60-Minute Master: MTT Part 1, Introduction

Multi-table tournaments (MTTs) exploded back when Chris Moneymaker won the WSOP Main Event back in 2003. Today, they are still very popular with live tournaments frequently broadcast on television. Major MTT series like the European Poker Tour (EPT), the World Poker Tour (WPT) and the World Series of Poker (WSOP) in Las Vegas attract thousands of players every year and even greater numbers of enthusiastic spectators, whether on TV or on the rail. Many of the biggest stars in the world of poker made names for themselves by winning millions in large-field MTTs.

HOW IT WORKS

Unlike cash games, where players come and go as they please, poker tournaments run continuously until only one winner remains. Most large field MTTs take synchronized breaks, which stop the action, allowing all players to step away from the table for a certain amount of time. Some of the bigger live events like the WSOP Main Event runs for multiple days and don’t even play the final table until months after (known as the ‘November Nine’). Of course, smaller events or online MTTs may last only a few hours, but ultimately it depends on a number of factors, and depending on the structure, your playing strategy will vary. Here’s a look at those main factors, in no specific order.

• Total Players
• Starting Chips
• Blinds & Ante Structure
• Buy-In & Payout Structure
• Re-buys or Add-ons
• Skill Level

TOURNAMENT FORMATS

There are several variations of MTTs and the strategy for each will vary. You don’t have to be an expert in each format to be successful, but you should at least be aware of the rules and how to adjust your strategy before deciding to buy-in. Below is an overview of the main MTT formats you’ll see regularly available.

Freeze Outs
These are one of the most common types of live and internet poker events.  In this structure, all players will begin with the same amount of chips (which they have bought in for).  Players are constantly re-seated as others are eliminated (in order to balance an even number of players on each table – assuming the event has more than multiple tables in action).  While the winner of the tournament will be the player who accumulates all the chips; the payout structure for Freeze Out poker events reward a specific number of final positions once the event is over.  For example, in a tournament of 100 players, only the top 10 may receive payouts, with each higher placed finisher receive more than the previous.

Re-Buys
Re-buy poker tournaments all players involved who get eliminated or busted out early (lose their chips) to re-buy into the event.  For a limited period of the tournament, this means poker players can enter the tournament again with the original amount of chips.  The further into the game these players re-buy however, the more disadvantaged they become, as the average chip stack will be higher than the “re-buy” starting amount.  Typically the advantages of re-buy events are that they give extra opportunities to players who’ve been eliminated from the tournament. They also tend to provide larger prize pools than non-re-buy events.

Shootouts
These are considerably different from regular poker tournaments.  In Shootout Tournaments, tables are not combined as players leave the tournament.  Instead, each table in a multi-table tournament (MTT) competes among themselves. A single winner for each table proceeds to the next level of the event.  For example, if a tournament starts with 20 tables; the 20 table winners will then compete in this format until they reach the final table – where the game is played like any normal freezeout event.  Shootout Tournaments generally don’t’ last as long as regular tournament events.

Satellites
Many internet poker players will be familiar with satellite events.  They are essentially mini-events or preliminary poker tournaments where, depending on the specific structure, the top finishing players will be gain entry to a bigger/better main event.  Satellites can also lead to further satellites, and so forth.  The advantage of satellites is that they provide great opportunities for players to compete cheaply in order to qualify for main events (with big prize pools).  These can also offer giant returns of investment (ROI) without having to fork out much money.  A famous and recent example includes the French online poker player Adrien Allain (23), who won the 2009 Asian Pacific Tour (APT) Macau Event after qualifying on a $5 satellite tournament on PKR.

Heads-Up
These provide one of the most interesting dynamics and formats of tournaments.  In Heads-Up Tournaments, there will only be two players involved who play each other directly.  In these tournaments, players will always be playing a blind.  What makes Heads Up poker tournaments so interesting is that more than anywhere else, the cards in these tournaments become practically irrelevant.  Along with this, most internet poker players – especially new internet poker players – will have had little practice in Heads-Up tournaments.  This is because they are only normally reached by being the last two players in a regular freezeout style tournament.   Because these are so difficult to reach, most players will not have experience at this point.  Unfortunately for heads ups fanatics, there are very limited opportunities to play Heads Up tournaments live. However there internet poker sites are full of them, with 24/7 SNGs running at nearly all internet poker sites.  

Bounties
These are a recent innovation by internet poker sites to attract new players and increase the excitement tournaments.  In Bounty Tournaments,  players will receive a “bounty” for every player they successfully knock out.  In No Limit Hold’em games, these bounties can be quite generous.  As such, they make games exciting by encouraging players to call ‘all-ins’ and act more aggressive.  Ultimately they are worthwhile as they provide more opportunities to make money, even if you don’t make the regular payoff sports.

DIFFERENCES BETWEEN LIVE AND ONLINE MTTs

In online MTTs, the most important factor for success is to make mathematically calculated decisions based on as many optimal calls as possible. The sheer volume of play in online games adds to this because in the long term any divergence from the optimal play will lose you expected value. While this is also true for live tournaments, much more stress is placed on your ability to read people. Hand equity calculations don’t need to be as exact as online poker because physical tells narrow down hand ranges.This is true regardless of the buy-in. If you put any two tournaments of the same value buy-in (one being online the other being offline of course) in juxtaposition, the live tournament will naturally have weaker players. This is also true for cash games – many players

This is true regardless of the buy-in. If you put any two tournaments of the same value buy-in (one being online the other being offline of course) in juxtaposition, the live tournament will naturally have weaker players. This is also true for cash games – many player testaments the $1/$3 ring tables at Caesars Palace are far easier than those at PokeStars.
Unfortunately, fishier tournaments also means more variance. You can avoid going broke early in live tournaments however by playing tighter than normal. Fold weak hands, and don’t get involved in weak-ish draws.

A lot of poker players comment that live poker is more about squeezing the most chips out of each player gradually, as opposed to the titanic chip wars than go on in online tournaments. Being a good live tournament player has several nuances that differ from online MTTs. Live players will happily call down top pairs and set traps, and this is also partially because players are weaker in tournaments so there’s greater value in doing so. You’ll get called more often in a tournament for worse odds.

Regardless of the type of tournaments you like to play, and whether you’re a live MTT player or an online MTT grinder, you will need to be well bankrolled for MTT play, and that is what the next lesson will focus on – bankroll management.

LESSONS INCLUDED IN THIS SERIES

1. Introduction
2. Bankroll Management
3. Starting Hands
4. Playing from the Blinds
5. Early Stages
6. Middle Stages
7. The Bubble
8. Late Stages
9. The Final Table
10. Heads Up
11. Advanced Concepts – Coming Up Next!
12. Next Steps