Besides “Who do you like,” the question I hear the most is “How do you bet?” There’s no easy answer, but I’ll give it a shot.

First of all, handicapping is easy; betting is hard. But beyond the actual execution of bets, there are many other factors going on that need to be understood if you are going to have a chance.

I want to make money. Sometimes that means winning more than losing, sometimes that means walking away when I’m ahead and sometimes that means walking away when I am behind. My goal is not to break the bank, to be carried out on the shoulders of my fellow bettors or have the simulcast site ban me because I am winning too much. For every anecdote about someone that went to the track with a small bankroll and hit it big, there are far more tales of bettors not picking up their stack and walking away ahead.

So I think it makes sense to ask yourself WHY you bet. But you also have to take a hard look at yourself and examine whether your behavior is in line with your goal. I have a friend that I am convinced bets in a way that increases the chance that the next race could enter his Tale of Woe Hall of Fame. He has every imaginable bad beat story. In fact, if I wasn’t with him and saw first-hand how no lead was safe or how the wire always seems to come up before his rallying horse can get there, I wouldn’t believe it myself. I once told him that “Doctor Melfi would say that you want to lose.”

If your goal is to have fun, make sure that you have fun. If your goal is to have a life-changing score, make sure that you fall out of love with odds-on favorites. If your goal is to go to a wagering site and enjoy talking to your buddies, bet in a way that will enable you to do that for many years.

Here’s one you see all the time. Most horseplayers I know would consider themselves “Old School.” In between races you’ll hear discussions about Terrell Owens and his excessive end-zone celebrations. Yet, the same horseplayer will overreact to wins and losses to their own detriment.

The “Old School” horseplayer will have a nice score and then start betting way beyond their comfort zone. They’ll lose focus from winning and start making money management mistakes. Without realizing it, they are behaving like T.O., except his celebrations seem to make him more money while the “Old School” horseplayer is wasting precious bankroll dollars. The advice of football coaches to act like you’ve done it before after you score a touchdown, can be applied when you have a big score. Act like it’s no big deal and you might get another one.

Do you keep accurate records? Some account wagering companies do a good job of breaking down your betting records by track or wager type. If they do, use it. You need to know what your strengths and weaknesses are and record-keeping can go a long way to get you to divert your focus toward more profitable situations.

The Shark was feeling a bit peckish. Then again, Team PokerStars Pro Humberto Brenes is always feeling a little hungry for chips. Put him in water full of players who match his life experience and Brenes’ stomach growls even more.

Such was the scene at Event #11 of the Bellagio Five Diamond seniors event. One hundred sixty-eight players put down $1,500 apiece to fight for the no-limit hold’em title. It was a feeding frenzy for the godfather of Costa Rican poker. Brenes confessed he was aching for a win. It had been two years since he’d nabbed a first place spot. With the blood in the water, Brenes went to work and emerged with the victory.

Brenes’ work began early in event, increasing his stack by 50% on the second hand of the tournament. It allowed him to play some big-stack poker and relax for most of the first day. By the time the blinds had climbed to 500/1000/100, Brenes came in for 4,000 with Ad-Ac. His opponent, a conservative player, called with position. The flop came down Jd-7s-6d.

Brenes said later that, given he was holding the Ace of diamonds, he felt safe in going for a check-raise. It didn’t work. His opponent checked behind and they saw the 7d. This time, Brenes put out a 10,000 bet. It was soon clear, Brenes’ timing was off. His opponent moved all-in. It was 25,000 more for Brenes to call. The Team PokerStars Pro went into the tank. If he were to lose the hand, he would be down to 8,000 chips. Win and it’s smooth sailing. Brenes made the call and felt his stomach turn. His opponent turned up Kd-Qd for the flush.

Brenes had eleven outs with one card to come. He got one of them, the 7c, and scooped the monster. The voracious chip eater dribbled a few luck crumbs on his shirt and smiled. Brenes reached the six-handed final table in second place with 182.000 chips out of 750,000 in play.

The Costa Rican had a great start at the final table, eliminating the first player with J-J against 4-4. Brenes retook the chip lead and held it until he got heads up with his old buddy Chris Bjorin. It took two and half hours to play out the heads up battle.

The ultimate hand played like this: Brenes had the button and completed with Qd-9d. Bjorin raised with Qs-Jc and Brenes called.The flop showed Jd-10t-6d. No question, this hand was about to be the last one. The chips were in with all due speed. The board ran out 3c-5d to give Brenes the flush and the win.

Humberto Brenes

Brenes pocketed $78,220 for his efforts and won his first bracelet at the Bellagio.

Congratulations, Humberto.

Rebuy tournaments provide some of the most lucrative action for good tournament players.

