Luckyblind's Poker Blog

Random thoughts and reports from a relative Poker newbie.

Location: Drogheda, Ireland

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Saturday, December 18, 2004

Reading between the lines....

After reading that a few other bloggers had given the Party Poker Step challenge a bash I decided to have a go myself. I started at level 2 and won so moved up to level 3. My first go at level 3 I finished 7th so was given another shot at this level.
Unfortunately I busted out in 15th when my Aces were cracked by an AK making a flush.

I had looked at this like many as a good way to try and get a big score from a small entry fee. That is until I was reading Andy Ward's Blog. The rake on this event is huge. I did a few sums and was very suprised. This is what I worked out:

To fill level five it takes 2.5 level four tournaments, so therefore requires 2.5*20 players = 50.
To get those 50 players requires 8.1 level 3 tournaments which equates to 162 players.
162 players at level three = 40.5 level 2 tournaments which is 810 players.
To get 810 players in level 2 there must be 202.5 level 1 tournaments which is 4,050 players paying $11.
So 4,050*11 = 44,550.

Payout is $20,000 @ level 5
$75 at level 4
$283.5 at level 3
$1215 at level 2

Total = $21573.50

So total rake = $44,550-$21573.50 = $22976.50 This is 51.57% of total paid including initial $1 reg fee!

I am not sure how to work out the effect of people moving up and down the levels, but I can't believe it adds up to much out of the +$20k rake!

The worst thing about this is is taking huge lumps of bankroll out of play which cannot be good for poker.

Website update:

I have been working on a website which will eventually replace this blog. It is designed to follow the adventures of myself and 4 other players from the Friday game as we venture further into the poker world. My Diary from the WPT in January will be there and ther is also a plethora of links to all thinks poker related. The articles section will be up and running soon. Anyone who wishes to contribute anything then please feel to email me.

The site can be found at . Any feedback, positive or negative will be greatly appreciated.