leaving $377 for third place. As a result, Player C could
leave the table with $377 rather than an almost certain $225.
Situations such as this occur quite frequently in small-stakes
tournaments. Be aware of them and be prepared to negotiate to
your advantage. Also, for those of you new to poker tournaments,
casino personnel will usually respect the wishes of the players as
long as the arrangement is agreed to by all remaining players
before the next hand is dealt.
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players who appear to have gone on tilt because their offer to chop
has been rebuffed. Such a player may come out swinging —
especially against those who have rebuffed him — even though
the general tendency for players who want to chop is to be
conservative.
Over the last few years, I have participated in many last table
negotiations and can report to you with certainty that I have never
witnessed an occasion in which a chop was agreed upon by
players who were shouting at each other. Try to be diplomatic in
these negotiations. You will be far more likely to succeed if you
have a cordial relationship with the other players.
To some players, winning one of these tournaments is
important as an ego booster. Be prepared to diplomatically
concede such a player first place if they have the largest stack.
However, be cognizant of the fact that such a player will often
settle for little or no more money over a player with a smaller
stack, especially if there is a photographer standing by to record
the big event.
One last word of advice. When participating in one of these
negotiations, never give the impression that you are eager to chop,
especially if you really are. Obviously, if you have a small stack
and an unfavorable position relative to the blinds, you will have,
little leverage with which to negotiate. If you have a decent stack,
and/or a favorable position relative to the blinds, the other finalists
will be much more inclined to give consideration to your views if
they believe that you are amenable to an equitable chop but are
also perfectly willing to continue play. (This may be a good time
to promote the inaccurate formula accepted by many tournament
players that we discussed earlier.) In other words, when
negotiating, try to exhibit confidence, reasonableness, and
especially restraint.
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Part Seven
Other Topics
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Other Topics
Introduction
Though we've covered the different strategies necessary to do
well in the various kinds of tournaments we're still not quite there
yet. There are a few more topics that need to be discussed to
assure your long-term success: "Tournament Tie Breakers,"
"Playing Short-Handed Poker," and "The Collusion Stage."
Many of the better tournament players will tell you that one
of the things that truly separates them from the "also rans" is the
ability to play short-handed. Ring game players can always avoid
short-handed play. All they have to do is quit the game.
Tournament players do not have this luxury. If you have chips
you must play no matter how many empty seats there may be at
your table. In addition, if you win the tournament you must
triumph at the final table, which will become short-handed.
Therefore, pay special attention to the chapter in this section on
short-handed play. Many of you may want to read (and study) it
several times.
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Chip Exchanges
A chip exchange is the process of exchanging small
denomination chips for larger denomination chips when the
smaller denomination chips are being withdrawn from a
tournament. Since chips are normally exchanged at least twice
during the course of a tournament, knowledge of how you might
benefit from these exchanges could give you an advantage over
some of the other participants.
When a chip exchange is made, one of the following methods
will be used:
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players with six, seven, eight, and nine $5 chips will receive
two $20 chips. Therefore, for the same reason as Number 1
above, players who have eight or nine $5 chips and are in the
small blind position may be able to get a free call.
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$100 chips are being exchanged for $500 chips, you will be
increasing your stack by $200. Surviving in a tournament in this
manner can be especially important at the last table if you have a
favorable position relative to the blinds because players who have
small stacks will be required to post blinds before you will be
required to commit your last chip.
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1. Most chips method. The player who had the most chips at
the start of the last hand is considered to have been
eliminated last and will receive the higher placing.
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and you are high on board and therefore must act first. Your last
card is the
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giving you aces full. You bet $1,000 in tournament chips.
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The last of the four players, who has a huge stack, raises you
$1,000. His hand is
Notice that he can beat your aces full only if his three down
cards are all queens. Thus, you are an extremely heavy favorite,
and in a ring game would reraise without hesitation. You have
$1,100 remaining in your stack.
Would it be wise to raise with your last $100 in tournament
chips and put yourself all-in? Probably not if the sharecropper
method is being used. You will be risking $167 in real prize
money for one tournament chip. The reason is that if the raiser
does happen to have the "miracle" four queens, you will be
eliminated from the tournament along with the other two players,
and the three of you would receive $133 each.
However, if you merely call his raise and finish the hand with
your last $100 chip, you will be virtually insuring yourself of sole
possession of second place and the $300 that goes with it.
