Vegas WSOP Day 1

This really doesn't count because I just arrived at around 10 p.m.  I was met by my buddy Don (if you're not early you're late) Yarbrough.  We drove over to the Rio and packed my bags up to his room.  Penny was already in bed.  We wandered around the WSOP rooms to check out the action and pick up information for tomorrow's tournaments.  We decided to play the $220 buy-in 3 P.M. deepstack, it was still going strong at midnight, and first prize was over $30,000 with over 800 entrants.  Railbirding the $1000 bracelet event, we spotted several pros, including Dennis Phillips.  He was pretty short stacked and would not survive the night. To me, spotting the celebrity pros is kind of a fun thing.  Will mention others I saw on next post.

Crowdfunding WSOP

After hitting up my buddy Geoff for the $1500 entry fee for a WSOP bracelet event, I came up with the idea of crowdfunding.  This was used by the folks leasing my business property to start their bakery, and they raised $10,000.  So, here is my "deal".  I will split winnings 50/50 with any of my crowdfunders based on your contribution.  So, a $15. "investment", would earn you 1% of the ultimate winnings.  Keep in mind, I went pretty deep in the event last year with horrible awful card dead holdings.  I finished around 430th out of 2300 players (roughly).  The payout was over $500,000 for first place.  Had I won that using the above crowdfunding technique, a $15 investment would have returned 50% of $500,000 = $250,000/100 = $2500!!!!  And, $150 would have gotten you $25,000. Nice work if you can get it!

O.K., reality demands to consider the "what if" I had merely cashed in the event. I believe that the minimum cash was around $3500 for 250th place.  So, 50% would be $1,750. and 1% would be $17.50, a tidy $2.50 profit, or 14% return on invested capital (ROIC) of $15.00.  Try to get that kind of return at your local savings & loan!!!!

Anyway, it may be too late to organize this for 2014 WSOP, but there is always next year.  I am thinking of leaving everyone's options open on this however, and to "sweeten" the pot, will provide a free World Series of Poker souvenir for any pledges.  Remember, if I do not achieve my goal of $1500 then there is no committment.  How much are you in for? 

Gypsy Curse

Talking with my mother last night, I discovered the reason for the awful beats that I have been receiving.  It seems that when my mother was pregnant with me she was playing a game of cards with a Romanian woman who turned out to be a gypsy.  Mom got extremely lucky in the game, all the cards were going her way.  The woman got very upset, and when my mom laughed at her, she pointed to her belly and said, "I curse the cards for your unborn child".  Well, mom didn't think anything of it, and neither did I until I began playing poker regularly.  The beats I have taken just this week are legendary:

Aces vs. 2/4 offsuit all-in preflop.  No problem, 2 on the flop, 4 on the river.
K/Q vs. Q/J.  No problem, 2 jacks on the flop.
Several runner straights playing their dominated card (A/8 vs. A/K for example, using 8 for a straight).

It does not seem to matter which side of the coin flip I am on, the result is (usually) the same.  Gypsy curse at work.  I am thinking of going to an exorcist before leaving for Vegas.  

Daily WSOP Log

Leaving this Sunday for Las Vegas and a week of poker (if my bankroll lasts).  My plan is to take my notebook computer and do a daily update on my tournaments.  The plan this year is to win the money to enter a bracelet event (minimum $1500 win).  Will be playing one deepstack a day.  If I bust out early then will look for a smaller event outside of the Rio or maybe try to win some money over at the Omaha table at the Venetian.  Also, want to check out the new poker room at Caesar's Palace.  Have had some excellent luck there in the past and the new room sounds awesome.

Watch for updates starting a week from tomorrow!

Scared Money

We all know the danger of playing with scared money.  At least I thought that I did.  Yesterday I played in the first cash game since Vegas.  The 2/20 spread game to me is the worst of all possible worlds.  The low ante makes for a loosey goosey game, while the monte carlo & high hand draws in the gambling mentality.  The limit structure...albeit a pretty high limit considering the average buy-in of $100, adds a dimension of chasing that you cannot drive out in a high buy-in no limit game (do you really want to put $200 in on the flop to chase that flush draw?).  So, I have stayed away from it for a long time, preferring instead to play tournaments with fixed loss and good upside, as well as playing more of my style of poker, which is to say like a little girl.

Yesterday, I was forced out of several pots by $15 bets or $20 raises to my bet by inferior hands.  Some examples:

UTG player raises to $12 preflop...I have 7/7.  I call in position.  Flop is 9 high, he bets $15, I fold.  Another player calls to river, he takes pot with unimproved AQ.  A much better play for me, in position, would have been to raise $15 and re-evaluated if called.  Worse case scenario, he bets $20 on the turn and I fold.  Best case, he checks to the raiser, I bet, he folds.

