I just want to invite everyone to attend a No Limit Hold’em Charity Tournament for the Sign Design Theater this Sunday at high noon at the Tuscany Resort.
Meet us at the Tuscany for an auction and this wonderful tournament for the special hearing impaired children.
As for now, I want to discuss cash chip count settlements in poker tournaments.
In last week’s column, I mentioned arriving at the final table of a 399-player field in Pendleton, Oregon with a $300 buy-in during an event that almost wiped me out on the very first hand.
Well, I was telling the folks that when I arrived at the final table of nine remaining poker players that I had played a little lucky and played with a little skill and arrived with the chip lead of almost 300,000 chips.
The money was good in this tournament at the final table. The house had generously added $10,000 to the prize pool and the range of payoffs ranged from about $3,000 for ninth to $30,000 for first along with a cruise package to Alaska.
When the poker game ended, the money was still undecided so the remaining players wished to sue for peace – a chip count settlement.
Here is how a settlement is made after counting the number of remaining players to be paid in the chip count.
• Take an inventory of each player’s chips.
• Count all the chips in the tournament. This must equal the number of total players multiplied by their starting chips.
• Add up all of the remaining unpaid prize money.
• Take the payout the next person would receive if he were to go broke in that last position.
• Multiply the number of players.
• Deduct the balance that has not yet been paid out.
• Take the inventory of each player’s chips and determine the percentage that each player will receive. All of these must total 100 percent.
• Before paying out any money add all payouts that will be made.
• All players must agree to accept each of their respective totals before any payouts are made.
If settlement is rejected by any of the players, the tournament must proceed unless additional negotiations produce an agreement. If no one issues the black spot, the payout is made and everyone is happy.
OK-J Tip of the Week
Folks, I know that was long so think on this! What in the heck is the black spot?
I am a lucky fellow because I had a mother who read to me. One of the books I remember was Treasure Island. When a decision was to be made by the pirates, a secret vote was called for on the question.
The pirates each were given a white and black spotted card. If anyone voted with his black card, the vote failed.
So if any of the remaining players used his black spot, the chip count deal was off and the order was given to shuffle up and deal!
Until next time remember to Stay Lucky!!!
Question? Comment? E-mail me at: Johnny Hale