Poker Tournaments

In 2003, a Tennessee accountant named Chris Moneymaker won entry into the World Series of Poker Main Event via a $40 online satellite tournament.  He won his Main Event seat on PokerStars, although other Online poker sites, such as Full Tilt Poker, offer similar opportunities for winning your way into the WSOP.  Moneymaker made the most of his having won a seat, taking down the Main Event and winning a cool $2.5 million.

Moneymaker’s victory sparked interest in poker, generally speaking, but also in tournaments, which suddenly became especially popular both online and in brick-and-mortar poker rooms.  Even though the general Poker rules governing the play of a given hand is essentially the same, tournaments require a much different strategy than do cash games.

There are three primary differences between tournaments and cash games that particularly affect how the game is played:  the “structure” of the tournament, differences in players’ stack sizes, and the payouts.

The “structure” of the tournament refers to the schedule of blinds/antes increases as the tournament proceeds from level to level.  In live tournaments, levels can last as little as 20 minutes or as long as two hours.  Online, you also find differently-paced tournaments, with some “turbo” tourneys actually featuring five-minute levels (in which you really can only play just a few hands).

The reason for increasing blinds/antes is to encourage players to play and not sit around indefinitely waiting for premium hands.  Some tournaments have a “fast” structure with steep increases (e.g., the blinds are doubled from level to level), while others have a “slow” structure with much more gradual increases in the blinds/antes.  Always be mindful of the structure of your tournament, as that should dictate how patient you can (or can’t be) when it comes to choosing hands to play.

Another big difference between tourneys and cash games has to do with players’ stack sizes.  Whereas in cash games players can always buy more chips if they get short, in tournaments they cannot (unless it is a special “rebuy” tournament).  That means shorter-stacked players will have to adopt different strategies to try to survive, while the players with the big stacks will have more and more opportunities
to pressure others and take advantage of their limited options.

Finally, a third factor that affects how tourneys are played is the way the payouts are set up.  Usually only the top 10% of the field cashes in a tournament, although that percentage can vary widely.  It is important to be aware when the tournament is getting close to the money -- when the cash “bubble” is about to burst (as they say).  Some players will tighten up when the bubble approaches, while others will play more loosely in an effort to grab extra chips from the tight ones.

It is important to be aware of how many players will be cashing in a tournament, as well as what the gradations are between places that do cash.  Usually first place gets a significant chunk of the prize pool -- sometimes as much as 50% (or even more) -- while the rest of those cashing receive much less.  Knowing where the jumps are in the payouts can help you plan your strategy and maximize your profit.

These are just three factors that make tournaments much different from cash games.  Another big difference that many tourney players attest to is how exciting and drama-filled tournaments can be when compared to cash games.  It is up to you to figure out which form of poker suits you best.

Joseph Robert