Tournaments
Rising blinds, and chips that aren’t money.
- 01, open this step in the interactive versionyou20,000B20,000C20,000
In a cash game, chips are money. In a tournament, everyone pays the same buy-in for the same stack, and plays until they lose every chip.
- 02, open this step in the interactive versionhour 1200 (big blind)hour 3800 (big blind)hour 53,000 (big blind)
The blinds rise on a clock. Stacks shrink against them, so nobody can wait forever for a good hand.
- 03, open this step in the interactive version1st50%2nd30%3rd20%
Only the top finishers are paid. Say three are left, and the prize pool splits 50%, 30% and 20%.
- 04, open this step in the interactive versionyou50% of chipsB25%C25%
You have half of all the chips. Is your stack worth half the prize pool?
show answer
answerLess than half
whyEven if you win every chip, you only get 50%. Counting how often you finish first, second and third, your stack is worth about 38%.
- 05, open this step in the interactive versionyou38% (from 50% of chips)B31% (from 25%)C31% (from 25%)
The short stacks are worth more than their chips: 31% each from 25%. This way of converting chips to money is called ICM.
- 06, open this step in the interactive versionyou50% of chipsB25%C25%
So the chips you might win are worth less than the chips you might lose. Calling an all-in needs more than pot odds alone.
- 07, open this step in the interactive versionyou8 big blindsB30C22
With only a few big blinds left, what is the simplest good strategy?
show answer
answerAll-in or fold
whyA short stack can’t afford to raise and then fold. Moving all-in wins the blinds when they fold and avoids hard decisions later.
- 08, open this step in the interactive versionyou50% of chipsB25%C25%
Tournaments reward survival as well as edge. Chips are only a means: the payouts are what count.