|
Do The Math
By Annie Duke
With the explosion of tournament poker in the past few years, many players are making the transition from cash games to tournament play. The prize pools in many cases have increased tenfold, so this influx of new tournament players is not surprising. The allure of huge money and TV exposure has drawn in so many players (including me) who used to concentrate on cash games only. But it is vital that these new players understand that the big prize pools and TV exposure are not the only differences between tournament play and cash games. The math and psychology of the games are also extremely different. Having a deep understanding of where the two types of poker diverge can spell the difference between success and failure in the tournament arena. The most significant mathematical difference is that the chips in a tournament have no cash value. This may seem like an obvious point (well, duh!), but the consequences of this fact are often missed by players. When you play in a cash game and you have, say, $50K in chips, your chips are actually worth $50,000. If an opponent has, say, $10K in chips, their chips are worth $10,000.
Let’s take the same case in a tournament. In order to understand what your chips are worth in a tournament, you have to know what the prize pool is. Let’s say the prize pool of a tournament is $1 million. You have 50K in tournament chips comprised of a stack of 50 1K chips. Your opponent has 10K in tournament chips comprised of 10 1K chips. In the simplest terms, each of your chips is worth less than each of your opponent’s chips because your opponent’s 10 chips are playing for the same prize pool as your 50 chips.
Since each of your chips is worth less than each of your opponent’s chips, you need to make mathematical adjustments in your play. For example, it makes more sense to play faster and looser when you have a big stack, not because you have so many chips you can afford to lose some, but because your chips have a reduced value because of the size of your stack, and therefore you are actually getting better pot odds every time you play.
Let’s say there is 10K in the pot and you are thinking about calling 5K of your stack on a 2:1 shot. In a cash game in this situation, you would likely fold rather than take a pure gamble. But in a tournament, when you have a big stack, you need to realize that, since each of your chips is worth less than each of the chips in the pot, you are actually getting better than 2:1 odds on
the call and it no longer becomes a gamble. Of course, this assumes you won’t have to call any more chips on the turn. That gets more complicated and I don’t want to get too complicated here.
On the flip side, when you have a short stack it is important to understand that the pot is not always offering you the odds you think it is. Each of your chips is worth more than the chips in the pot, so you are getting worse pot odds than it appears. This means, of course, that you need to play your hands tighter than you would in a cash game. Now obviously, this isn’t the only mathematical difference between tournaments and cash game play, but it is one of the most important ones. It is a difference that too few players really understand. Many players do happen upon this strategy – playing looser when you’re big stacked and tighter when you’re short stacked on your drawing hands – but don’t understand the mathematical underpinnings that make it a successful gameplan. Having a deep understanding of the conceptual and mathematical reasons behind a successful strategy can only improve your game.
|
|
