All In: Poker tournaments vs. cash games

Much of the fascination with poker, and any gambling, for that matter, is paralleled by the possibility of winning big – striking it rich with a little chance and luck. But, as I’ve stated before, with poker, there’s often a little more to it. As the phenomenon continues and the obsession grows each year, more people are trying their hand at the game. It’s important, however, to recognize the type of game going on when seated at the felt.

Casinos and online sites both play host to a variety of games, and it’s crucial you recognize the type you’re playing. Most poker games fall in the category of tournament-style games or cash games, also known as “ring games.” The majority of poker players can come out more successful in one and struggle at the other. Each has its advantages and its risks, and those who fail to recognize them are not likely to come out ahead in both.

Tournaments-style is what most people are exposed to, whether it’s at a local fire hall or the televised coverage of the World Series of Poker in Vegas. House games can vary, offering tournament play or cash games, each of which require different strategies.

In tournaments, you have to be willing to gamble a little more than in cash games. The mathematics and probability factor into the cash and rings game a little more often, and consistent, by-the-book play is often rewarded a little more.

Tournaments are more than a game against your opponents. The later you survive in a tournament, the more that time becomes a factor. While all Texas Hold’em games incorporate blinds, tournaments play includes increasing blinds, as well as antes, that will eventually eat away at your chip stack if you sit back and play too slow.

In tourneys, you have to pick your spots and, while smart poker play is a necessity, aggressive play will likely lead to success. For the most part, players can get away with playing their normal, cash-game style in the opening rounds of the tournaments, as the blinds are usually small and antes are non-existent. In later rounds, though, take note on a pre-flop raise of how many big blinds you are left with. Making that call on a particular hand could be a crushing blow to your tournament stake.

There are other factors in a poker tournament that do not apply to the progression of a cash game. For example, notice the payout structure. In a tournament, it is rare to have much more than 10 percent of the players come out with a profit – especially in large, multi-table tourneys. This means that 90 percent of everyone who enters such a tournament is going to come out essentially losing the money they bought in with.

This information gravely affects how people play when they are on the “bubble.” When the number of remaining players in a tournament is just slightly over the number of pay-out spots, the players knocked out on the cusp are said to be “on the bubble.” If you have managed to secure a comfortable chip stack at this point, you will likely be able to play a little more aggressively and steal a few extra blinds.

Poker players conscious of their placement relative to the payout structure can usually be expected to play tight, in attempt to secure a spot in the winnings. Likewise, if you are the one who is short-stacked against opponents and on the verge of “bubbling out,” use it to your advantage. Pick up some blinds, and take a risk when a decent hand comes around, like middle pockets or “big slick,” but do not use this time to bluff at a pot with a weak hand.

In ring or cash games, the payout isn’t only awarded to the top 10 percent. You could win a few hands and be up three times what you bought in, if you play it right. During a cash game, a player’s goal is to win as many hands as possible, yielding the largest payout.

Much of this idea revolves around the value of the chips sitting in front of you. If you buy into a cash game for $50, you have chips in front of you that represent exactly that amount. In most cash games, the buy-ins aren’t limited to a precise amount. Some people may have more, some less.

In tournaments, everyone typically pays the same amount to enter and receives the same amount of chips. But those chips could represent $1,000 or $150,000. Winning hands in a tournament could increase your chip count, but those chips mean nothing but your tournament life until you’re out. You are no richer during the tournament than you were before winning those hands.

Poker professionals will compare tournaments and cash games to the concepts of running a marathon and running sprints, or marriage and the dating scene.

A tournament is a commitment. It can be drawn out, and you are expected to be in it through the end, much like running a marathon or succumbing (or happily obliging) to wedlock. It has its ups and downs, but ultimately, you are there through the end. Almost every move you make and every reaction directly affects your status in that commitment.

Each hand you play in a cash game is independent of another other, like individual flings. You aren’t locked into anything, but when you’re winning, and enjoying time, you keep going. If you’ve had enough, you can just get up and leave. If you lose it all, you can always buy back in and try your luck again, no matter how bad the last one went.

Keep in mind that, with a tournament, once you’re out, you’re done. You’re either in that top 10 percent of the winnings or booted with the other 90 percent, earning nothing.

In cash games, after losing your chips, you can buy back in. Most players will bring additional funds for just such a case. For this reason, there can potentially be more money to win than in tournaments, depending on the buy-in limits.

For example, say nine players enter a $100 tournament. Each player contributed their buy-in, and the winner will likely get half of the $900 total. Now, suppose you’re at a nine-person cash table, where some players bought in for $100, some for a little more and some for a little less. That means there’s roughly $900 circulating in play at that table, not to mention re-buys that will put even more chips on the felt. This looks more attractive to players who are willing to play a steady, patient, yet aggressive, game of poker. At the same time, cash games can be more dangerous, as it is easy to lose money quickly as a result of re-buys.

Both tournaments and cash games come with their prices. It’s best to understand what type appeals to you. Players should realize the varying strategies that both styles require, and don’t expect that just because you excel in one that the other will come naturally.

For those who favor tournament play or want to try their hands at a tournament, there is play through Resort Poker League at the following locations:

• Sundays – High Stakes Bar & Grill, Fenwick Island, 8:30 p.m.; Steakhouse 26 Restaurant, Millville, 8 p.m.;

• Mondays – Dublin Steakhouse, Selbyville, 7 p.m., 9:30 p.m.; Beach Daze, Fenwick Island, 7:30 p.m.;

• Tuesdays – Coral Bay Cafe & Bar, Georgetown, 6:30 p.m.; Oasis Bar & Grill, Whaleyville, Md., 6:30 p.m.;

• Wednesdays – Kenny’s Sports Bar, Ellendale, Del., 6:30 p.m.; High Stakes Bar & Grill, Fenwick Island, 7 p.m.;

• Thursdays – Flying Fish Saloon, Long Neck, Del., 7 p.m.; Fenwick Inn Jordan’s Rooftop Restaurant, Ocean City, Md., 7 p.m.; Jolly Roger Sports Bar & Grill, Ocean View, 7:30 p.m.

• Fridays – Steakhouse 26 Restaurant, Millville, 8:30 p.m.

For more information about the Resort Poker League, including venue contacts and locations, visit www.resortpokerleague.com online.