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Poker tournaments typically only pay about nine or ten percent of the field. The exact number of places paid is💵 usually a function of the number of entrants, and is calculated by the tournament director, or another member of the💵 tournament staff, while the event is in progress. These calculations take place after registration has closed and any rebuy period💵 has ended, and the total amount of the prize pool has been established. A schedule of payouts is then determined💵 according to house rules. Keep in mind that different poker rooms will have different rules regarding the distribution of prize💵 money, and these rules should be made available to the players upon request.
After calculating the total number of payouts and💵 the exact amount of each, tournament staff will announce and post them, usually sometime after the first break. This can💵 be done electronically, if there are monitors displaying tournament information, or manually, on a dry erase board. The payouts are💵 graduated, so that the player finishing in first place wins the most money, and the second place finisher wins more💵 than the third place finisher, and so on. At some point, the prize pool is exhausted, and subsequent finishers do💵 not receive any prize money. If a player finishes outside of the money, they lose their entire buyin and receive💵 nothing. If they finish in the money, they receive their buy in back, plus a premium on their investment. The💵 players who end up finishing just outside of the money positions are referred to as finishing “on the bubble.”
As players💵 are eliminated, the remaining field of players get closer to the money positions. As the money positions approach, significant changes💵 in the action occur, which is a characteristic of the bubble forming. At this point, a majority of the fish💵 have been eliminated, and the game is often tight and solid. Even though it is mostly tough players who remain,💵 the blinds are high and threaten the stacks of those players with a low chip count. These players must decide💵 whether they will let the blinds erode their stacks or whether they will take a stand and risk being eliminated💵 outside of the money. As long as the field is not yet in the money, short stacks tend to play💵 conservatively. They generally avoid taking a stand without a premium hand, until they become desperate. Their primary goal is to💵 survive until they are in the money. This makes perfect sense, because an in the money finish garners a return💵 on the money you’ve invested in the tournament, whereas a finish outside of the money results in the loss of💵 your entire buy-in. Here is where game theory comes into play. The larger stacks know that the short stacks are💵 playing conservatively, and are trying to hang on until they are in the money. Most of the short stacks have💵 only enough chips to play one hand, and they are more concerned with not bubbling then they are about getting💵 pot odds or accumulating chips.
The medium stacks are also not inclined to get involved without premium holdings, especially against larger💵 stacks. They would prefer to wait out the short stack while taking a minimum amount of risk. The goal of💵 the short and medium stacks is primarily to make the money. The large stacks know this and know that the💵 bubble is an ideal time to be acquiring chips from the short and medium stacks. They become extremely aggressive, taking💵 advantage of their increased fold equity. The big stacks especially target the short stacks, because it is less risky to💵 steal from them, for a couple of reasons. First of all, the short stacks do not have enough chips to💵 severely damage the big stacks. Secondly, the big stacks can create a situation whereby raising a medium strong hand can💵 give the short stack pot odds to call with an underdog. When a short stack becomes desperate because he is💵 facing blinds he cannot afford, he must widen his range of acceptable risk, which means he must be willing to💵 commit with a weaker hand than he would under normal circumstances. This allows the big stack to lower the bar💵 slightly on his raise requirement, knowing his opponent may be forced to take a stand with a weak hand. This💵 works out well for the big stack, he can get action with the best hand by making the desperate short💵 stack an offer he can’t refuse, the opportunity to get pot odds on his case money.
The bubble is an important💵 time for the big stacks also, because they are jockeying for position with each other down the stretch. Tournament payouts💵 tend to be top heavy, so that finishing one position higher can mean a great deal of extra prize money,💵 especially at the final table. In the final stages of tournament play, you can never stop acquiring chips for long💵 if you want to remain among the chip leaders. The bubble is a crucial time for everybody. Everybody is in💵 the pressure cooker, as one mistake at this point can be devastating.
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