cash out anytime tourney

[dooish]

New Tourney Format Tests Out Successfully in Tunica

Focus On Florida by Donna Marks filed under Tournament Reports on 2009-09-03 [Originally appeared in the August 31, 2009 issue of Poker Player]

Donna Marks
Have you ever looked at your stack during a Poker tournament and thought, “Gee, I’d love to just cash this out right now!” Well, 103 brave souls recently faced down torrential thunder storms and active tornado warnings for that very opportunity!

The inaugural Badhat—White Tiger Cash Blast No-Limit Hold ’em Poker Tournament is complete, and officially declared a raging success!

On July 30, Tunica’s Horseshoe Casino presented the tournament that was hosted by the creators and licensed owners of the new format, Kenny “Badhat” Piel, and Mike “White Tiger” Woods, two local poker pros.

Their format adds a new and exciting twist to a hold ’em event. Once the tournament is underway, players can cash out their chips at full face value, and leave the event any time they choose.

Once a player declares to the dealer that he wants to cash out, the floor is notified and that player’s chips are no longer in play. The departing player may not re-enter the tournament, effectively surrendering any claim to the $2,500 that was added to first place by the Horseshoe.

Poker room tournament director Dale Carden was delighted with player reaction to this new and exciting format. “We couldn’t have scripted a better response to this,” he said. “They just loved it; I didn’t hear a negative comment from anyone!”

When asked how they developed the format, Piel said it came about after he witnessed a young, inexperienced player attempt to cash out $62,000 in tournament chips during a traditional no-limit hold ’em event. Everyone got a good laugh out of it, but in later discussions, Piel and Woods decided to design a format that allows just that! After resolving legal issues, state gaming concerns, and copyrighting the entire format, they approached the Horseshoe Casino. The poker room management immediately saw the potential and jumped on the offer to present the first Badhat—White Tiger Cash Blast No Limit Hold ’em Poker Tournament.



This would be great in regular online tourneys. You could participate even though you only have an hour or so to spare.

[Poker Orifice]

And now they have them on Fulltilt.

Personally I've never looked at my stack and thought.. "Wouldn't it be great to be able to cash some of these out?" Umm.... I've always looked at it and related it to the size of the blinds & antes and the stacks of the other players on my table (ie. shortstacks so I can keep in mind that I might be priced in if I raise and they shove).

I have looked at my stack & thought.. "Great... I can take these badboys right to the final table!!"

[marios_521]

New strategies coming.

Maybe it is better...
Some little shortstaky fish may be cash their little-tiny stack and and leave some seats (and positions to the final payment) empty.

On the other hand... you cannot grind these chips to keep yourself "alive" in the tournament.

[LombardiStix]

It seems like all the "new" and "exciting" ideas for changing tournaments are just ways to shorten games, "double-ups" etc. I see it is changing the game and the type of players who are successful. It is interesting because I always felt like patience was one of the big time attributes you would need to be successful over the long haul, but the increasingly impatient player seems to be the theme of the future.

Stix

[ND1991]

So if they take their money and leave, how does that affect the prize pool? and how is this any different than a really large ring game with multiple tables? Would have to try one to see what I think.

[Alnoble]

I've had a look at the rules for this on Full Tilt. There is a seperate cash out pool representing 50% of your buy in. So, as in there example, if the buy in is $20 $10 goes to the main prize pool and $10 to the cash out pool. Once the tournement is down to the final table any money left in the cash out pool is divided among the last players in proportion to their chip stacks at the start of the first hand on the final table. If you decide to fully cash out when in ITM but not at final table you still get your prize as well as cash out.

You can also partially cash out but I didn't quite understand the figures FT give for this until I realised you could cash out more than 100% of your starting stack. See below

Players may make partial Cashouts in 10% increments of their original stack size. Using the tournament example above, partial Cashouts work like this:

• A player may cash out as few as 150 chips – 10% of the starting stack; the value for 150 chips in this example is $1
• A player who’s stack size has increased to 3,000 may choose to cash out 1,500 chips; the value for 1,500 chips in this example is $10
• A player who’s stack size has increased to 5,000 may choose to cash out 3,000 chips; the value for 3,000 chips in this example is $20

Please note that players may perform partial Cashouts for any amount of their stack in 10% increments of their starting stack. When a player makes a partial Cashout, the chips cashed out are removed from play.

You have to double your stack plus a bit for the fee before cashing out just to get your money back.

I might try one myself to see how many cash out early. Could be a good format to play when on call as you don't know if or when you have to go out.

Al

[scrawnybob]

hi

yep here is some more info

Full Tilt Poker Cash Out & Run It Twice Tournaments

will be interesting to see how popular they get

cheers scrawnybob

[Poolcue]

I can see the benefits in a big tournament that takes hours to play if you are playing with scared money.
Or possibly if you have satted in.
But if thats the case why play it in the first place.

[dooish]

quote: You have to double your stack plus a bit for the fee before cashing out just to get your money back.

If this is true then you have doubled up for nothing. Looks +EV to stay in.

Like your avatar Poolcue. Don't run into fellow Cottagers much in poker.

[Poker Orifice]

I've been reading lots of different ideas from players, trying to come off with 'optimal' strategies for playing these 'Cashout' tournaments. None of them sound so great to me. I'd be hard-pressed to want to part with any of my chippies at anytime of a tournament. My chipstack is an important tool to work with in the tournament. Parting with chips just seems so contradictory to optimal winning strategy. The only benefit I could foresee is... let's say you're on call at work or have some other committment that comes up and you're unable to finish the tournament, cashing out your stack at that point would be pretty decent but other than that... I really can't see any use for it at all.

The concept of it.. or 'newness' sure seems to have attracted alot of entrants... the $5 cashout mtt looked to have ~2,000 entrants (I could be way off on that figure.... just the rough amount that comes to mind). Then with half the money going to the cashout instead of the prizepool, the payouts seem kinda small for a tourney having so many entrants. I don't know if I'll try playing any of them.... .maybe just once, lol... with intentions of building a monster stack in early levels and then cashing it out (treat it like a cash-table, taking marginal EV spots and trying to get all my chips in.. hee hee hee).

Are many of you guys playing in these tourneys?