The Joy of Steps

I have been musing on what kind of poker to play in the next few months. Online, there are three main strands:

- cash games
- MTTs
- SnGs

Those seeking to earn a steady income from poker generally work with SnGs or cash. It is widely recognised that SnGs can be approached very analytically and in this way the variance can be reduced and the edge from correct strategy (usually combined with software assistance) can be maximised.

Likewise, cash games at the right stakes can be multi-tabled and augmented with tracking tools to produce good returns.

Obviously MTTs offer the potential for large leverage but inevitably must come with long stretches of nil returns.

Mind you, is not clear that I want to align my approach with the standard professional. I am not necessarily in the business of trying to make money playing poker online. However, I do want to play and make money !

That's a bit of a contradiction. I suppose the point is that I am not driven in my choices entirely by the "best" return.

In the meantime whilst I try to decide what is the best plan, I have been playing the Pokerstars "Steps" qualifiers for the WSOP. Very interesting structure.

All the games are 9-person SnGs. There are 6 levels (steps) of buy-ins - the top level is $2,100 to buy in and offers the winner a $12,500 package to the WSOP. At the other end is the first step - $7.50.

The winner at each step moves up to the next step so the idea/dream is that you can buy in for $7.50 and win the $12,500 prize.

What is particularly interesting is the prize structure: at Step 1, 2 of 9 progress, and 3rd place gets to try again. At the later steps, the prizes are even more broadly spread. Generally the top 2 go up, the next two try again and the 5th and 6th get to try at a lower step.

I bought in to step 1 and am now at step 5 (2nd attempt). So far I have not had to buy in again and have travelled S1-S2-S1-S2-S3-S3-S4-S3-S3-S4-S4-S5-S5.

Step 5 is a $700 buy-in so in some sense I have multiplied my buy-in by 100x but it can't be cashed out and at any time I may be back at the ground level.

The tactic I am employing is a fairly obvious one: very tight early on, to try to ensure I am at least guaranteed a retry at a lower level. Of course, everyone else is doing the same and sometimes you just have to get all your chips in early on if the situation arises.

The Step where I went from S4 to S5 was an epic game - I think we were 3-handed for about 20minutes. Then at Step5, I was the chip-leader when I held AK vs TT and missed. Then, 5-handed I was still a slight leader when the short-stack pushed all-in. Holding AQ it was automatic to over-push.

Unfortunately, 2nd-in-chips behind me chose this moment to wake up with Aces. The good news was that the short-stakc was eliminated promoting me to 4th. I had a few chips left, but lost those vs another pair of Aces shortly thereafter.

Ah well. Next ....