Stack size also plays a large role in how you play hands post-flop. Unless you are extremely confident that you can get your opponent off of his hand, you should be careful not to invest too much of your stack in a pot post-flop if you do not intend to go all the way with the hand. Most players are well aware of this concept, but sometimes your stack size can create a perfect opportunity to use this concept against them.

Take a look at the following hand from the book I co-wrote, Winning Poker Tournaments One Hand At A Time: Volume 1, where I can safely assume that my opponent will perceive me as weak if I pretend to give up on the hand and check on the turn. My stack size is such on the turn that most opponents would expect me to move all in if I like my hand but check if I do not. If I were to bet again or move all in, my opponent would likely give up on anything less than top pair with a good kicker, as I would clearly be committed to the pot. By checking, I allow my opponent to make a mistake. If he checks behind, I can move all in on the river, as I have approximately one pot-sized bet left anyway.

Seat 1: Small Blind (14,120)
Seat 2: Big Blind (18,910)
Seat 3: Under-The-Gun (4,300)
Seat 4: UTG+1 (16,205)
Seat 5: UTG+2 (7,842)
Seat 6: Middle Position (12,360)
Seat 7: Jon Turner (6,562)
Seat 8: Cutoff (3,775)
Seat 9: Button (12,853)

Setup: I am well below average, but not short-stacked, in a $100 rebuy tournament a few levels after the rebuy period has ended. The blinds are 150/300 with a 25 ante.

Pre-Flop: As-Kc (Pot: 675): The action is folded to me, and I raise my standard 2½ times the big blind to 750. Seat 9 on the button and Seat 2 in the big blind both make the call.

Flop: Ah-8d-5s (Pot 2,625): I flop top pair, top kicker on a very safe board. Seat 2 checks, and the action is on me. I should bet approximately one-third to one-half of the pot, my standard continuation bet. Because my opponents expect me to make this bet now with any two cards, it will not give away the strength of my hand. I bet 1,150 into the 2,625 pot. Seat 9 calls, and Seat 2 folds.

Turn: 6d (Pot: 4,925): I am very confident that I have the best hand. If my opponent has me beaten, my stack size and the pot size dictate that I am willing to go broke. The only concern now is how to get my opponent’s money in the pot on the next two streets.

If I were certain that my opponent was as strong as A-Q or A-J, I would bet out now and easily get his money in. However, I cannot give him credit for a hand that strong. In position, he merely called my bet on the flop. He might have perceived this bet as weak since I would probably make a continuation bet with any two cards. Thus he might have called with anything from a weak Ace to an unimproved pocket pair. He might have even floated with air, hoping to take the pot away on the turn if I show weakness with a check.

If I bet the turn, my opponent will in all likelihood give up on his unimproved pocket pairs or weaker hands, as my bet clearly commits me to the pot. However, if I check the turn, he will likely try to take the pot away no matter what he holds. If he has an Ace, I will get his money in either way.

I check, and my opponent moves all in. This is precisely what I wanted him to do. I make the call, and my opponent shows 9d-9h. The 2d hits the river, and I win the pot with Aces and a King kicker.

Source.

For me personally, I don’t believe in playing with a single bullet or with unlimited ammo. If you’re only planning on making one buy-in, then why not play a regular No-Limit Hold ’em tournament? Playing a rebuy tournament with only one bullet, you have no safety net and you’re giving the other players a significant edge over you because they’re able to exploit your reluctance to gamble.

If you’re pushing your stack in over and over, looking to accumulate chips and willing to go broke repeatedly, there’s a certain amount of upside to that, but I don’t believe it’s the best expected value play. Yes, that maniacal approach can sometimes get you into the post-rebuy period with a large chip stack, which of course provides an edge for the rest of the tournament. The problem is that if you’ve spent something like $25,000 in a $1,000 buy-in tournament, you have to finish that much higher in the money to come out ahead. A lot of times when you’re rebuying that many times, just making the money doesn’t cover how much you’ve invested into the tournament.

