My plan is to compete in Event 7, a $1,500 no limit tournament, at the World Series of Poker (WSOP).
What is the structure of this tournament? Why is this important?
This year the players will get $4,500 in chips--significantly more chips than last year!! The blinds start at $25-$50, with one hour levels. Last year there were 2,70 players with a first place prize of over $625,000--not bad for three days of work.
One way to evaluate the structure is to use Arnold Snyder's Patience factor in The Poker Tournament Formula. It is a way to determine how fast you may need to play in a poker tournament.
The formula uses the world's most patient player (WMPP) and estimates when he will be blinded off. With 60 minute rounds, it assumes this player will see blinds three times at each level (every 20 minutes).
Therefore for Event #7:
blinds ---- total ------- 3x/hr ----- Cumulative
$25-$50 - total $75 - 3x/h $225 - Cumulative $225
$50-$100 - total 150 - 3x/h 450 - Cumulative 675
$75-$150 - total 225 - 3x/h 675 - Cumulative 1,350
$100-$200 - total 300 - 3x/h 900 - Cumulative 2,250
ante $25 - total 550 - 3x/h 1,650 - Cumulative 3,900
ante $50 - total 950 - 3x/h 2,850 - Cumulative 6,750
What this chart shows is that the WMPP will last into the 7th round if he never plays a hand--that is incredible!!
The WMPP will be gone in roughly 6.2 hours. The patience factor is 6.2 squared or 38.44.
The net result is that this structure will favor the most skilled players. This is a new development that you must know to plan ahead for the WSOP.
Does that mean you should be patient and wait for the cards to come to you or should you take advantage of your opponents who are being patient and waiting for premium starting hands?