Therefore, although your aces full is an overwhelming
favorite, it would be foolish to go all-in. One additional chip will
not be a factor of any significance in a $1,000 limit heads-up
confrontation.
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IT*
* *s
is usually unprofitable if you are the first player to act. However,
if there are only two other players, the two blinds, you have a
strong hand. As the number of players at your table declines, pay
close attention to how the other players, especially the new faces
in the tournament, are playing. It is usually safe to assume that a
player who lacks experience at tournament poker will fail to
properly adjust for a short-handed table.
This brings to mind an amusing personal experience. One day
not long ago, while waiting for the start of a lowball tournament,
I struck up a conversation with a young man I had never seen in
the casino before. He was a nice, pleasant fellow who told me that
he was in town for a few days to attend a sales convention and that
he was familiar with the game of lowball because he had learned
it from his dad. He went on to tell me that he still played the game
occasionally as a substitute in his father's monthly dealer's choice
games, but he had never before played in a poker tournament, and
had no expectation of winning the tournament or even finishing in
the money. As far as he was concerned, the thirteen-dollar buy-in
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was cheap enough for a "kick." Since this was a Progressive Stack
Rebuy Tournament, being a nice fellow myself, I explained to the
young man why rebuys were a good investment. In addition, I
suggested that if he really wanted a "kick," he should be playing
to win, and after all, another ten or twenty dollars was not really
much of an investment. With a laugh, he agreed.
As luck would have it, we met again about three hours later
as the last table was being formed. The young man thanked me for
having talked him into making the rebuys and, with a chuckle,
told me that he was going to leave the casino as a winner "no
matter what."
We were still there when the tournament field was reduced to
five players. Correctly assuming that the young man would fail to
properly adjust for a short table, I then proceeded to shed my nice
guy image and stole a few blinds from him. I knew that he would
not know to call enough to stop me from taking more than my
share.
For most percentage payback tournaments, the amount paid
for first place is twice the amount paid for second place and four
times the amount paid for third place. Because payment is so
heavily skewed in favor of the higher finishers, it is vitally
important for tournament players to master the art of playing
short-handed poker. Strangely enough, as important as playing
short-handed is for the tournament player, only a small amount
appears in print. However, in their books, David Sklansky and
Mason Malmuth have given us some helpful guidelines that I will
briefly summarize for you.
First, Sklansky and Malmuth point out that short-handed play
is really "very similar to being at a full table after several people
have passed." Thus your opening and defending strategies should
be about the same as if the first five or six (in the case of hold
'em) or the first four or five (in the case of stud) players have
passed.
An important exception occurs in seven-card stud since the
"total amount of the antes in the pot will not be as large as it is in
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The Most
Beatable Tournaments
I won't tell you my age, but I've been spending time at the
poker tables for more than fifty years. During the forties, I played
in shacks that served as quarters for high school students who
were helping out on summer harvests. During the fifties, I played
in college dormitories and also aboard a variety of ships at sea.
During the sixties, seventies, and eighties, I played on military
installations in overseas areas, and now during the nineties, I am
playing in casinos.
During these fifty years, I have played poker with many
thousands of people. Since I have never once played with
someone who did not enjoy winning, I will assume that you too
enjoy winning. This raises an interesting question. At what kind
of tournament are you most likely to be a winner?
Now that is a very simple question, and my guess is that you
have never once stopped to ask it. You are not alone. The vast
majority of players probably haven't considered this. I have been
playing in poker tournaments for more than ten years, but didn't
get around to asking myself this question until about a month
before this writing The idea came to me while driving home from
a losing effort in a lowball tournament.
The good news is that the answer to this question is also very
simple: The easiest tournament to beat is the one in which the
game being offered is not usually played in the sponsoring casino.
For example, if seven-card stud high-low split eight-or-better is
not normally spread for small-stakes players, but the casino does
sponsor a seven-card stud high-low split eight-or-better
tournament, that will be the easiest tournament to beat. If the
game is not spread in the casino, the likelihood is strong that the
regular players will not be familiar with it and will therefore play
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Part Eight
Stepping Up
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Stepping Up
Introduction
The Tournament Trail section of a recent issue of Card
Player Magazine listed 497 small-stakes poker tournaments that
are being conducted in this country each week. Therefore, when
you consider that there are numerous tournaments that are not
even being reported, it is probably safe to assume that close to
30,000 small-stakes poker tournaments occur each year. In
contrast, there are only a relatively small number of major events,
even though some of these events consist of many tournaments.