This is for a few key reasons. Firstly, the ability to rebuy gives a good player numerous shots at building a large stack - very important for later when the tournament reverts back to a regular format

Secondly, numerous bad players don’t even bother continuing to rebuy if they bust early - a terrible strategy and one which basically gives them zero chance of winning, meaning lots of dead money in the prize pool. Lastly, the money in a rebuy is much more concentrated than in a freezeout tournament. As the percentage of the prize pool paid is done on entrants, all those rebuys make the prize pool much larger and more concentrated - great news for any player who understands the importance of playing for the win.

When playing rebuys it is crucial that you understand certain key things. The most important is to have a bankroll large enough to allow you to not only rebuy with impunity, but to feel psychologically ok rebuying with impunity. There is nothing worse than feeling you are losing more than you are comfortable with in a rebuy - you will frequently be losing buy in after buy in with nothing to show for it. Coupled with this is to find a playing style that you are happy playing in the rebuy period.

Many pros advocate a hyper aggressive in the rebuy stages, constantly shoving their stack around in a desperate attempt to secure as many chips as possible. Others seem to play a tighter style in rebuys, trying to pick up a few pots from the maniacs with solid holdings (Jon ‘pearljammer’ Turner< and Chris ‘Moorman1′ Moorman are good examples of this style). Although the exact optimum style is a matter of great debate, no one disagrees that you should be gambling considerably harder than you normally would in the rebuy period - it is simply too much of an advantage to have a decent stack when the rebuys end.

Most players that enter the low stakes rebuys simply do not understand these key principles and provide a huge amount fo dead money for a good player to hoover up.

Gamble hard, play within your roll, build a big stack and attack those concentrated prize pools.

Related Readings

The run continues - Sorel Mizzi
Okay, so I get to my $1500 PLO rebuy table, look around, and see absolutely no one I even remotely recognize. Generally speaking, this is usually a sign of a table that isn’t going to be doing much gambling during the rebuy period….
Rebuy madness - Poker Web Watch
If you don’t know how to play a re-buy tournament on Betfair then you may want to watch out for the…..
Event 28 $5000 PLO w/Rebuys - WSOP 2008
The $5000 PLO w/Rebuys tournament has always been a favourite with the professionals….
No Rebuy Events for WSOP 2009? - Bluff Europe
Rebuy events, such as the $5,000 Pot-Limit Omaha event won this year by Phil Galfond, could no longer be a fixture in the World Series of Poker come 2009, an inside source has claimed.

Dominic Kay, who made the final table of the WSOPE in 2007, recently had another decent live tournament cash at the Luton Christmas Cracker Festival though it was a tournament he very nearly didn’t play in….

I travelled down to Luton on Thursday to catch up with a few mates, have a few beers and rail a few people actually ‘rich’ enough to play poker. Having gone pretty much busto recently I knew any tournament over £50 was out of my bankroll for the time being. So although I was aware of a £250/£250 nicely structured two-day event, I wasn’t planning on getting involved.

As I arrived in ’sunny’ Luton I received a tip via text from a particularly shrewd friend of mine. Apparently there was a horse that would be good value if going off around the 4/1 mark. Therefore, I stuck on a reasonable bet from my online account and set off to the casino. Once inside my resolve not to play started to crumble. What if I back the horse for a bit more than usual and play if it wins?

A quick visit to the local books, via Subway for sustenance and the pub for Dutch courage saw me with a very large wager on a nag I knew absolutely nothing about. I’d dragged along two mates, one of whom was ‘brave’ enough to put the same amount on as me. We watched it storm home then ran (well, slowly jogged) back to the casino.

The tournament started slowly for myself and I stumbled along playing rather erratically. After one 3-barrel bluff failed to work I decided to de-tilt at the bar. The few beers must have worked as before long, with the rebuy added, I was winning pot after pot. Now I had a stack, I wouldn’t lose it right?

I should have lost it, as I plodded on with rather less skill than I’d have liked and even started moaning about being card dead. Always a sign of a great player!

Luckily I dished out a suck-out to one unfortunate player who made a good call with A10 v my low stacked shove with A7 suited. A pair of 7s sent me into Day 2 with a shortish but playable stack.

The hangover the next day was harsh but totally deserved. When the chance came along early to flip for a double up I thought “Yay lets do it” My two lucky eskimo’s holding up against another A10. Another flip was won with AQ suited v jacks and I started to believe I was golden and now had the stack to really push my luck. I was 3 betting galore with air and my opening range was now huge. I was liking it and on the final table.

On the final table I won a huge pot with the ladies holding up v jacks and AQ. After I flopped a set, knocking out another to leave four left, I knew I’d be getting a nice payday. At three-handed we did a chop that I would have rejected if I was more flush.

So 5.7k later (minus many swops) meant a nice score for someone who wasn’t ever, ever….ever playing that event. It’s a nice little ending to a tough year in poker for me, but hopefully a change in luck and in how I’m playing. The light bulb has come on in my brain finally. Hope it doesn’t turn off.

