My Problems with the Sit & Go– Part II

Part I is here.

Sit & Go tournaments don’t work the same as an MTT at the final table. There are three major differences. The payout structure generally doesn’t kick in until some of the final table is eliminated. There are generally no antes in the blind structure for a sit & go. Also, since fewer people have been eliminated, the sit & go generally has a smaller chip disparity between the chip leaders and the middle of the pack players, meaning it’s still anyone’s game.

Here’s the payout structure for a $2.25 18 person S&G:

1st: $14.40
2nd: $10.80
3rd: $7.20
4th: $3.60

As you can see, you need to have four players eliminated from the final table before competition for the final money spot even starts. This is a stark contrast from a large MTT where everyone at the final table is likely getting paid. While this is an advantage for a large chip stack – being able to use the threat of not cashing – it’s also a huge threat. For example, if player A has 4500 chips as the chip leader with 6 players left, and player B goes all-in as the “short” stack with 1900 chips, he’s representing 42% of player A’s chip stack. If player A calls and loses, he’s now the “short” stack.

Marginal situations have to go out the window if you’re the chip leader at a sit & go. In an MTT, you might call a short stack’s all-in with a QT or an A8 or something squirrelly like that. First, you have the chips to do it with (chip disparity). Second, eliminating that person bumps everyone up the pay scale (this is especially important with potential final table deals). Finally, doubling up the short stack may not make them a viable threat in the tournament, as the antes expand the size of the pot each hand.

Now let’s get to the root of my problems. Let’s say I am the chip leader of a sit & go that pays four spots, and there are 6 players remaining. I am dealt AQ off-suit under the gun. I have 8,500 chips to second place’s 5,500 and the blinds are 200/400. If this were an MTT – already in the money, I would make a standard raise and hope with all my might that a short stack would come over the top of me. This is what might happen at a S&G:

I raise to 1,200, it folds to the short stack on the button who moves in with 2,300 total, making the pot 4,100 and I have to call 1,100 more. That’s automatic. The short stack flips over 99 and it holds up. He now has 5,200 chips and I have 6,200. The next hand he raises me off of my big blind. My chip stack is down to 5,800 and his is 5,800.

Wait a second. What just happened? How could I go from chip leader to tied with the guy on the short stack in two hands? If I fold that AQ hand I’m at 7,900 after the blinds pass me by, and the short stack is probably at 3,500. I’ve still got him 2:1!! And what do I earn by knocking out 6th place in a tournament that pays four anyway? Nothing, that’s what.

I’m not suggesting that the same series wouldn’t have taken place in an MTT. It’s just that when you’ve already hit a payday, marginal situations don’t have a negative effect on your bankroll. They just have less of a positive effect!

So far the change in my mental approach has been working. Last week in 21 $2 S&G attempts, I cashed in 6 events – about 29%, losing $2.70. To date this week I’ve cashed in 3 of 7 (43%), earning $23.85. In my next post, I’ll breakdown a hand that I witnessed that kind of shook me awake at the poker table.