The Very First Event...

Today was supposed to be such a magical day...

It was really hard for me not to call this post, "Throwing Money Away."

So I played in the very first event of the 2008 World Series of Poker. It was event #58 (go figure!) and was a $330 super-satellite to the main event.

Super satellites work like this. The main event costs ten large- $10,000. That's a lot. So what happens is a lot of people each put in $300 and play a tournament. Since $10,000 / $300 = 33, for every 33 people that enter, a main event seat is awarded. The tournament plays until there are as many seats available as people left.

I wanted to play the $500 satellite. Same idea, but you only have to be in the top 5% instead of the top 3%. Imagine my shock when I found out the website was wrong, there was no $500 satellite today!

Perhaps you can't imagine my shock. I was so ready for today! I slept well that night, and the day before, I relaxed, studied, and meditated. I got up early, made myself extra pretty, and even got there early, having a lovely sushi meal just outside the tournament hall.

(By the way, if you've ever seen the WSOP 2007 on ESPN/2 it looks exactly like that... they didn't change a thing! Here's a video taken from my mobile...)

"What the Muncie," I thought, and signed up for the $330 anyway.

I instantly regretted it.

Sure, I got to sit at the tables you see on TV- I got to stare at logos for Milwaukee's Best, ESPN, and Harrahs. Sure I got a chance to fling out chips- they were crappy tournament ones anyway, not like the nice ones you see on TV. The cards were kick-ass though, so at least there was that.

The initial stacks were way too small ($2000) and the structure was way to fast to do anything but pick a hand and go all-in. I.E., luck was needed.

Case in point. First hand, I'm the big blind ($50) with K8. The flop comes K72. The little blind bets $200. I call. The turn is an 8. The little blind checks. I bet $300, he calls. The river is something, I don't know... the little blind checks, I check cause like the board flushed or something. The guy has pocket 77 or trip 7s. Egad, one unlucky break and I'm 1/4 down in chips! Most players would have lost more in my spot, so I guess it was a lucky break?

What that means is, now that the blinds are $150/$300, if I make a standard raise of 4 times the big blind, that's $1200 or 3/4 of my whole stack, or, in poker tournament parlance, all my chips. In other words, the next hand I play, I'm all in! (Apologies for all the advanced tournament strategy here, just trying to make a point!)

As you'll see, losing that pot didn't matter one iota. Tournament outcomes for an individuals often depend on just one hand. Our table breaks down and I'm moved. From the big blind again, I have King-6 spades. The flop is Q83- all spades. I check, everyone checks. Turn comes ten of clubs and I bet $1000 (3/4 my stack) into a $500 pot (If a lone Ace of spades calls me, I want to get proper odds for his draw.) I get re-raised all-in ($400 more) by the little blind who I figure has the Ace of spades, but not for, you guessed it, a 5 of spades to go with it! Brutal.

Of the 1,326 specific two-card hands, there were 6 that could beat me (all them must have the Ace of spades and another spade) and the odds of him having one of those hands-- given that I had what I had-- is freakishly small.

Small, but non-zero, and just like that, swing and a miss.

I felt like Charlie Bucket, opening up a Wonka fudge bar, looking for a golden ticket and finding only chocolate. No wait, I didn't feel that good; Charlie at least got to enjoy the chocolate!

Now I'm bummed. Not cause I lost, but because, again, pardon the technical jargon, 1) the satellite tournament structure sucks, and 2) the Ladies tournament structure and starting stack is identical to what was just played. In other words, it's a crap shoot too! Well, you know the strategy I'd play, and against all ladies, it might win, but it's still a long shot.

I said it before, and I'll say it again, the main event is the only tournament where skill can be relied upon to get into the money. The structure is similar to the satellites, but the levels double 1/2 as fast and the starting stack is 10 times larger.

But now... it's going to take a whole lot more than skill to get me there!