Value of PartyPoker New STEPS tournament

[RobSIegel]

if a player can make it to step 5 before spending, say $500, then I have a hard time imagining they will be such a big underdog in the final tourney that they would be actually -EV. The blind structure doesn't really allow the sharks that much of an advantage, does it?

Now I don't know how many $12 buyins it will take me on average to hit step 5. Maybe it will cost $500, or $800 or even more than $1000. At some point you aren't getting a discount, and your discount has to be big enough to overcome any edge the 200+15ers have on you.

[Danielih]

Clearly for a very good winning player the first few steps have no value whatsoever.

Essentially the idea for a good player is having regular 1000 SNG going so that is pretty sweet. The steps thing is just a gimmick to get enough players in the 1000 SNG. My guess is that it will work.

I agree with El Diablo, Level 4 has enough value that it is probably better than buying in directly and better than starting 200+15. I do not think we can properly asssess the EV yet.

[RobSIegel]

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Clearly for a very good winning player the first few steps have no value whatsoever.

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I'm not challenging you or anything, just wondering if you could explain to me why? Wouldn't a good player make their way to lvl 3 often for much less than $215? Or are you suggesting that the time investment isn't worth it to such a good player?

[Apathy]

I think what level you start at is more a question of what your bankroll can afford. If you had no bankroll restrictions I think I would start at level four to maximize EV.

Does anyone know if you are allowed to win a level then cash out your buy in for the next one? Or are you forced to move up a step until you play in step 5?

[KingMedicine]

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Does anyone know if you are allowed to win a level then cash out your buy in for the next one? Or are you forced to move up a step until you play in step 5?

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it appears not. it looks like when you, say win level 3 (or make the top group that advances), you get a freeroll into level 4 that you can play whenever you want. theoretically, you could have 5 freerolls (or more) into each of the levels sitting in your account to use whenever you're ready, none of which are worth real cash until you get to level 5 and place in the top 4. it'll be interesting to see how often the levels 5s begin (they need 20 people to play in a $1000+65 tourney).

these are going to be monsterly popular and hugely +EV i believe. i look forward to hearing other's thoughts on these.

[Wayne]

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it'll be interesting to see how often the levels 5s begin (they need 20 people to play in a $1000+65 tourney).

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Roughly 100 level 1 SnGs will produce a level 5 SnG. I suspect there will be 1-3 level 5 SnGs per day, maybe more if it becomes popular. It might be profitable to buy in at the higher steps, making the level 5 happen even more often.

[hotcookie42]

I have to say that Party seems to have done something right here with the new graduated "STEP" tournaments. As a business idea for them, it will bring in a lot of rake (the upper levels do seem awfully high) and the notion that you can loop back in again and again will surely keep many climbing the "steps" often. My question is whether my EV is higher or lower in a steps tourney of (how many?) people compared to that of a normal multitable tourney. Say I buy in to a 50+5 with a field of 1500. I have to make the top 140 (ish) to make the money. How does my EV in this event look compared to one in which I must make the final four at several levels to finish in the money? Very interesting, looking forward to experimenting with these new tourneys!

[Percula]

[ QUOTE ]
My question is whether my EV is higher or lower in a steps tourney of (how many?) people compared to that of a normal multitable tourney. Say I buy in to a 50+5 with a field of 1500. I have to make the top 140 (ish) to make the money. How does my EV in this event look compared to one in which I must make the final four at several levels to finish in the money? Very interesting, looking forward to experimenting with these new tourneys!

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They are a two table SnG format. So you are playing against 20 , making it (if all are equal) a 4 in 20 chance of making the "money" in the first step ($11), 4 in 20 at step 2 ($50), 6 in 20 at step 3 ($200), and 8 in 20 at step 4 ($500).

If you are a good SnG player I would think one would want to "take the overlay" and start at the bottom and step your way to the final step ($1000). I would be interested in seeing the structure before saying if it is a killer deal or just a better than average deal. If you start with 800 chips and have "turbo" like level increases it could be a real crap shoot. 800 chips and 15 min levels would be fine, but I would rather see 1500-2500 chips and 15-30 min levels, especially at the higher steps. I have a feeling step 1-3 are going to be pretty fishy and likely a +EV situation for any solid player. [img]/images/graemlins/wink.gif[/img]

[tdp]

He's playing in one STEP 5 right now and already signed up for another.

[binions]

Turns out, the best deal is level 1. For $11, you get you get a 20% chance of winning a $55 entry fee - i.e. $11. No effective rake.

Here is the mathematical EV of the other levels

Level 2 - $55 to win $49.10

Level 3 - $215 to win $198.95

Level 4 - $535 to win $499.35

Level 5 - $1065 to win $1000