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There are few things that characterize the poker boom
better than large live multi-table tournaments. When over 800 players
entered the WSOP Main Event in 2003, it was a record field for the most
prestigious tournament in the world. Now, it's not unusual to find fields of
a similar size for much smaller buy-in tournaments during two- and
three-week events at casinos around the United States; recent $300+40
no-limit hold'em tournaments in Tunica and Atlantic City have drawn well
over 700 players each. If you've started thinking it's time to enter one of
these monster fields to earn your share of the prize pool, there are a few
things you ought to consider before jumping in head-first.
Structure
If you're going to put up more than your usual buy-in for a tournament, it
pays to make sure the structure is favorable before you register. Too often,
casinos that expect large fields for their smaller buy-in tournaments will
employ a structure that is designed to whittle the field down quickly. One
sure sign of how fast the structure moves is how quickly antes are
introduced to accompany the blinds. At the recent US Poker Championship
$300+40 no-limit hold'em event at Atlantic City's Trump Taj Mahal, a $25
ante came in on the third level. By way of contrast, the recent WSOP Circuit
events in Tunica didn't introduce antes until the fifth level. The sooner
antes come in, the less room most players have to play before moving all-in
pre-flop becomes their only move.
Another consideration with regards to structure is how long the levels last.
This is especially important for those players who are accustomed to online
poker. Whereas online play averages a hand per minute, if not more, in live
play you might see a hand every two minutes if everyone at the table acts
quickly. If the levels in your tournament only last 40 minutes, you're going
to have to make the most of every hand you're dealt. An hour to each level
gives you a little more room to work with.
A poor blind structure combined with quick levels can turn a poker tournament
into a crapshoot. Be sure you know what you're getting into ahead of time.
Travel Costs
Even though the expanded tournament schedule of recent years means more areas
now hold big tournaments, chances are you'll have to foot the bill for
traveling a fair distance to reach your tournament site of choice.
Round-trip airfare can be found cheaply through diligent internet searching
- if you live near a medium- to large-size airport. If not, driving is
probably your only other option, and gas prices today mean that a trip over
500 miles can cost you almost as much as an airplane ticket. It's important
to keep in mind that your travel costs can easily equal or surpass the
buy-in for a smaller buy-in tournament, so be sure to factor these costs in
when you're making preparations to play.
Satellites
Just because you want to play in a large live tournament doesn't mean you have
to pay full price for admission. Satellite tournaments are a great way to
win your way in for a discounted price, and they're available for almost
every event you can play in these days. Be prepared, however, to pay a large
fee for the opportunity. A price of $30+15 (50% juice) for a single table
satellite to a $300 event is not unusual. If you can afford a slightly
higher satellite entry - such as $50+15 - it can pay to play these instead.
The difference in competition is usually negligible, the juice is
significantly lower, you earn more money for winning the satellite, and
selling the vouchers or entry chips you receive from the casino is as easy
as playing pocket aces.
Backers
If the final cost of playing in a large live tournament is too high for you,
consider finding a few investors to back you into the tournament. A common
arrangement is to sell shares which pay a certain percentage of any prize
money you win, e.g. 10 shares at $30 apiece to enter a $300 tournament would
each pay out 10% of your prize. The more people you know who would consider
backing you in a tournament a good investment, the more shares you can sell.
If you plan on keeping shares for yourself (always a good idea), be sure not
to sell more shares than you need to enter the tournament. Otherwise you'll
end up paying out more than you can possibly win - or running from your
investors.
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