Big "O" @ Hollywood Park Casino

Big "O" is a 5 card Omaha poker game that is gaining popularity with card players in the poker world. Depending on which Google search comes up, it could be a regular high only game or a high/low, Omaha-8-or-better game that's usually a limit game, but sometimes a pot limit game. They're spreading the Big "O" cash game at Hollywood Park Casino, 3/6 limit. I observed a few hands of the Big O cash games prior to the new casino completion, but didn't play any. It's a fairly popular 3/6 limit game and appeared to have lots of action each hand, but not a loose aggressive game. Sometimes they have a couple of tables running.

I finally took in the Big "O" tournament at Hollywood Park Casino, my first venture into 5 card Omaha. They had a 3/6 Limit cash game running, with a few names on the waiting list. Limit poker is a River game as opposed to No Limit poker which is usually a Flop or even a pre-flop game and Pot Limit poker which is usually a Turn or River game.

It's usually on a Saturday at 3pm. $2,500 Guarantee. $60 Entry Fee and one $60 rebuy/add-on. They need at least 63 players, including rebuys, to meet the guarantee, as only $40 of the entry fee and/or rebuy/add-on goes the prize pool. It's kind of on the fast side with 15 minute blind changes. The $60 entry fee will get you 10,000 in chips and the rebuy/add-on will get you another 15,000 in chips, so it's pretty deep stacked at 250 to 500 Big Blinds (M) depending on if you added-on (rebuy) or didn't. As a limit game, your "M" is discounted from the first hand you play and compounded with 4 blind changes per hour, so if you are an action player, it could cost you 30% of your chips, or more, in the first hour, if you didn't rebuy. Fortunately there are no ante levels, so the Minefield won't start for at least an hour, of course the Minefield Level will be different depending again if you added-on (rebuy) or didn't. The tournament could run about 4 to 5 hours.

With an M of 250 to start, you should reach the Minefield at about Level 8 and that Minefield should end before Level 10, where you will need at least 40.000 in chips to continue.
With an M of 500 to start, you should reach the Minefield at about Level 11 and that Minefield should end by Level 12, and you should be in the bubble level of the tournament.

I came in late, about level 6, about an hour and a half late, so my entry fee, still at $60 + the $60 rebuy, gave me an M of about 41 to start. From the first hand I found out that it's a Omaha 8 or better game, which was OK since my favorite game is Pot Limit Omaha and I occasionally play Omaha 8. With 5 cards to start instead of 4. I wanted to see how the players played and how the action progressed. I luckily didn't have to play any of the first 6 hands, so I got a flavor of the table, which showed it's an action game where 5 of the 8 players usually see the flop and 3 to 4 players go to the river. Not overly loose aggressive until at least the bubble. I made the final table, but it only takes losing a couple of hands to seriously deplete your stack as this is where it gets more aggressive as they attack the small stacks. We all agreed that the 7th and 8th players would at least get their entry plus add-on back, they took it off the top 2 players, so we played on. I ended up in 6th place, where they chopped, which was OK with me, since it was a win/win for me. If I saw the next hand, I would have to go all-in anyway and still been in 6th place or another couple of rungs up the ladder and a higher finish. It was a much more pleasant experience than I expected for my first time playing Big O.
I'll most likely play in more of these tournaments.

I NEVER BLUFF

The Confusing Pot Limit Poker Bet Structure? Maybe not.....

One of my favorite games in Poker. I will usually play Pot Limit Omaha or Texas Hold'em before any other.

Pot Limit Rules
http://www.wsop.com/poker-rules/rules_nlpl.asp

Rule #6. In pot-limit, if a chip or a bill larger than the pot size is put into the pot without comment, it is considered to be a pot size bet and any excess is returned to the bettor OR if short of the pot, additional money needs to be put into the pot to make it a pot size bet.

The Bottom Line: Always announce your intended Bet, prior to moving your chips into the pot. Remember, if you don't announce "Pot" first, you'll be called on a string bet if you put the minimum bet in first, then try to add a raise to bet the Pot.. Always vocalize your intended action.

How Much?

It's sometimes hard to do the math in your head. If the pot is $424 and someone bets $68, how much can you bet? Don't waste time by attempting to calculate the answer beforehand - just announce "Pot," then figure it out, put in your call first, and then add up the total pot with all bets, adding that to your bet. (In case you're wondering, the answer here is $628.)

Easy to figure if you just multiply the last bet times 3 plus the pot, before the last bet.

68*3=204+424=628, which is the amount of your raise.

If the chips have already been added to the pot, then the last bet times 2 = the pot bet.

424+68=492 +136 = 628.
If the next person wants to raise the pot again, the new bet would be 3 times 628 (1256) + previous pot of 424 = 2309.

How you determine the maximum bet is by counting all the money in the pot and all of the bets on the table, including any call you would make before raising. (It sounds more complicated than it really is.)

You can raise any amount in between the minimum and maximum raise amounts.

Pot-Limit Hold'em is not very popular, and is mostly seen only in some large tournaments (such as the WSOP), but the Pot-Limit betting structure is used in Pot-Limit Omaha.

Pot-Limit Omaha is rapidly becoming one of the most popular poker variations, so it's a good idea to get acquainted with the Pot-Limit structure anyway.

I NEVER BLUFF

Black Swans, the impact of unpredictable occurrences

Black Swans are unknown unknown catastrophes or miracles, as opposed to known unknown coincidences or known known events, based on 4 things regarding knowledge, things you know that you know, things you know that you don't know, things that you don't know that you know, and things that you don't know that you don't know. I think more things are turning into things that I don't know that I know (forgot).

Trying to account for random occurrences in chance by looking for swings in the probability of success or disaster when you can't predict a Black Swan occurrence is really futile. The best you can hope for is to limit your disasters or losses and protect your successes or gains. You do this by setting limits and keeping within those limits or at least protecting part of your successes while hoping for a Black Swan miracle.

There are those who advocate continuing to play when you are on a losing streak, because you know you are playing correctly and those who advocate cutting your losses, because psychologically you're just playing head games with yourself. I think the smart thing is to at least take a break to regroup or reassess your play and the players in the game.

Whether it's playing poker (cash games) and looking for your hand to improve, your stack to grow or playing roulette and praying your number hits, if you're calculating the probabilities of success or failure, set limits on both. Losing all your chips is better than losing all your cash and it's always better to limit how much of your profits you are willing to give back, when the tide turns after being on a winning roll.
(The Black Swan: The Impact of the Highly Improbable, by Nassim Nicholas Taleb)

I Never Bluff