These figures are provided not because I wish to downplay
the significance of major tournaments, but to put the numbers into
proper perspective and point out that the number of small-stakes
tournament players greatly exceeds the number of those who play
in major tournaments. Obviously, however, the majors are where
the money, fame, and glory are to be found. Consequently, many
small-stakes players will, from time to time, attempt to make the
transition to tournaments at a higher level. This chapter is
intended to provide such players insight into the larger
tournaments and, hopefully, help them make the adjustments that
will be necessary to successfully compete at the higher level.
The term "major tournament" is an extremely broad and
ambiguous one that has never been satisfactorily defined. For our
purposes, however, a major tournament is any tournament that is
listed as a major tournament in the Tournament Trail of Card
Player Magazine. This means that the buy-in could range from as
low as $115 to as high as $25,000.
The most popular buy-in for major tournaments is currently
in the range of $330 to $540. However, with the increasing
popularity of tournament poker, buy-ins of $120 to $230 seem to
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Introduction 129
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No Rebuy
Major Tournaments
Limit Games
Since the vast majority of major tournaments are no rebuy
limit tournaments, we will begin with a discussion of them. For
this purpose, let's assume that the initial stack is $500 in
tournament chips and the following betting limits are applicable:
Betting Limits
For most major tournaments, the initial stack is $500 and the
opening betting limits are $15 and $30. Therefore, even for those
tournaments in which limits were increased after forty minutes of
play, betting limits have only doubled to $30 and $60 after an
hour. However, because opening limits are relatively large in
relation to the size of the initial stack, opening action in a major
tournament is usually much more conservative than in a small-
stakes tournament. This contributes to a slower pace of action.
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6
An exception to this is the $10,000 no-limit hold 'em
championship at the World Series of Poker where many small
stakes players qualify via satellites on Internet poker sites.
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In a major tournament, the cards shown above are not likely
to have helped any of the other players. It is highly possible that
you are holding the best hand at this point in time. In a small
stakes tournament, I would be far less inclined to make such a
judgment.
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valuable experience as well as a feel for the type of action that you
can expect to encounter.
Another thing to keep in mind is that the major no-limit
tournaments start off favoring those players with real poker skill
as opposed to tournament skill. There are three reasons for this.
B. The limits — which in this case means the size of the blinds
— are increased more slowly. Thus, you will have more time
to use sophisticated poker skills.
C. In no-limit the edge that the good player has over the bad
player is greater. This is not a function of the tournament, but
a function of the game itself. This allows the best no-limit
players to dominate these events in a manner that the best
limit players are unable to achieve in the limit tournaments.
What can you conclude from this? Simply that until you get
some experience at no-limit poker and/or no-limit tournaments,
entering them can be very dangerous for your bankroll. They may
be fun to play, but don't expect to do very well at first.
Similar comments apply to pot-limit events as well, even
though the playing strategy for pot-limit is sometimes very
different than no-limit.
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Constant Stack
Rebuy Major Tournaments
Limit Games
In major tournaments in which limit poker is played, rebuys
are usually permitted only until the first intermission. In general,
only one rebuy is permitted, but a few tournaments allow two
rebuys. Although unlimited rebuys are allowed in some no-limit
and pot-limit tournaments, it is rare to find a limit tournament in
which more that two rebuys are allowed.
As the tournament begins, it is useful to know which players
at your table are planning to make a rebuy and which are not. This
will probably give you a clue as to how they will be playing. As
a rule, players who plan to rebuy will be playing more
aggressively than players who do not plan to rebuy. Before play
begins, try to get this information from the players at your table.
You may be surprised at how readily some of them will give you
such useful information. However, never divulge your own true
intentions.
Remember, in a percentage payback tournament, a solid
player will almost always have a positive expectation when he
makes a rebuy. Therefore, you should assume that the
professionals at your table will be making a rebuy if they lose
their stack or get low on chips. You should do the same.
A few years ago it was not uncommon to find many players
entering these major tournaments who had little understanding of
correct tournament strategy and who also were mediocre as poker
players. With the rapid expansion of casinos across the country,
and the proliferation of poker tournaments, those days are now
long gone. However, there are still exceptions, especially in the
tournaments that have buy-ins of less than $500. Play close
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attention to the type of hands that players at your table are playing.