Related Readings

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Dom’s Poker News - Dominic Kay’s Blog

This week’s Sunday Warm-Up saw 3,899 runners log on, thereby ensuring the $750,000 guarantee would be safely met. A total of 585 places paid for today’s event, with the prize pool ultimately topping off at $779,900. Leaving aside any final table deal-making, the player finishing in first place stood to earn a handsome $101,374 for his or her efforts.

Player sasodiits was the fastest out of the gate, claiming the chip lead after the first hour and continuing to hang around the top of the leaderboard for much of the afternoon before ultimately hitting the rail in 96th place. The leader after the second hour was amarillion. amarillion would also make a deep run today, sitting in second place after four hours, and in 15th after six hours before ultimately busting in 42nd.

Other early chip leaders would also fall by the wayside as the day wore on. jumps13, who led after three hours of play, finished in 180th. After five hours 9ballor8 had the lead, but would be bounced in 53rd. And philivey6922 (who led during the fourth hour) lasted for a while but ultimately went out in 31st.

After six hours of play we were down to 49, and hidalgo18 had emerged from the pack to claim the chip lead with over 1.8 million. An hour later and hidalgo18 was still in first with 18 to go, his stack having ballooned to 5.9 million. At the time, mortens22 was his nearest competitor with 4.32 million. hidalgo18’s stack would shrink, however, as we reached the final ten. Finally, near the end of Level 31, player Mi||a.TiMe knocked out TurboToad in 10th, and we had our final nine. Here was the scene:

Seat 1: mmmbillski (7,904,813 in chips)
Seat 2: yokerface (1,846,960 in chips)
Seat 3: D1rtyR1v3r (5,252,272 in chips)
Seat 4: riddup (2,525,008 in chips)
Seat 5: mortens22 (6,216,701 in chips)
Seat 6: DenyoDeluxXe (2,724,503 in chips)
Seat 7: suckedoutagn (5,429,773 in chips)
Seat 8: Mi||a.TiMe (5,705,289 in chips)
Seat 9: hidalgo18 (1,384,681 in chips)

The table’s short stack, hidalgo18, would be the first to go. On the sixth hand of the final table, hidalgo18 open-shoved his last 1.03 million from middle position with Kd-Qc, and yokerface — also on the short side with just 1.43 million — called from the button with Tc-Ad. The flop came 2d-Qs-6s, giving hidalgo18 top pair. But the turn was the Ah, giving the lead back to yokerface. The river was the 4s, and hidalgo18 was out in 9th.

Just three hands later, yokerface raised 3x to 600,000 from middle position, and the table folded around to DenyoDeluxXe who pushed all in from the small blind for a total of 2.73 million. Too bad for DenyoDeluxXe — suckedoutagn was waiting in the big blind with pocket rockets, and therefore promptly reraised all in for 5.18 million. yokerface judiciously stepped aside, and DenyoDeluxXe was left hoping for a miracle with his 8s-8h. None came, as the board ran 4c-Td-Kd-Jd-9d, and DenyoDeluxXe was out in 8th.

The next two eliminations came quickly as well. First yokerface pushed all in for 1.89 million with Jh-Qh and was called by riddup who held Ad-Qd. The board brought no jack (and a superfluous ace), and yokerface was out in 7th. Then, on the very next hand, mmmbillski made a small preflop raise to 512,505, mortens22 called from the small blind, and suckedoutagn also called from the BB. The flop came 6s-Ah-Ts, and when the blinds checked to mmmbillski he bet 845,500 — about half the pot. mortens22 then check-raised all in for a total of 5.86 million. suckedoutagn folded, and mmmbillski made the call.

mortens22: Qd-As
mmmbillski: Td-Th

mortens22 had flopped top pair, but mmmbillski had him in bad shape with his set of tens. The turn was the Kh and the river the 5h, and mortens22 was gone. Just 15 hands played at the final table, and we were down to five players.

When the players reached the eight-hour break, mmmbillski had assumed the chip lead with a little more than 16 million, followed by suckedoutagn with 7.04 million, Mi||a.TiMe with 5.97 million, D1rtyR1v3r with 5.61 million, and riddup with 4.25 million.

suckedoutagn would soon take the chip lead after claiming a big 12 million-plus chip pot off of mmmbillski. That hand had begun quietly with suckedoutagn calling from the big blind mmmbillski’s modest preflop raise from middle position. Both checked the very hammery flop of 7h-2s-2c. The 8h came on the turn, and suckedoutagn check-called mmmbillski’s bet of 860,000. The river brought the 8s. suckedoutagn checked, mmmbillski bet 1.45 million, then suckedoutagn surprisingly pushed allin for 4.53 million. mmmbillski thought a while, then called showing Qc-2d for deuces full of eights. Alas, suckedoutagn had Ad-8d for the better boat, and had thus taken the lead.

