Continuing with last week’s discussion about "The Art of Making a Deal" at the final table of a poker tournament, I would like to share some of the methods that are in common usage by the poker players when they make a deal.
And, if there is time, relate about a deal that was made.
Honey, you will remember that at the final table the blinds and antes are so high that the game becomes crazy high and that the poker tournament becomes a crap shoot, and that the players must play very courageously, sometimes with inferior hands.
Many large tournaments are won with very unusual starting hands. I remember Doyle Brunson won the World Series of Poker with a 10 and a deuce for a starting hand.
It is not unusual in small tournaments for the players at the final table to just split the money equally between the remaining players.
The players just put their chips into the pot and play showdown for the money””because if they do not they will go broke if they do not play. In just one or two rounds, their chips will all bleed away from them.
This condition red will occur anytime the blinds and antes exceed 10% of the chips in play during one round of play.
The fairest and best method is the chip count method.
Here is how this is computed: You take the cash amount that the next person out will receive and multiply that amount by the number of remaining players.
Then you subtract that amount from the total of all the money that remains in the prize pool.
Then you count each remaining player’s chips.
Then you count all the chips that are in play.
Then you put each player’s chips in a fraction over the total chips and multiply that fraction times the remaining money in the prize pool.
The remaining prize pool is 100% of the unpaid prize money minus the number of players remaining times the amount that next players out would have received if a deal had not been made.
Then you add this amount to the cash amount that the next person out would receive.
Then you test before any payouts to see if, by taking all payout of all the remaining players, it adds back to the same amount of the unpaid prize pool. If this amount adds back to the amount of money that has not already been paid out of the prize pool, the tournament director will then play out the money.
Now, Carol, here is a deal that was made and continued into a two larger other tournaments.
My friend from Canada made this deal a few years ago.
Kelly Samson, a tough Canadian poker player, sat down to play a satellite poker game to win a seat to play in a large Hi/Lo Omaha poker tournament at the Four Queens Classic.
He paid $165 to buy a seat in the satellite and went broke the very first hand. So he made a deal with the other players. He said he would pay another $165 if he could have a restart and continue to play.
The additional money would become a second place consolation prize pool.
The players agreed to let him continue to play.
Kelly subsequently got head up with Ron Stanley. (The other players all lost their chips and only Ron and Kelly were left in the satellite.)
This time Ron made an offer: he would give Kelly back his second buy-in of $ l65 and Ron would play the big tournament for them in a partnership arrangement.
Ron won the tournament and Kelly received his $165 back. Plus $17,000.
Plus, they made an additional agreement to put $10,000 of the prize pool into the big poker tournament at the World Series of Poker.
Ron won second place in the $10,000 WSOP championship event and Kelly received $250,000 for his part of the prize pool.
"Oklahoma Johnny" Poker Tip of the Week
If you do not wish to make a deal in a poker tournament, you cannot win the tournament by being too conservative and playing too safe and too careful.
You must gamble and be very aggressive. You may lose the tournament but I have never seen any tournament poker player ever win a poker tournament by backing up.
Until next time remember to stay lucky!