Since there will be three or four rounds at the first betting level,
it should be possible to get a reasonably good read of your current
opponents.
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Part Nine
Tips for
Tournament Managers
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Tips for
Tournament Managers
Introduction
I find tournaments to be not only profitable, but a lot of fun
to play. I believe most casino managers feel the same way.
Tournaments are good for business and help to create a feeling of
"good times" in a cardroom. But, like many endeavors, they could
use a little improvement.
What follows are some suggestions that should make
tournaments run a little more smoothly, and thus return more to
the players and the hosting casino. If these ideas are adopted,
everyone should benefit.
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Recommendations
Tournament managers, take note: The small-stakes in-house
poker tournament as well as a major tournament is a promotional
tool for your casino. Obviously, the more enjoyable the
tournament is for your players, the more successful it will be in
this area and the more players you will be able to attract for future
events.
By putting the following recommendations into action the
result will be better managed, more player-friendly tournaments
in your casino.
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3. Kill the hand if the player is not at the table to act on the
hand. In his turn, a player is obligated to act on his hand by
betting, calling, checking, raising, or folding. Since no other
player is permitted to act on his hand, if a player is not in his
seat, the hand should be immediately killed by the dealer.
This will minimize confusion and speed up play.
5. If a player who has prepaid the entry fee does not arrive
by the end of the first intermission, pick up his chips. The
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Recommendations 147
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Recommendations 149
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Part Ten
Questions and Answers
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Progressive Stack
Rebuy Tournaments
The First Twenty Minutes
1. Should you play extremely loose during the rebuy period?
No.
5. Why?
Fast play is likely to put you in a position where you might be
forced to make an early rebuy while tournament chips are
still being sold at a premium price.
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4. How much should you play down your stack to make a rebuy?
A good rule of thumb is one big bet.
6. Why?
You will have little to gain unless you get a call (or a raise)
and now you will probably be up against a superior hand.
2. Suppose you have a large stack. What should your strategy be?
Concentrate on eliminating players who have small stacks.
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6. Suppose you have a small stack. What should your strategy be?
Pay attention to the location of the dealer button and the
stacks of the players who will be required to post before you
do, and adjust accordingly.
9. What if the player with the small stack has several hands to go
before he is required to put up a blind?
Give him credit for a good hand.
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12. Suppose the players in the blinds are not calling enough and
your hand does have legitimate value?
This is an excellent opportunity to take advantage of tight
play.
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No Rebuy Tournaments
The First Twenty Minutes
1. What do you usually see?
Extremely loose play in the opening stages.
4. Examples?
In hold 'em, liberally play small pairs, medium-suited
connectors, and ace-little suited. In stud, liberally play small
pairs (particularly if they are buried), small three flushes, and
three cards to a straight with a gap, especially if you can get
in for only the bring-in and your cards are live.
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2. Suppose you have a large stack. What should your strategy be?
Concentrate on eliminating players who have small stacks.
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6. Suppose you have a small stack. What should your strategy be?
Pay attention to the location of the dealer button and the
stacks of players who will be required to post before you do,
and adjust accordingly.
9. What if the player with the small stack has several hands to go
before he is required to put up a blind?
Give him credit for a good hand.
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12. Suppose the players in the blinds are not calling enough and
your hand does have legitimate value?
This is an excellent opportunity to take advantage of tight
play.
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Constant Stack
Rebuy Tournaments
The First Thirty Minutes
1. What is the play generally like?
It is more conservative than either progressive stack rebuy
tournaments or no rebuy tournaments.
2. Why?
The rebuy is generally more expensive than the progressive
stack rebuy tournament and the initial stack is smaller than
the no rebuy tournament.
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5. Suppose you have a small stack. What should your strategy be?
Pay attention to the location of the dealer button and the
stacks of players who will be required to post before you do,
and adjust accordingly.
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8. What if the player with the small stack has several hands to go
before he is required to put up a blind?
Give him credit for a good hand.
11. Suppose the players in the blinds are not calling enough and
your hand does have legitimate value?
This is an excellent opportunity to take advantage of tight
play.
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Sudden Sayonara
Tournaments
Overview
1. What is the predetermined percentage method?
A method of payment in which the amounts to be paid to the
final players are determined in advance as a percentage of the
total amount of money in the tournament pool.
Strategy
1. What is a critical factor in determining correct strategy for the
last few hands of the tournament?