My personal rule of thumb is that I like to be willing to invest in the tournament in accordance to the payout amounts. I don’t ever want to get to the point where I’m investing significantly more money than the lowest money place pays. So in a $1,000 rebuy tournament, I’m willing to put about $8,000 into it. Some days, it’s just not your day, the cards aren’t falling your way and you have to leave and come back and play another day. It’s foolish to sit there and keep putting your stack in the middle when you have no edge and often times you’re up against a better hand.

When you’re playing this middle-of-the-road strategy, it’s important to identify the maniacal players from the outset because they’re going to be very dangerous, but they’re also going to provide you with your best opportunities to chip up. These players are actually the prime reason to play in a rebuy tournament, because you can feast on them. They’re going to open with all types of hands from all different positions, so you can call with marginal hands in position such as 10-9 suited, 8-7 suited, 3-4 suited, even one-gappers such as 6-8 suited. I also want to put a lot of pressure on this type of player before the flop if I have a big hand like Aces, Kings, or Queens, simply because this is the type of player who’s really willing to gamble and might just go ahead and ship the rest of his stack in right there.

In the last 10 to 15 minutes of the rebuy period, if you’ve been able to acquire a stack, this is a critical time in the tournament to play smart. If the hyper-aggressive players don’t have a lot of chips, they’re going to be pushing it all in almost every hand to give themselves a shot at a big stack heading into the post-rebuy period. If you have an edge in a given hand against these guys, use it, but you don’t want to gamble too much. Remember that you’ve acquired a stack now and it’s your goal to maintain that stack in and after the rebuy period.

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If you’ve been card dead in the first few levels you may only have as many chips as what you started with, or you may have been lucky enough to double or triple up early on. You may be minutes or hours away from making the money, depending on the number of entrants, and the average chip stack may be 20, 30 or even 40BB, based on the structure.

No matter what the situation is, however, it’s important to remember that once the blinds start to represent a decent percentage of your stack, you want to steal as much as possible. Raising the blinds a fair amount also balances your play and gets your big hands paid off more often. You’ll lose a few of your raises with speculative hands when people come over the top of you or call, but you’ll win a few as well, and raising will convince people to play back at you on those times when you happen to have big hands.

Bear in mind it’s still important to pick your spots. Continue to play tight from early position – stick to big pairs and AK – but from late position, start to attack the blinds with a variety of playable hands. At this stage of the tournament, if you’re going to play a hand, you should be coming into the pot with a raise every single time.

From the cutoff or hijack, for example, I’m going to open with hands like 9Ts, any Ax suited, all pairs, two picture cards, and even looser hands than that from the button. If I’m in late position and facing a raise, I’m either going to want to smooth-call with a really good hand or re-raise bluff them to pick up the pot pre-flop.

If somebody makes a pre-flop raise that’s more than 10% of my stack and I have a hand I want to play, I’ll consider moving all-in over the top of them. Any smaller re-raise commits me to the hand and flat-calling gives me no idea of where I’m at. If I smooth-call, my opponent is likely to bet first after the flop and without top pair or an over-pair, I’m going to be forced to either fold the best hand or, possibly, move all-in with the worst hand.

For example, let’s say somebody opens in mid-to-late position for 300 and you’re on the button with T-T and 2,000 in chips. In this situation, I would assume the raiser is opening with any two picture cards, any pair or suited Aces, so a hand like T-T is definitely strong enough to play against their range.

I think the best play here is to move all-in. This will put some pressure on your opponent if they don’t have a very good hand and they’ll be likely to fold. This move also helps you avoid the trouble you might face if you just smooth-call the raise and over-cards come on the flop. If you’re holding T-T and the flop comes Jack or King high, you really have no idea what your opponent has if they lead out, which means you will probably have to fold.

I’d recommend moving all-in with 8-8 or 9-9 in this situation too because you’ll get more action pre-flop and maximize the value from your coin flips. If someone raises pre-flop with A-Q and you elect to just call with a mid-pocket pair, they’re likely to miss the flop and check-fold. However, if you go all-in over the top and they call, you have a good chance to take their whole stack and set yourself up for the rest of the tournament.

By moving all-in with hands like A-K, A-Q, 9-9 and T-T in these situations, you’re giving yourself more opportunities to win pots by either getting your opponents to lay down marginal hands, or to make calls that put them in coin-flip situations. By mixing up your game a little and making these moves with monsters every once in awhile, you can also get your opponents to make some calls where they’re huge dogs.

