Update on My Progress or Lack Thereof
And Why WPT Blind / Prize Structures Suck!

by , May 1, 2007 | 1:30 am

I played in the $25,000 Bellagio main event last week, qualifying via my second $2,500 satellite. What an event! Nearly all of the best players in the world played. Starting the third day, I had 227,000 chips, which was about 70,000 above average. I got busted out of the 639 player field with 150 players remaining. Upon busting, I asked the cocktail waitress for a glass of Drano, easy on the ice.

Here is where I went wrong: Before I started the day, I should have established that day’s goal. What should the goal have been? Oh, I don’t know…how about make the money idiot! You paid $5,000 to get in and 100th place paid $46,000. If I make the money, I can then change my strategy. I played too many hands and was trying to get a little too bluffy, kinda like when Dan gets a little drinky. Needless to say, the moral of the story is, decide what you want to have happen and work toward that goal.

My good friend Mike Wattel came in 6th in the event, cashing in about $300,000. What a joke! Here’s my beef:

I think when you say “here’s my beef”, you’re getting old. But, if you beat 633 of the best players in the world and the buy-in is $25,000, you should get more money. Should there be $3.6 million difference between 1st and 6th? Hell no! I think the WPT is worrying too much about having such a big number for T.V. The blind structures are ridiculous at the final table too, also because of T.V. It’s time to start thinking of the players. In addition, the WPT won’t let you make any deals and they won’t let you wear logos to make extra money unless you have signed up before the event.

So, to summarize, when you finally make it to a final table and you are playing for meaningful amounts of money, you are going to be playing short stacked unless you are the chip leader. We won’t let you make any deals for life-changing money, and most of the money is going to be given to the top 3 players, in essence depleting tournament players of money every tournament. And, we won’t let you make any extra money because you weren’t on the list before the tournament started. The guys with no deals are the guys that need the extra money. These tournaments are ruining busting cash poker. Poor Tom.

How many players at the final table were staked…at least 3 that I know of. Yes, the top 2 finishers and my friend. I would love to have all the money Carlos has lost by not putting himself in tournaments. In his lifetime, he has probably made more money for backers than himself. He needs a good manager. I’m available Carlos if you’re interested.

I did manage to finish 10th in the $3,000 H.O.R.S.E tournament at Caesar’s Palace. 64 players entered and the money started at 8th. I got knocked out in the stud round when I had buried Aces twice and lost. I hate stud.

I do have a tournament structure that I will be proposing and posting to Pokerati that should wipe out all of this bitching by players about lousy tournament structures. Until then, keep bitching.

9 Comments to “Update on My Progress or Lack Thereof
And Why WPT Blind / Prize Structures Suck!

  1. Beanie

    You are likely being a bit too hard on yourself. I don’t think you can discount the money but when 4 million is on the line I think you need to try and get chips. That was a big accumulation day, if you would have sat back and went all “nit” on the bit you might have made the money but tournaments are for that big score.

  2. DanM

    Tom, don’t listen to Beanie — he is wrong. A game is a game is a game … and especially as a professional your job is to properly assess odds and maximize your payday.

    You approached this Championship bubble like a contestant on Deal or No Deal.

  3. Karridy

    When will all these negatives start discouraging people from playing in WPT events? Do people really care that much about TV, when you are talking about hundreds of thousands or millions of dollars difference.

  4. Zero

    Tom. You mention that Carlos has probably won more money for his backers than he has for himself. What is a typical “backing deal” for an event like this?

  5. DanM

    Karridy, why should the WPT be expected to change anything if the fields keep turning out?

  6. Donkey Bomber

    Carlos got somewhere between 35 and 50% of himself, I’m guessing. My freind who finished 6th got put in the last one-table satellite of the tournament. They had 5 minute rounds. They started it at 11:00 a.m. and had one hour to finish it. He had 35% of himself. Usually if you play a satellite to get in, you will get more than 35% because you have to play 2 events to win any money.

    Carlos is an exception because he could probably have bidders if he wanted, so he was probably closer to 50%.

  7. Karridy

    Dan, you are repeating my question.

  8. Pokerati | Texas hold’em blog » Blog Archive » More Money for Weaker Players

    […] places other than Texas, Harrah’s has revised its payout structure for WSOP bracelet events. Donkey Bomber was just bitching about the the disappointment of his buddy Mike Wattel’s $300k payday (for 6th place in the […]

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