Monday, August 28, 2006
Poker Economies - part 1
So I played in the second annual golf/poker outing yesterday. The golf was fun. I played half-assed. Our team was out matched in a big way. The front 9, from the back tees, was just incredibly difficult. But I had fun spending time with some poker buddies, spending time with the wife and a couple of neighbor friends. The after golf barbecue and event ceremony was pretty nice. I really enjoyed it.
Now onto the important stuff...poker. The poker tournament went about as normal. I played OK and got busted. Here's the situation. I played a few hands early - nothing special. I was down to about $2600 (we started with $3500). With blinds at 50/100, I limped in middle position with a 5h6h. It was bumped a little in late position by Watson. (When you read the name "Watson", you need to say it in your mind the way that Jerry Sienfeld used to announce his nemesis - Neuman....Neuman).
One blind called. I called. The flop gave me a double belly buster and flush draw (3h 7h 9x). Small blind bets about 1/3 of the pot. I call. Watson quadruples the bet. Opener calls. I'm faced with an all in decision. I think I might actually be a favorite to win this hand and triple up. I have 15 outs for a straight or flush - with 2 outs to the straight flush - saucey. I can't put the SB on a flush or straight draw. He seemed like a beginner and not someone that would lead out into a field with a draw. It is real easy for me to put Watson on an overpair. So I call all in thinking my straight and flush outs are clean. The lesson here...try not to call all-in when you are hoping to catch good and win. Try to be the guy that calls all-in when you are certain you are ahead.
Anyway, I digress.....The turn gives me the flush, but to my horror, SB leads out. Now I know my little heart flush is no good and I make a quick exit to the cash game. SB was on Q high flush draw.
So this tournament and the cash game got me to thinking about poker economies. Who are the "givers"? Who are the "takers"? Does there need to be equilibrium - like they taught me in economics class? Where does the money come from?
....More on the next post.
Now onto the important stuff...poker. The poker tournament went about as normal. I played OK and got busted. Here's the situation. I played a few hands early - nothing special. I was down to about $2600 (we started with $3500). With blinds at 50/100, I limped in middle position with a 5h6h. It was bumped a little in late position by Watson. (When you read the name "Watson", you need to say it in your mind the way that Jerry Sienfeld used to announce his nemesis - Neuman....Neuman).
One blind called. I called. The flop gave me a double belly buster and flush draw (3h 7h 9x). Small blind bets about 1/3 of the pot. I call. Watson quadruples the bet. Opener calls. I'm faced with an all in decision. I think I might actually be a favorite to win this hand and triple up. I have 15 outs for a straight or flush - with 2 outs to the straight flush - saucey. I can't put the SB on a flush or straight draw. He seemed like a beginner and not someone that would lead out into a field with a draw. It is real easy for me to put Watson on an overpair. So I call all in thinking my straight and flush outs are clean. The lesson here...try not to call all-in when you are hoping to catch good and win. Try to be the guy that calls all-in when you are certain you are ahead.
Anyway, I digress.....The turn gives me the flush, but to my horror, SB leads out. Now I know my little heart flush is no good and I make a quick exit to the cash game. SB was on Q high flush draw.
So this tournament and the cash game got me to thinking about poker economies. Who are the "givers"? Who are the "takers"? Does there need to be equilibrium - like they taught me in economics class? Where does the money come from?
....More on the next post.