Remember, the first goal of tournament poker is to make it into the money. By aggressively attacking blinds and antes when you think you’re likely to be a favorite in the hand, you can build a stack that will help carry you through the tough patches you may face in the middle stages, and put you in position to play for the win once the bubble bursts.

Source.

Why? The answer is simple – what you’re seeing is unrealistic and edited for television. Players in these televised tournaments often start with very deep stacks (sometimes 10,000 chips or more) and, most of the time, all you’ll see on the broadcast is action from the final table where the blinds are high and play is fast. In contrast, the majority of the low buy-in ($1 to $20) tournaments you’ll encounter online usually start with stacks of 1,500 and blinds of 10/20.

Because your approach to the early stages of these tournaments is key to whether you’ll make the final table, the question is, what should your strategy be?

I suggest adopting a simple approach, especially if you’re not a very experienced tournament player. Try not to play too many hands and aim to see a few cheap flops with small/medium pairs if possible because these can provide some the best chances for you to double or even triple up during the first couple of levels. There are many times when you may be able to put in 5% of your stack or less to see a flop and try and hit your set. You’re 7-to-1 to flop a set, but you may be getting 20-to-1 implied odds early on since a flopped set will often be the best hand, and you’ll have a good chance to double up against weaker players who may overplay top pair.

If you are expecting a few callers, you might want to limp with these hands pre-flop. You may also just want to flat call with these hands if there are already a couple of people in for a small raise when the action gets to you. But, if the action is folded to you in late position, you definitely want to raise and take down the blinds. If you want to play conservatively, you can safely throw away small pairs in early position. As I said previously, you don’t want to commit more than about 5% of your stack pre-flop with small and medium pairs (maybe 6% or 7% max), and when you play from early position there’s no guarantee that’s going to happen.

Of course you also want to be playing your monsters like AA and KK, and other hands like QQ, JJ, AK and AQ. Remember early on when stacks are deep, you’re not going to get a lot of action for all of your chips unless you’re up against a pretty strong hand.

There are no concrete rules as to how fast you should try to build your stack in the early going, but the main thing you don’t want to do is go broke by playing too loose. In smaller online tourneys you will either be in the money or close to the money without having to win too many pots if you can just play tight and hang around for a couple of hours. If you speculate too much or take too many coin-flips when you don’t need to early on, chances are that you’ll end up on the rail and miss that opportunity.

Even if you make it to the fourth or fifth level with just a little above starting stack, you’ll usually be in good enough shape to take a run at the money. Remember, getting into the money and beyond is what counts – so learn how to start your tournaments the right way and give yourself the best chance to be the last player standing at the end.

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To start, let’s look at the early stages of tournament play. Suppose I have 3,000 chips, the blinds are 20/40, and I’m under the gun with AK. I’ll raise to 120 and assume that there are a couple of callers. Regardless of my position, this is a good situation. With just two callers, I’ve likely got the best hand.

Let’s say the flop comes A- or K-x-x. I’ve got to be careful not to overplay my hand. If I start out check-raising here it will be obvious that I’ve connected with the flop and I’ll likely drive out some of the weaker hands that I can probably get action from if I just check-call. A better move here, however, is to avoid slow playing this hand at all and to lead out at the pot with a continuation bet like I would at any other time. This not only helps to build the pot, but it also prevents my opponents from catching a free card that could somehow cost me more later on.

If I do get action from an opponent after I lead out, I’ll probably check on the turn. By doing this, I can control the pot size and induce my opponent to bluff into me with a weaker hand. If my opponent checks behind me, I can value bet on the river and try to induce a call if he’s holding a pocket pair like Js or Ts and he thinks his two-pair may be ahead. If my opponent is holding a weaker Ace, checking the turn and value betting the river is also a good way to keep them in the hand and to extract an extra call at the end of the hand.

If my opponent leads out and bets after I check the turn with my AK, I’ll usually just call his bet and head to the river. Again, check-raising here isn’t a good play because it’s likely to drive a weaker hand out of the pot or cost me more chips if I’m facing a stronger hand.

