When it comes to the final Poker table and negotiations start taking place. It is clear to see that it is quite difficult to do it in a fair manner. Reason being is players all have different opinions as to what fair is, and that is why it is important to establish some equity management methods.
Methods to Making Poker Tournaments Fair
It is quite simple to negotiate a deal when there are only two players. For instance, if first prize is AU$10 000 and second place wins AU$4 000. Then it is clear to see that 60% of the chips go to the first player and 40% goes to the second player.
Considering that each of these players could walk away with a prize of AU$4 000 they are basically playing for that extra AU$6 000 in between first and second place.
Throwing in a Third Person
If you throw a third person in the Poker mix, this is where it starts getting a little trickier. It is now that the methods of equity have to be exercised a little more stringently. Having 50% of the chips will give you a 50% chance of winning the tournament. Now testing your chances of winning second and third place respectively is where the complication comes in.
To illustrate our explanation, we will be extending on our previous example.
There are 10 000 chips each and we are down to three players in the tournament. The top three prizes are: AU$12 000, AU$6 000 and AU$3 000. There is AU$18 000 remaining in the prize pool. This means at this point in time, the equity of each player sits at AU$7 000. With each member having an equal chance of winning first, second and third prize.
If two of these players go all-in against one another resulting in one of them being knocked out, then the winner of the two will have a 2:1 chip advantage. In addition, the winner will also have a two out of three chance of claiming the first prize. So, does his equity now double? No, however, he will be guaranteed AU$6 000 as well as a 67% chance of winning an additional AU$6 000 pushing his equity up to AU$10 000.
How Does He Stack Up?
Although his stack has doubled, his equity will only increase from AU$7 000 to AU$10 000. In addition, the losing player did not lose all of his equity, it just dropped from AU$7 000 to AU$3 000. The third player that was not involved in this managed to increase by AU$6 000 to AU$7 000. This means that the same stack size will increase when other players are knocked out of the game.