I’ve got a new article on Learn.PokerNews that addresses one of my (many) pet peeves, the idea that satellites are a good choice for players with limited bankrolls:
Winning $480 in a satellite doesn’t magically make it a good idea for you to buy into a $480 tournament any more than winning $480 in any other tournament (or inheriting $480, for that matter) would. If you win the satellite, your bankroll is $430 bigger than it was before, but still not nearly large enough to justify entering this tournament. The problem is that once you win the seat, you generally have no choice but to enter.
I’m also a bit embarrassed to see that I made a reference to “the promises of medieval alchemists to turn water into gold”. Alchemists were actually seeking methods of turning common metals like lead into gold – don’t know where I got water from. Anyway, hope you find the article helpful.
What about the social aspect? Just once in my life I had an opportunity to play in a 5 figure buy in. It was won through a drawing. I never had so much fun playing alongside some of the great players and watch them sweat the bubble while their backers were looking on. It was drama, failure, victory, aggression, etc all in one.
All my WSOP experience has been done through Sats. I have yet to cash but the experience was well worth the effort.
Ill be going again this June. I intend to play a lot of sats.
I think physically at my age I just don’t have the endurance for a long drawn out MTT.
Sats and SNGs give me the opportunity to be part of the action.
From the article:
“If you’re dead set on playing a tournament outside of your bankroll, then play it, but don’t pretend that winning a satellite turns it into a responsible decision.”
I think the thrust of the article is not that sats are necessarily a bad thing but that sats do not offer the bargain people think they are getting in terms of responsible bankroll mgmt. As indicated in your comment, you are entering and in fact enjoying the tournament for the “social aspect”.
Sure, I’m not entirely against playing satellites. In fact I think that the single-table WSOP satellites are great bankroll builders because they are pretty soft, run frequently, low variance, and the lammers are easily converted into cash. Carlos spent a lot of last summer grinding those. The point is just that you shouldn’t deceive yourself that satellites provide a bankroll-friendly way of entering the main events.
I don’t know my own WSOP schedule yet, it’s possible I’ll only be there for the main and perhaps one other week, but I’ll keep you posted. Of course I would love to see you again!
You actually came up in the Rivers casino last night. We were talking about favorite TV shows, and someone named Deadwood and started saying “Swidgen!” and “Cocksucker!” I was excited to brag to them not only that you are a serious poker player but that we are friends!
Judging from my play lately I don’t know if you can call me a SERIOUS poker player. But we are I know SERIOUS friends.LOL!!!
Personally I tend to avoid satellites because I find trying to decide when and what to shove to be a little bit like self-torture 🙂
“I’m also a bit embarrassed to see that I made a reference to “the promises of medieval alchemists to turn water into gold”. Alchemists were actually seeking methods of turning common metals like lead into gold – don’t know where I got water from. Anyway, hope you find the article helpful.”
Helpful it was! Nice article. Also, one should never let the facts get in the way of a good story (or turn of phrase as the case may be). Way too constraining.
So, if you google ‘water into gold’ you’ll find that water was indeed one of the substances that alchemists were trying to turn into gold. You’ll also find that earthquakes turn water into gold (!).
Thanks for saving my ass on that one!
If the world keeps at it a bit longer there will emerge people claiming to turn gold into water.
As per the article, it essentially boils down to the person that’s playing the satellite. If indeed our hero is willing to invest 20% of his or her effective bankroll in a tournament just because he won the seat via a satellite, i assure you that there will come a time where he’ll say ‘the hell with bankroll management’ and play beyond his means anyway. When someone is willing to break principles it’s usually because one does not believe in them.
Well said, on both counts!
AB thanks for buying my lammers off me last year. Are you coming this year. I need someone to sell my lammers to. Free Lunch included!!!!
I’m happy to buy lammers, FWIW. With luck we’ll have a chance to get a meal together whether or not there’s a lammer-transaction involved!