Thus began a long sequence of preflop jockeying, with chips moving in relatively small increments back and forth across the virtual baize. mmmbillski retook the chip lead during this stretch, pushing up around 16 million, while riddup was nursing the short stack with less than 2 million. riddup was probably very glad to see 3rd and 4th place players D1rtyR1v3r (5.01 million) and Mi||a.TiMe (4.00 million) soon get involved in a huge pot. Mi||a.TiMe open-raised to 885,700 from the button, then D1rtyR1v3r pushed all in from the big blind. Mi||a.TiMe thought a while, then called with 7s-7c, well behind D1rtyR1v3r’s Qh-Qc. The board came 9h-Th-3h-5s-8d, and it was rail time for Mi||a.TiMe.

With just four left, riddup gleefully pushed all in on the next hand, and in fact managed to double up when his Ac-Ts held up against mmmbillski’s 9d-8d. riddup’s joy would last a little while longer, until he pushed all in for 2.63 million with pocket queens and was called by D1rtyR1v3r who held pocket tens. A ten flopped, prompting riddup to type “noooooo” in the chat box. No queen came to save him, and D1rtyR1v3r responded with a “gg…ul” as riddup hit the rail in 4th.

mmmbillski still had the chip lead with 15.84 million as three-handed play commenced, with D1rtyR1v3r next with 12.87 million and suckedoutagn in third with 10.26 million. After nine more hands, the tournament was paused for the players to discuss a chop. By that point, D1rtyR1v3r had moved out ahead (16.77 million), followed by mmmbillski (12.39 million), and suckedoutagn (9.81 million).

As the tournament host explained, any deal would require the trio to leave at least $10,000 on the table. Payouts according to current chip counts were shared with the players, but both D1rtyR1v3r and mmmbillski wanted more than was being offered to them. suckedoutagn wasn’t going to give up any of his proposed share, so the tourney was resumed.

Over the next 20 hands, D1rtyR1v3r pushed out to a commanding lead, moving past the 23 million mark. Then mmmbillski shoved all in for 6.8 million with Kd-4d, D1rtyR1v3r called with As-4c, a king flopped, no ace came, and D1rtyR1v3r had fallen back to the pack. Six hands later, D1rtyR1v3r lost another big all in confrontation with suckedoutagn, this time unfortunately running his pocket jacks up against suckedoutagn’s As-Ad.

Just like that, D1rtyR1v3r was the short stack with less than 5 million, and soon thereafter would shove all in himself with Jd-6d. His bad fortune continued, as mmmbillski was waiting for him with pocket queens. The board brought no jack, six, or even a single diamond, and D1rtyR1v3r’s dizzying swoon ended with him finishing the tournament in third.

At that point mmmbillski and suckedoutagain had almost exactly the same-sized stacks (each with right at 19.5 million) and so quickly decided to chop the remaining prize money evenly and play for the remaining $10,000.

mmmbillski pushed out to a lead during the first dozen hands of heads up, and when the pair reached the nine-hour break he held a 23.2 million-15.7 million advantage. After 50 total hands of heads up, mmmbillski still had the same lead. suckedoutagain soon made a move, taking a couple of medium-sized pots to take a small lead by Hand No. 60 of heads up. Soon thereafter came a huge hand in which suckedoutagn pushed all in with Ad-7d on a on a flop of Qs-As-Kh, only to get called by mmmbillski who held Kd-Ac. mmmbillski’s two pair held up, giving him the 37.7-million chip pot. suckedoutagn was down to just 1.22 million.

suckedoutagn survived a sequence of all ins, though, and by Hand No. 80 of heads up had built back up to 11 million of the nearly 40 million chips in play. Then came Hand No. 85.

With the blinds 400,000/800,000 (Level 38), suckedoutagn called from the small blind/button and mmmbillski checked his option. The flop came Jd-Ks-Qd. mmmbillski checked, suckedoutagn pushed all in for his last 10.2 million, and mmmbillski called.

mmmbillski: 9d-Th
suckedoutagn: Qc-6s

mmmbillski had flopped the straight, while suckedoutagn had just a pair of queens. The turn was the 3s and the river the Kd, and mmmbillski took the extra 10 grand reserved for the winner. Congratulations to mmmbillski, as well as to everyone who cashed!

Sunday Warm-up Results: 12-14-08

1. mmmbillski $90,788*
2. suckedoutagn $80,788*
3. D1rtyR1v3r $46,788.00
4. riddup $38,990.00
5. Mi||a.TiMe $31,192.00
6. mortens22 $23,394.00
7. yokerface $15,596.00
8. DenyoDeluxXe $9,747.50
9. hidalgo18 $6,706.28

*amounts reflect two-way chop