If I lead out after the flop and get raised by my opponent, I’ll usually just flat call and see the turn. I’ll seldom re-raise here because all that will do is drive weaker hands than mine that still might put money in the pot. One situation where I will re-raise, however, is when I’ve got an opponent who’s consistently overplayed his hands – especially when he’s holding an Ace. If I’m facing an opponent like this, I may re-raise all-in to induce a call when he’s way behind.

Assuming I’ve just flat-called a re-raise on the flop, I’ll check the turn just like I did in the earlier example. If my opponent checks behind me, I’ll value bet my AK on the river and hope for a call. If my opponent bets out after I check the turn, then I’ve got a tough decision. If he’s firing a second bet, I can be pretty sure he’s holding a strong hand like a set and that he has a good idea about what I’m holding. This is especially true if I’m up against an experienced opponent. I may lay down my AK here in order to save my chips for a better spot or I may call depending on the size of the bet and any history I have with this opponent. If I call and he bets strong again on the river, I’ll almost always fold as I have to assume that he’d very rarely bet here with a worse kicker or as a third bluff.

One situation where I won’t check the turn is if the flop comes K-x-x with two suited cards on the board. In this spot, I’m going to lead out if the flush card doesn’t hit on the turn in order to protect my hand from the potential flush coming on the river. If my opponent has a set or a hand that already has me beat, he’s probably going to re-raise to protect his hand as well. This complicates things even more, and I’m going to have to rely on my read of him at that point to determine what I should do. If I really think he has a hand or he’s proven to be a solid player, I’ll probably fold and look for a better spot.

AK is a very powerful hand, but it can also be dangerous – especially when you’re playing it from early position. By continuation betting after the flop, you can get a pretty good idea of how strong or weak your opponents may be, and plot your next moves accordingly. Depending on whether your opponent calls or raises, checking the turn can either set you up to pick up some extra chips by value betting the river, or save you some precious chips if you’re forced to lay down to a bigger a hand. Either way, you’re retaining control of the hand and giving yourself the best chance to make it to the money.

Source.

I think the down times are particularly difficult for younger players who have some success early in their careers. They come to expect great results and can become overwhelmed when things go badly in a long string of tournaments. They may grow frustrated and are apt to assume they’re making mistakes. They make changes in their games that aren’t well thought out, and they suffer because of it.

To endure the long, tough stretches, serious players need to understand that bad runs are inevitable. They’re part of this business. And while there’s something to be said for going into every tournament with a positive attitude, it’s also important to be realistic. If you expect to win every tournament you enter, the disappointment that accompanies repeated bust outs could be very damaging to your psyche. I know that early in my career, my confidence suffered when I went through a rough stretch.

Over time, however, I learned to focus my attention in productive ways. Now, when I’m playing in a tournament, I concentrate on making the best decisions I can. I try to approach every hand in a thorough and effective manner. If my focus is good at the table, I can be honest with myself as I assess what I’m doing well and where I need improvement. I’m not likely to fall into the traps that ensnare other players. Many refuse to admit mistakes and insist that a bad run is due to bad luck alone. Others believe they’re playing well when their results are good, even though they’re playing poorly and are benefiting from a great run of cards.

After a tournament is over, I’m quick to remember that tournament poker requires the temperament of a marathoner, not a sprinter. If I play well and consistently make good decisions, I’ll be rewarded, though it may be a long time before I see the results I’m looking for.

Source.

At the time, I had about 400K in chips; Rizen had 750k and the other two players had about 250K each.

I looked at my cards and found As-8s, a pretty solid holding in short-handed play. I decided to raise the size of the pot. My total bet was 180. Rizen immediately re-raised, forcing me all-in.

The pot contained 580,000 (400,000 from Rizen, 180,000 from me) and I had 220,000 remaining. I was getting nearly 3 to 1 on my money, so this looked like an automatic call. I needed to win the pot only about 27 percent of the time to justify a call.

Against a big pocket pair (other than aces), my A-8 suited would win about 32 percent of the time. Against a bigger ace (A-K, A-Q, etc), my A-8 suited would win about 30 percent of the time. There was also a non-zero (though small) chance I was up against a small pocket pair and would win about 50 percent of the time.