The method of payment that will be used.
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Shootout Tournaments
The First Table
1. Why is the strategy simple?
There is no need to consider such factors as rebuy or survival
strategy.
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6. What is an exception?
The player who might have gone on tilt because his offer to
chop was rejected.
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2. Why?
Because each remaining player is guaranteed the payout of
the lowest place that he can finish.
4. What else do you need to consider if you are one of the players
with a small stack?
Whether a player with a large stack is an optimist or a
pessimist.
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Other Topics
6. What if you fold every time you don't have a pair, a draw, or
overcards?
You are not calling enough.
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10. What question should you ask yourself about your opponent?
How did he get involved in this hand?
15. Why?
The timing of the next increase in betting limits is sometimes
more important than the skill of the players.
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Stepping Up
No Rebuy Tournaments
Limit Games
1. How does opening action in a major tournament compare to a
small tournament?
It is usually more conservative.
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Stepping Up 175
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5. Why?
Since there will be three or four rounds at the first betting
limit, it should be possible to get a good read at your table.
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Stepping Up 177
4. Why?
Your long-term prospects should be maximized.
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Conclusion
As you can see, poker tournaments are very different from
standard poker. There are many reasons for this, but the most
important one is that the winner of the tournament does not collect
all the money, even though he has won all the chips.
This has many implications and impacts standard poker
strategy in many ways. But most importantly, it means that you do
not always have to try to maximize your expectation on virtually
every hand as you would in a standard poker game.
Another characteristic of poker tournaments is that they play
more like no-limit poker — even if the featured game is limit
poker — than conventional poker. This is because players
frequently go all-in early in a hand and there is "no play" on the
later streets. This idea is more true late in a tournament and is one
of the reasons why you need a good understanding of how hands
perform "hot and cold."
Rebuy strategies figure into tournament play as well. In many
events, correct rebuying will significantly impact your long-term
results. Of course, in the short run anything can happen. But those
of you who either don't rebuy, or rebuy improperly, will be at a
distinct disadvantage to those expert tournament players who
perform well in this area.
Finally, I want to again mention that there are very few
players who can consider themselves experts at both tournaments
and side games. While I do recognize that it is difficult to master
both areas, I also believe that it not only can be done, but that
there are a small number of people who have done it.
This brings to mind one last thought. Another tournament
book out there talks about how you have to have some "flair" to
be successful at poker tournaments. I don't buy this at all. In my
opinion, what you need are knowledge and experience. Once you
have acquired these attributes the flair should take care of itself.
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180 Conclusion
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Appendix A
Glossary
Like any other avocation, the world of poker is full of colorful,
sometimes ambiguous words and expressions. Following is a
listing of a few of the more common poker expressions that are
relevant to tournament poker.
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Blind: In hold 'em, draw, and lowball, and some other games, a
forced bet that one or more players must make to start the
action on the first round of betting. The blind rotates around
the table with each new deal. The person whose turn it is to
bet is said to be in the blind.
Brick: A card that does not help. Also called a rag or a blank.
Check blind: To check a hand before seeing the next card (or
cards).
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Come hand: A hand that has not yet been made with more cards
still to be dealt. Thus, a four-card flush would be a come
hand.
Flop: In hold 'em and Omaha games, the first three exposed
community cards, which are dealt simultaneously. The word
is also used as a verb. For example, to flop a "set" is to make
three-of-a-kind on the flop.
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Kicker: The second ranking card in the hand when the hand does
not contain a pair. When the hand does contain a pair, the
highest ranking unpaired card.
On the come: Playing a hand that has not yet been made. For
instance, if you bet with four cards to a flush, you are betting
"on the come."
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Pay off: To call a bet or a raise when you don't think that you
have the best hand. Usually a player will "pay off because
he suspects that his opponent is bluffing, or because the pot
is so large in relation to the size of the bet that a call is made
in spite of reservations.
Percentage call: A call that is made because the cost of the call
is small in relation to the size of the pot.
Pocket cards: In games other than draw games, the cards that are
dealt face down to the player and therefore cannot be seen by
other players at the table.
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lose his entire salary for the day as well as some of his own
personal funds.
Rake: An amount retained by a casino from each pot as its fee for
running the game. Instead of taking a rake many casinos now
charge each player a time based fee that is collected every
thirty minutes. Also called a house cut. Tournaments,
however, have no rake.
