In the last issue we talked about the “chip-up frebee“, just before a “chip-up” round, where you should call even with a junk hand because it costs you nothing. Tournament conditions sometimes create other opportunities where good dollar sense suggests actions that vary from the usual.

Poker experts generally agree that it is correct to play more aggressively in tournaments than in “live game” play. In poker tournaments, especially where the limits escalate quickly, there is an inherent general pressure to use chips (aggressively) before inflation cuts their value in half. Especially in the early stages of a tournament where many players tend to spend their chips like drunken sailors, even generally conservative experts lessen their starting standards relatively.

But note that during the later stages of a tournament, if you have a “comfortable” chip position, time is on your side, and it is often wise to “sit on your chips” in early positions (that is you play only top-notch starting hands, for example, in hold’em, ace-queen or better; in high Omaha, fifteen point hands or better), and watch the other players destroy themselves.

Note well, however, that in the later stages of a tournament, especially in late positions, you often have perhaps the best deal in flop games going for you. But it all depends on whether you have diehard blind defenders or not on your left. When everyone folds around to you, for an investment of what usually amounts to three chips (when you lose), you can raise before the flop, and then bet the flop with anything! In most games, especially if one or more of the remaining (left) players are nursing tenuous chip positions (that is, they are playing “survival” and more readily concede their blinds), you have excellant chances of stealing the blinds without even seeing the flop. And, with one meek caller, you often buy the pot after the flop. Add those possibilities to the chances of your actually flopping something, and you have yourself a fine investment - as long as you do not do it too often. Of course, getting caught doing this should add to your yield when you actually have a good hand.

Many rebuy tournaments offer a final rebuy “opportunity” at great bargain rates, sometimes referred to as the “offer you can’t refuse” (OYCR) rebuy. For example, the original buy in and rebuys might cost ten real dollars and get you $500 in tournament chips. But at the end of the rebuy period, there is a final rebuy available to everyone (regardless of chip position) where you can add-on $1500 in tournament chips for only twenty real dollars (note the bargain rate), or $3500! for forty dollars! What a deal! Actually what is really happening is that the real tournament is now about to begin.

But note how all this effects your strategy for the last two or three hands before the Offer You Can’t Refuse rebuy. Let’s say that the limits are currently $100-$200 and you have four $100 chips left. You pick up a 9-6 suited (if hold’em) or some medium bad Omaha hand, and they announce that this will be the last hand before the OYCR rebuy. Normally you would be tossing these cards without much thought, but perhaps you sense that you might call, since you are planning to make the $40 rebuy and get 35 more $100 chips.

In this situation with suited connectors, it is probably right to raise (!), if there are a fair number of players in the pot (or probably will be, since other players might also be straining to avoid the rebuy). And, if someone raises you back, you should reraise (if there are several players remaining), and go all in, NOW, before-the-flop! The whole idea is to get many chips in your side pot, early, while there are still numerous players paying. Since you are all-in, you will get to see all five cards. The other players will usually have to pay to see the last two cards or fold possible river winners.

If you luck out and win the 15-20 chip sidepot, you have saved yourself $20 or $40 real dollars, depending on what your rebuy philosophy is. Note that if you play in rebuy tournaments frequently, one of the most important long-run strategies is to keep your average cost down. If you lose your four chips, you simply rebuy as planned, noting that the additional four chips will most often be rather insignificant, since you will most likely last (without winning) until the next ($500-$1000) level, at which time there will be another chip-up. The whole point is that your less-than-average chances of winning are enhanced by being all-in, and the prospect of saving real dollars plus the deflating worth of your four $100 chips (less than one $500 chip) all combine to give good value to the investment.

When you are down to your last chip or two, many percentage change. Let’s say you are looking at the king and jack of hearts in a late seat. Two players call (in addition to the two blinds). Normally, in a late seat with this hand, you would raise happily or call (partly because you are acting last and you have some chips). But if you are down to your last chip, you should probably fold. If you call all in against the four other players, you rate to win only about 30% of the time. Note that the two free callers (ace or good hands) reduce your chances more than the increase from the prospect of the winning hand folding.

If you fold and the blind eventually comes around to you, you rate to win against the other blind and an average of approximately 1.8 other players (obviously this number varies with the looseness-tighness of the games) about one third of the time. In the meantime you have more time and hands to look at for something good to happen, like a high pair, or another chip-up, or table consolidation. Note that a chip-up increases the relative strength of your holding, and roughly doubles your current chances (whatever) of winning the tournament.