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Poker Strategy - Utilizing Promotions

Satellites to Major Tournaments

Poker rooms frequently host satellites that award seats in large, land-based poker tournaments such as the World Series of Poker. In fact, the winners of the 2003 and 2004 WSOP's won their seat in the event through an online satellite.

Basically, these satellites are just tournaments where the prizes are seats in a land-based tournament event. Most of the time, they are not anything special. Just instead of receiving cash, a player receives a seat to another tournament.

The only times a satellite is special is when a poker room guarantees a set number of seats or the poker room awards extra money or prizes to the players that win.

For example, suppose a poker room is running a $100+$10 tournament that gives away seats worth $12,000 ($10k for the tournament plus $2k for expenses). They give away one package for every 120 players in the tournament. This would be an example of a satellite that is not anything special. All of the money in the packages awarded comes straight from the player buy-ins; the poker room is not adding any money itself. There is nothing different from this tournament than a regular tournament except the prize is a set package instead of cash.

Now, suppose a poker room ran a $150+$15 tournament where they guaranteed 6 packages worth $12,000 each. One in eighty players will receive a package. Additionally, the poker room will pay for peoples' hotel rooms where the land based poker event takes place. This is an example of a very nice satellite promotion. If less than 480 players enter the tournament, the poker room will have to add money to the prize pool, so the tournament will have an overlay. Furthermore, even if there is no overlay, the poker room is paying for people's hotel rooms, so they are adding an extra prize to the tournament. This satellite is much better than the previously mentioned satellite.
Bad Beat Jackpots

A bad beat jackpot awards a prize when one player with a spectacular hand beats another player with an almost equally amazing hand. For example, frequently the requirement for a bad beat jackpot is a four of a kind or better defeating a hand of four of a kind or better. Most of the time, the poker room requires that both hole cards are used to form the final poker hands in order for players to be awarded a bad beat jackpot.

Sometimes a poker room requires no extra rake to fund the bad beat jackpot. For example, the bad beat jackpot promotion is available at all limit tables of $1-$2 or higher at Caribbean Sun Poker. They do not charge any extra rake to be eligible for the bad beat jackpot. Because of this, the bad beat jackpot is of a modest size.

On the other hand, Party Poker has special bad beat jackpot tables, where they charge a rake of $.50 to fund the jackpot. This allows the jackpot to grow much faster. In fact, they set a record for the largest jackpot awarded in the history of poker when the bad beat jackpot reached over $700,000.

Many players avoid the Party Poker bad beat jackpot tables because of the extra rake. However, this aversion will sometimes actually make these jackpot tables a good deal. Generally, sharks and professional players are more sensitive about paying extra rake than fish. Thus, the extra rake generally scares off these players but attracts the fish, who are just hoping to hit the big jackpot. Of course, this does not mean that these tables are always softer than the regular tables, but they may be worth checking out because of this.

Furthermore, the EV lost to this extra rake is quite low. Of the $.50 extra rake, Party Poker only keeps $.05 for itself; the rest goes to funding the jackpot in some way. So the amount of rake one is paying in EV terms is only an extra $.05 per hand won. Thus, while it is highly doubtful that anyone playing at these tables will ever win or receive any money due to the jackpot, the extra $.50 rake should not be viewed as an extra $.50 lost to rake but rather only an extra $.05 lost to rake.
Sit-and-Go Tournament Jackpots

At Noble Poker , there are special promotions surrounding some of their sit-and-go tournaments. For example, their "Million Dollar Challenge" tournaments awards $1 million to anyone who wins six consecutive $10+$2 Million Dollar Challenge sit-and-go tournaments in a row.

For these tournaments, players will win the standard prizes in any one sit-and-go but will win a jackpot if they win a certain amount of tournaments consecutively. What's the catch? Basically, the poker room charges a slightly extra tournament fee. Instead of $10+$1, this tournament is $10+$2. That extra dollar essentially goes to funding the jackpot.

This doesn't necessarily make the promotion undesirable. As stated in this news article, the promotion results in an overlay for skilled players, while average and lesser-skilled players end up paying more in tournament fees.

Furthermore, a jackpot promotion like this may result in poorer play from one's opponents. Players may be prone to throwing their chips around too easily in the hopes of quickly winning the tournament. This allows a smart player to more easily sneak into second or third place.

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October 30, 2005

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