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River card: The seventh and last card that is dealt in Omaha,
stud, and hold 'em games.
V% • • *
MJ • n 1* *A 1 • j I ?
would be considered a rough seven because of the presence of the
64.
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Set: Three cards of the same rank such as three kings or three
queens. Also called trips and triplets.
Semi-bluff: To bet with a hand that you do not think is the best
hand but which has a reasonable chance of improving to the
best hand.
Service charge: Funds deducted from the buy-in to help offset the
cost of conducting the tournament. Also called a service fee
or registration fee.
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¥% • *
String raise: A raise whereby a player puts some chips in the pot
without announcing his intention to raise, then returns to his
stack in order to complete the raise. String raises are illegal
in most casinos because they are thought to be an unethical
attempt to test an opponent's reaction to a potential raise,
before actually committing to make the raise.
Suited connectors: Cards that are of the same suit and adjacent
rank. For example:
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± *s
Super satellite: A multi-table satellite that is designed to provide
entry (or entries) into major tournaments that have a
relatively large buy-in.
Tell: A mannerism a player exhibits that may give away his hand.
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Turn Card: The fourth community card in hold 'em and Omaha
games.
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Appendix B
Recommended Reading
There are many books written on poker. These listed below
are the poker books I like best and should be most helpful to your
game.
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10. Omaha Hold 'em Poker (The Action Game) by Bob Ciaffone
(1992: Self-published).
13. Poker Essays, Volume ///by Mason Malmuth (2001: Two Plus
Two Publishing LLC).
14. Poker, Gaming, & Life by David Sklansky (1997: Two Plus
Two Publishing).
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20. The Theory of Poker by David Sklansky (1999: Two Plus Two
Publishing LLC).
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Index
add-on 41, 42, 72, 73, 155, 163
attrition poker 31
Binion's Horseshoe v, 7
buy-in 4, 188
Card Player
Tournament Trail 128
chip count ratio method 83, 84, 166
chip exchange 109, 110, 183
par value plus 50, 109
par value plus any fraction 109
race off 110
chop 40, 91, 94, 95, 99-101, 104-106, 117, 118, 168, 170, 172,
183
collusion stage ii, iv, 108, 120, 172
collusion ii, iv, 108, 120, 172
Constant Stack Rebuy Tournaments ii-iv, 11, 12, 66, 67, 70, 74,
75,78, 129, 176, 187
Constant Stack Rebuy Tournament 22, 67, 69, 70
end game i-iv, 32-34, 60, 75, 136, 140, 155, 159, 164, 175
Gambling Theory and Other Topics 8, 66, 99, 193
hot and cold 39, 43, 62, 63, 77, 78, 179
in-house tournaments 12
initial stack 42, 49, 52, 63, 67, 69, 129, 131, 135-137, 162, 174,
175, 188
intermediate stage i-iv, 31, 32, 74, 139, 155, 163, 177
IRS ii, 104, 149
last table negotiations ii, iv, 97, 98, 106, 169
major tournament 12, 69, 128, 129, 131-134, 145, 174, 175
majors 128
Malmuth, Mason i, v, 8, 66, 99, 116, 126, 193-195
Malmuth i, v, 8, 66, 99, 116, 117, 126, 193-195
multiple rebuy tournaments 10, 11
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198 Index
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Index 199
shootout tournaments ii, iv, 11, 89-91, 94, 95, 167, 189
shootout format 129
Straus, Jack v, 110
Sudden Sayonara Tournaments ii, iv, 11, 190
survival strategy 92, 167
survival poker v, 33, 38, 62, 74, 77, 94, 118, 163
taking advantage of the tight play 43
take advantage oftight play 74, 118,157,161,163,165,172, -
177
Tournament Poker for Advanced Players 1, 99, 195
tournament pool 8-10, 12, 17, 18, 20, 26, 40, 49, 50, 72, 73,
83-85, 91, 99, 100, 119, 136, 163, 166, 169, 175,
181-184, 186, 191, 192
tournament tie breakers ii, 108, 112
most chips method 112
sharecropper method 112, 114
Type A players 132
Type A player 132, 133
Type B players 132, 134
Type B player 136
Type C players 132, 133
Type D players 133
kamikaze 185
World Series of Poker v, 7, 9, 49, 110, 133, 136, 140, 192
Zee, Ray 117, 193, 194
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