So this was almost a zero-equity chip decision. That is, folding and calling would have pretty much same result over the long term. To find the correct action, I had to look beyond pot odds and consider (a) how this hand would affect my cash equity for the tournament (i.e., which action would maximize my expected cash payout) and (b) how this hand would affect my chances of winning the tournament.

There were two factors I looked at when considering my cash equity:

1 – Each chip in a short stack is more valuable in terms of cash-equity than each chip in a large stack. By calling in this situation I would have been risking chips of great value to pick up chips of lesser value.

2 – Folding removes any chance of busting. By folding, I would give my opponents a chance to bust on subsequent hands, which would move me up to a bigger payday.

After looking at these factors, it seemed that folding was the clear choice. But still, I had to think about how folding would effect my ability to win the bracelet – which was my primary concern. Would I be putting myself out of the running by giving up on so many chips? Not really.

When there are more than two players remaining, each additional chip you accumulate has a lesser impact on your ability to win the tournament. So when the chip-equity decision is a wash, you are better off folding than you are trying to accumulate more chips.

If you ever find yourself in a similar situation, you should also keep in mind that there’s a big difference between moving all-in and calling all-in. When you move in, you can win the pot by forcing a fold. When you call, this obviously isn’t possible.

I decided to fold and wait for a better spot, and I’m very glad that I did.

Source.

My overall goal is to pick up a lot of small pots without a lot of resistance. I might raise in position and hope for a call from one of the blinds. If I raise pre-flop with something like 6-7, I might miss the flop entirely, but the raise puts me in control of the hand. On the flop, I’ll likely bet if checked to, even if I miss. That small bet on the flop will usually win me a small, but helpful pot.

Of course, sometimes it won’t work out. I’ll bet and get check-raised on occasions. But that’s okay, because I actually don’t lose much in the hands that I have to surrender. Overall, I get to gradually add to my chip stack by chopping at small pot after small pot.

The other major advantage to my style is that, occasionally, I will hit a flop hard. If I do happen to flop a straight, it’s difficult for other players to put me on something like 5-7 or 6-8. If one of my opponents also gets a piece of the flop, I’ll get paid off in a big way.

By adding to my stack early, I have a real advantage over players who play a cautious, tight game. The extra chips that I accumulate allow me to survive some tough spots. So, if I happen to get involved in a race with A-K or a pair of Tens, I can withstand a loss. An opponent who’s playing tight will likely be on the rail after losing a single race.

New players often ask me how they can learn to play more pots. I always suggest that they drop down significantly in stakes and practice. If you’re playing $2-$4 no-limit, drop down to $.50-$1 – a level where some losses won’t hurt you.

Once you’re at that table, try to play eight hands out of 10. Play everything but 2-8 or 3-9 – hands that are entirely unconnected. When you get yourself involved with this kind of frequency, you’ll have to concentrate more on your opponents than on your own cards. You’ll have to be on the lookout for opportunities to take down pots with well-timed stabs. You’ll also learn how to proceed in situations where you flop a good, but dangerous hand.

By dropping down and playing a lot of hands, you’re going to learn a lot about poker. You’re also going to have a lot of fun. Lord knows, playing 50% of the hands is a whole lot more entertaining than sitting around waiting for Aces.

If you look at the success that Gavin Smith, Daniel Negreanu and myself have had over the last couple of years, you’ll see that being active can be an excellent way to score big in tournaments. It takes practice to play this style, but it can lead to great results and be a lot of fun.

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Yes, tournaments differ from live action in that you are rewarded for how long you last, rather than for how many chips you accumulate.

In ring game poker, the chips you save by folding are just as valuable as the chips you win by playing. In tournament play, the chips you save are actually more valuable.

Consider a typical $1,000 buy-in tournament with 100 players, where first place is worth $40,000 out of a total prize pool of $100,000.

At the beginning of the tournament everyone has 1,000 in chips with a value of $1,000. The eventual winner will have 100,000 in chips and, in live action, would be entitled to a prize of $100,000. In a tournament, that same $100,000 is worth only $40,000, meaning that, at the end, each 1,000 in chips is only worth $400. As your stack grows, the value of each additional chip decreases, which means you want to be slightly more averse to taking unnecessary risks in tournaments than you might be in live action. (And if you are at all averse to taking risks in live action, you’re probably playing over your bankroll.) Don’t overcompensate for tournament play. Most people would be better off making no changes at all, rather than the changes that they do make.

