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When I play poker, I generally think about hourly wage and variance. I will only play satellites over SNGs (my personal form of cash games), if I think my hourly wage is higher in satellites. Furthermore, I will only play satellites if am at least close to buying in directly. IMHO, if you aren't willing to buy in directly, you shouldn't really be playing satellites unless there's a seriously lack of game selection available.

FWIW, I consider Stars satellites, especially the 600+40's to be very profitable w/ relatively low variance.

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I agree 100% with ZJ here, that is the proper way to think about satellites IMO.