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When I hear "re-buy" I think that you can re-buy if you bust. Are you saying in this event, you basically just pick your number of buy-ins, with no limits? That sounds bizarre, and, well, incredibly stupid.
eastbay
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This report
http://www.thepokerforum.com/wsop047.htm
shows 538 entries, 534 rebuys, and 262 add-ons. I don't know exactly what the rebuy rules for WSOP events are, but I know the rebuy period for this one was the first two hours. I think the general rule for rebuy tournaments is that you can rebuy any time within the rebuy period if you have fewer chips than the initial buy-in, and you can buy the add-on at the end of the period no matter how many chips you have. Negreanu ended up doing OK, winning $100K for his $28K investment, but I can't imagine that it was a +EV proposition.