The Cost of Doing Business

The cost of sitting at a $1-$2 NL table in a Strip casino is about $10 per hour. This includes the rake, tips to dealers and cocktail waitresses and assumes that I am being dealt average cards and am playing against average players. The figure stays about the same for $2-$5 NL, so it is more cost efficient to play at that level (bankroll permitting) if one measures success in terms of big blinds per hour.

Should I wish to, I could lower my hourly nut by playing tournaments or by playing online.

Classic misplay?

The Station casinos are rewarding 50 hours of play in April and May with a $200,000 freeroll tournament. In a bid to chalk up a few hours, I found myself sitting at a $1-$2 NL table at the Green Valley Ranch. Most of the players were locals with an even balance between loose aggressives and tight passives.

With about $130 in front of me, I open limp from early position with 99. There are 5 callers including the button and the blinds. The flop comes

Q T 9 with 2 hearts

I check, player to my left bets $10, next player folds, button raises to $25 and the blinds fold. I think there's at least a 50% chance the button has me beat and I put the initial bettor on a flush draw.

I push (both my opponents have me covered), the initial bettor folds and the button calls after about 10 seconds of deliberation. He shows the nuts (KJo) and takes down the pot when I fail to improve.

Should I just have called the button's raise instead of pushing? An examination of my pot equity reveals an interesting phenomenom. If it is 2-handed between the button and myself and we assume he has the straight, my pot equity is 35%. If it is 3-handed and we assume the initial bettor is on a flush draw, my pot equity not only doesn't decrease, it actually increases to 35.5%, with the button giving up 26% equity to the flush draw. This apparent paradox is explained by Morton's Theorem. I have yet to factor in other variables such as fold equity and the probability that the button actually does have the straight.

The aim here is to maximize my winnings and I'm not so sure I did.

Another try at MTT's?

I have concentrated on live no limit cash games to date. After an interesting conversation with CJ while he was in Vegas, I have decided to look into re-entering the tournament scene. Initially it will be low buy-in stuff and will be in addition to the NL cash games.

As usual, I am enjoying great success when pitted against other opponents. However, this is all pretty much negated by my inability to conquer myself.