Date: 05/23/1999
From: Jim Geary
Newsgroups: rec.gambling.poker
Subject: Re: Did I cut a bad deal?
On Sun, 23 May 1999, Kevin Geisner wrote: > I played in an Omaha hi-lo tournament the other day, got into the money > and cut a deal with three of us left. I wonder now how smart my deal > was. > > Situation: > > Three players, two experienced and me (an Omaha rookie) > Chip count: 15% for me, 42% for each of the other two > Prize money: 1st $750, 2nd $450, 3rd $250 > > The deal: > > They split 1st and 2nd, but kick my prize up to $300. > > > Are there any thoughts on this? What is a "fair" deal in this > circumstance? You got ripped. Without getting into whose formula for chip count is right, look at it this way. You have $250 locked up. You are playing for the differences between 1-3 and 2-3 . Having 15% of the chips gives you a 15% chance of winning. Thus your EV just from your chances at 1st is greater than the amount they gave you (10% of the difference).
Last Modified 2/9/00