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tourny format i had never heard of
hey guys, I found this tournament format they use at Seneca Casino and had never seen anything like it, it's kind of an interesting idea, thoughts?
“I Survived, Now Cash Me Out†Poker Tournament
No-Limit Texas Hold’em
Every Monday at 10 a.m. and 6 p.m.
BUY-IN: $30 + $5 = $400 IN TOURNAMENT CHIPS
RE-BUY (OPTIONAL): $30 = $600 IN TOURNAMENT CHIPS*
ADD-ON (OPTIONAL): $30 = $1,000 IN TOURNAMENT CHIPS**
This tournament will be played at first in our normal tournament format, with 15-minute rounds. When the final table is established, we will convert the tournament chips into live cash chips. All players will receive these chips in same ratio as their tournament chips. As a bonus for the tournament champion, 25% of the total prize pool will be retained.
When the final table is set, the player with the smallest amount of chips will be given the option of cashing out or continuing to play. The blinds will be re-set at $1 and $1 and play will be 10-minute rounds. At the end of each round, the player with the smallest amount of chips will be given the option to play or cash out. The blinds will double every 10 minutes until there is a champion. The champion will keep all chips and receive the extra 25% that was set aside. All prize money is returned 100%.
To determine the ratio of live chips given to the final table participants, subtract the 25% given to the tournament winner, then divide the total dollar value of tournament chips into the balance of the prize pool amount. Take this unit value and multiply it by the dollar value of each of the final table participants’ tournament chips to establish their starting live chip amounts.
“I Survived, Now Cash Me Out†Poker Tournament
No-Limit Texas Hold’em
Every Monday at 10 a.m. and 6 p.m.
BUY-IN: $30 + $5 = $400 IN TOURNAMENT CHIPS
RE-BUY (OPTIONAL): $30 = $600 IN TOURNAMENT CHIPS*
ADD-ON (OPTIONAL): $30 = $1,000 IN TOURNAMENT CHIPS**
This tournament will be played at first in our normal tournament format, with 15-minute rounds. When the final table is established, we will convert the tournament chips into live cash chips. All players will receive these chips in same ratio as their tournament chips. As a bonus for the tournament champion, 25% of the total prize pool will be retained.
When the final table is set, the player with the smallest amount of chips will be given the option of cashing out or continuing to play. The blinds will be re-set at $1 and $1 and play will be 10-minute rounds. At the end of each round, the player with the smallest amount of chips will be given the option to play or cash out. The blinds will double every 10 minutes until there is a champion. The champion will keep all chips and receive the extra 25% that was set aside. All prize money is returned 100%.
To determine the ratio of live chips given to the final table participants, subtract the 25% given to the tournament winner, then divide the total dollar value of tournament chips into the balance of the prize pool amount. Take this unit value and multiply it by the dollar value of each of the final table participants’ tournament chips to establish their starting live chip amounts.
Comments
Unless your skill level is far below average (relative to the remaining players), don't cash out.
ScottyZ
By quitting the tournament early, you are voluntarily giving up your portion of equity in the 25% of the prize pool which is withheld for the winner. You should only do this if you are so outclassed in skill by the table that taking some money immediately outweighs the additional equity you have given up from the "winner's bonus" pool.
Here's a numerical example.
Suppose there is $10,000 in the (total) prize pool, and you are low stack of 10 remaining players with 5% of the chips in play. Say you have a 5% chance of winning the tournament. Your equity in the winner's bonus prize is currently 5% * $2,500 = $125. Your equity in the main prize pool is 5% * $7,500 = $375. Immediate cashout would net you $375, which is less than your total equity of $500. "Cashing out" would be a monetary -EV decision.
When should you cash out? When your skill level is very low relative to the table.
Back to the example. Suppose the set-up is the same as above, but your low skill level dictates that the chances of you winning the tournament are only 1% even though you have 5% of the chips. Now your total monetary EV in the tournament if you decide to continue on is $100. Again, you'd receive $375 if you cashed out immediately. Take the money and run in this particular case.
ScottyZ