Can someone explain to me how a live cash tournament works? Do you have to put up the bankroll each round? For instance if the bankroll is $300 and you win the first round, but have less than $300 do you have to supplement your initial bankroll to continue play in the next round? Also in live cash tournaments, does the winner typically advance with more than their initial bankroll? Does everyone get to keep their cash after the final hand?
Live money At a live money event, you'll need to buy-in at each round with the cash bankroll. For example, the Frontier's event is a $300 buy-in each round. When you sit down at the table, you'll fork over $300 in either cash or casino chips, and you'll get $300 in tournament chips. When the round is over, the dealer will change your tournament chips out for regular casino chips. If you have a profit, you keep it. If you blow the $300, you don't get anything back. So, to answer your questions: Yes, you'll have to pony up $300 cash for a round 2 buy-in, even if you advanced with $2.50! Are most rounds won with a profit? Yes, but certainly not always.
Thanks for the info! Thanks Ken for the education. I guess in a live money event one choice when you get to the end and don't have enough to make a play to win or advance, it is best to just cut your losses...
Live vs Funny True, your final hand decision can be tougher in live money. Deciding whether to take that long shot double-down on hard 18 when there's $200 in real money on the felt is a tough one. I've definitely made more mistakes over the years by worrying about the cash. These days I try hard to ignore the cash value, and treat them just like funny-money chips. That's not always the right thing to do, but once you start considering the cash value it's easy to goof up. So, if you choose to treat the chips like the real money they are, just be careful. Particularly once you're past the first round, the tournament value of a risky play usually outweighs the cash value in chips you're risking, even in low-percentage plays.
Going all in I am reading Wong's book on tournament strategy and he said that in a live money event it is best to play aggressively and to not worry about the cash. He indicated you will have a better chance of doing well since most players will go conservative in betting when in the back of their mind they are worried about the bankroll. I guess it is true, don't go gambling unless you can afford to lose it all. One other question, on Frontier's tournament do you have to pay an entry fee of $300 in addition to putting up the $300 per round?
Yes, the Frontier has a $300 entry fee, in addition to the $300 buy-in for each round. Re-entries are $150 each, plus another $300 buy-in at the table.