Me, small blind with JJ, raise $12 pre-flop, 2 callers.  Flop is AAK, we all check.  Turn is a brick, I check, player bets $15, other player calls, I fold.  They check to river and 10/10 unimproved wins.
Best play for me is betting $20 with the lead as a continuation bet, though I leave myself open to a bluff raise or float call.  Best case scenario, with my preflop bet, then firing on flop, they both fold. (the player with 10/10 points out that another ace, he wins high hand of $499...again with the gamble mentality).

Me with KJ against loose raiser with position (he is to my immediate left).  Small raise, $7 preflop.  Flop brings me gutshot draw.  He bets $7, I call.  Turn is jack, now top pair, I check, he bets 7 again, I call.  River is king.  I bet $15, he raises to $35, I fold.  His lack of big bets leads me to believe that he was betting with overcards, probably AK, but could have been AQ which made the nut straight.  Would like to know, and my call there would have been good info.

Anyway, that gives you an idea about me playing with scared money.  I really don't understand why I do that, and may be a psychological problem for me....at least in regards to poker.  My friend Don says that if he had my money, he would burn all of his.  Maybe so, but my tightness netted me a $52 win at the table last night.  The people who bet me out off my hands?  The first one was stuck at least $100 despite winning a $200 high hand bonus.  The second one was stuck $400, the third one at least $200.  So, perhaps it is better to err on the side of caution and play with my dress on. 

Thirsty? Have a cooler!

After a 4 way chop in last night's tournament at Joker's, I was up $50 for the week and feeling good about my game.  I had entered the final table as chip leader, but went card dead and felt fortunate to cash at all.  The morning tournament was very small and paid only 2 places.  I ended up 4th.  The second morning tournament was a disaster for me.  At the 1st blind level, I checked my big blind without looking at my cards as there were at least 5 limpers.  When I checked my cards, surprise!  Pocket kings!  The flop was queen high, but two spades, so I bet a pot size and was re-raised to $500 by a good young player and then called by another!  With action back to me it seemed prudent to shove.  The re-raiser called, the other player folded, showing Q/10, and the other player tables.....pocket queens!  Yikes.  He hit a one-outer.  When the pot was settled, I was down to the proverbial chip and a chair, with the single $25 chip going in the next hand in the small blind.  I played it blind, and with 3 10's and a queen on the board, everyone turned over their hands.  No pair, no 10, I slowrolled first an ace, then a queen for the full house.  Now up to $250, I got it in good and was up to $650.  I was prepared to have the legendary comeback, but cards were bad and I basically got blinded out.  Last hand I flopped top pair but it was all in and the other two players checked to the river allowing a lame straight to hit.  Ouch.

Winning 2 freeplays for $5 each, I left the casino, now up $10 for 5 tournaments play.  This is a tough way to make an easy living.

Tournament Strategies

"Everyone wants to go to heaven, but nobody wants to die". -Joe Louis

Preparing for Las Vegas this month I was thinking about successful (for me) tournament strategies, and also what appears to work for others.

Rock Poker
I sometimes play "rock poker", just playing ultra-tight early in a tournament.  This allows some of the crazies and aggressive players to chip up or knock themselves out.  This thins the herd and also allows me to create a tight image which I can use later to exploit moves.  This is probably my default style of play, but unfortunately does not work in all games.  It allows me to go deep, but with insufficient chips to win unless the deck begins hitting me across the noggin.  It is important to identify this type of player as they can be a target for theft later.  If they (or I) call a substantial raise, particularly out of position, then bluffs can easily be shut down.  On the other hand, your continuation bet can be lost money with a re-raise bluff from me or this type of player.  You have to have a good read on me (him) to call or shove here....barring monster flops which usually play a little different.

Rope-A-Dope 
This is a strategy that I see pros using on tv.  Calling bets with near or ultimate nuts rather than raising.  It is akin to trapping strategy with big pairs pre-flop...you know, that guy who does not raise with aces or kings.  It is a dangerous strategy because of the possibility of improvements to an opponent's hand.  For example, you get cute with kings, allow ace/rag in from the blinds, then check a harmless flop then he turns an ace or a straight or flush draw.  I am of the school that you need to make all hands pay to play when you have big starting hands.

Floating  
This is a super popular move.  The idea is to call the raiser (cards unimportant), then check raise if out of position, or raise if in position...with the assumption that he does not hit the flop or there is a scare card out there for his pair.  This can be done on multiple streets, but of course gets expensive so better left to deepstack tournament situations.  Also, if against a player you suspect of floating you can price them out of draws or turn the tables by 3 betting.

Back to my theme.  I am beginning to think more strongly that I need to take the attitude that "this is a good day to die" during tournaments.  In other words, be willing to go all in on draws, bluffs, etc.  Playing a more aggressive game in general.  One of the reasons I have come to believe that the "ball cap kids" consistently show up at the final tables vs. the "cadgy codgers" is their willingness to gamble, plus the fact that they are darn sharp.