Having said all this, there are two cases where adjusting will help:

1. When you are just out of the money.

If you are short stacked, you need to be very careful when committing your chips, especially with a call.

If you have a large stack, look for opportunities to push the short and medium stacks around – especially the medium stacks. These players will be a lot less likely to want a confrontation with you, and it should be open season on their blinds and antes.

If you have a medium or small stack, you need to be a bit more careful. Remember, though, that the other players – even the larger stacks – don’t want to tangle with you. They just want to steal from you without a fight. Be prepared to push them around a little, and even to push back occasionally when they try to bully you. This often turns into a game of Chicken between the bigger stacks to determine which large stack will let the other steal most of the blinds.

2. At the final table.

Very little adjustment is necessary until you are one player away from the final table. Here, again, you should tighten up slightly because this is the next point where the payout structure handsomely rewards outlasting other players.

Look for opportunities to push around the other players, and the smaller stacks in particular. This is good advice throughout the final table.

What about heads up?

There are no more tournament adjustments necessary. You are essentially playing a winner take all freeze-out for the difference between first and second place.

Remember: Tournament adjustments should be subtle. It is rare that your play would be dramatically different in a tournament. When in doubt, just play your best game. And if you never adjust from that, you’ve got a great shot of winning, no matter what game you’re playing.

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How many chips am I supposed to have after the first two levels?
Should I play a lot of hands early while the blinds are small, then tighten up later as the blinds increase?
I seem to always finish on the bubble. Should I tighten up more as I get close to the money, or try to accumulate more chips early on?
Surprisingly, all three questions have the same answer:

Stop trying to force things to happen. Just concentrate on playing solid poker, and let the chips fall where they may.

In fact, that’s the best answer for almost any specific tournament question. Here is a more useful question:

How much of a difference is there between ring game strategy and tournament strategy?

The answer: Not as much as you think.

Before you worry about adjusting for tournaments, concentrate on adjusting for the other players. The most important skill in poker is the ability to react to a wide range of opponents playing a wide range of styles. Players who can do this will thrive in both ring games and tournaments alike.

Many of the most costly tournament mistakes are the result of players over-adjusting for tournament play. Let’s look at these questions again:

How many chips am I supposed to have after the first two levels?

The short answer is: As many as you can get.

Play your cards. Play your opponents. Do not try to force action simply because you think you “need” to have a certain number of chips to have a chance of winning. You should be thinking about accumulating more chips, while trying to conserve the chips you already have. The more chips you have, the better your chances of winning. The fewer chips you have, the worse your chances.

Forget about reaching some magical number. There is no amount below which you have no shot, nor is there any amount above which you can be guaranteed a victory. A chip and a chair is enough to win, and enough to beat you. Getting fixated on a specific number is a good way to ensure failure. Next question:

Should I play a lot of hands early while the blinds are small, and then tighten up later as the blinds increase?

Your play shouldn’t change much as the tournament progresses. Gear your play to take maximum advantage of your opponents, irrespective of how far along the tournament is. Most players are too loose in the early stages of a tournament. Rather than become one of these players, adjust for their play instead:

Attempt to steal the blinds less often
Call more raises
Re-raise more frequently
Likewise, when opponents typically tighten up later on, you should steal more often and be less inclined to get involved in opened pots. Again, this should be a reaction to the way your opponents are playing, not an action based on any particular stage of the tournament.

Last question: I seem to always finish on the bubble. Should I tighten up more as I get close to the money to avoid this, or try to accumulate more chips early on?

Usually the people asking this question are already tightening up too soon before reaching the money. In other words, they are over-adjusting to tournament play. Not only is it incorrect to tighten up considerably before you are two or three players from the money, doing so is the surest way to finish on or near the bubble. Just play your best, most aggressive game, and try not to let your stack dwindle to a point where you can’t protect your hand with a pre-flop all-in raise. If you do, your opponents will be getting the right pot odds to call, even with weak hands. Look for opportunities to make a move before you let this happen, even if it means raising with less than desirable holdings.

Source.