Help needed with last table "deal". Thx!

[manku]

Playing in a home tourney (80 players), $300 buy in. BTW, this tourney has been going on for over twenty years, and most players are friends or work with each other. Each player given 500 chips, with blinds starting at 1-2, 1 ante.

Lo and behold, I make it to the final table. Payout is as follows:

8th, 7th, 6th place: $300, or stake returned.

5th, $600
4th, $1200
3rd, $2400 (can't recall exact figures)
2nd, $4800
1st, $14000+

I have around 6000 starting final table, in 3rd place. Blinds are 200-400, 200 antes. When we get to six, there's talk of a deal with us all cutting it six ways even, but is nixed. Finally we get to five. I still have about 6000, having only played one hand in three rounds+ and am cold as ice.

Blinds have gone to 500-1000, with 500 antes. So it costs 4000 a round. And, BTW, the host is jacking the blinds quickly. A deal is suggested. Two players have about 12000, the remaing three of us have 5000-6000 each. I decide to make it easy. $6000 to the chip leaders, $3000 to the three trailers. Play for remaining $2000+ (winner take all) and glory of first place.

Everyone agrees, and tourney is over within about fifteen minutes.

I was thrilled, as I had caught a number of miracles to make it to the final. I felt like I was living on borrowed time. Also, I've only played in about a dozen tourneys in my life, and never been involved in a "deal". My overriding concern in making deal was that $3000 in the hand was better than the potential (at least the way the cards were running) fifth or sixth place money. As for my skill level vs. my opponents: I'm probably more experienced, but with those blinds/antes, I'm not sure if it made any difference. It felt like a crapshoot.

But thinking about it the next day, I realized I probably cut a bad deal. I checked my various books, but couldn't really figure out how one should split a five way table. My guess is that I shorted myself around $500-750 and gave the leaders about $1000 too much.

Anyone care to assist?

Thanks.

Manku

[manku]

Can it be moved.

Thanks.

manku

[bads33d]

I say you got yourself a good deal.

Deal break down:

80 entrants x 500 chips=40,000 chips in play

5 people left=prize pool is $23,100 (80x$300-900)

chip leaders have 12000 each which is 30% of the chips in play, 30%, is 6930

so basically your free rolling for the $2000 first place out of the 2 chip leaders earned money based on chip percentages according to the chip count.

[riverboatking]

don't have much to contribute in regards to a fair deal...however what structure are you using that makes the antes equal to the SB?

this seems pretty outrageous.

[creedofhubris]

I was in a chop with a pro, and his rule of thumb was: no one gets better than second-place money. Worked out pretty well that way.

[Swede]

IMO, you got an OK deal. Especially since you had the chance of winning the the remaining $2K+ as well.

[nicky g]

You can edit or delete posts. Rather than asking for it to be moved, do that and repost it on the tournament board. Sorry if you tried to delete it but it was too late; it looks from the times of the posts you would still have been able to, however.

[EnderW27]

[ QUOTE ]
this tourney has been going on for over twenty years,

[/ QUOTE ]

So do the blinds increase biannually?

[alittle]

[ QUOTE ]
[ QUOTE ]
this tourney has been going on for over twenty years,

[/ QUOTE ]

So do the blinds increase biannually?

[/ QUOTE ]

And once extra on leap years.

[manku]

I agree with the bizarre ante structure...however, as most of these players were not hardcore players, they didn't understand the pot odds at all.

For example, when the blinds were 2-4, 2 antes, i saw numerous players fold the small blind in unraised multi way pots! Getting at least 11-1 (assuming no additional players) makes even a 7-2 playable, doesn't it?

Murphy's law of course applied to the chop...immediately after, I pick up pocket rockets in the small blind. My first of the night.

Manku