You started playing online with a deposit of $500. Through study, hard work, and careful bankroll management, you've grown your poker bankroll to $5,000. When playing large-field multi-table poker tournaments (MTTs), you've decided on a bankroll management strategy that requires you to have at least 200 times the buy-in in your bankroll to enter a tournament. That means you're now playing $20 MTTs on a regular basis and occasionally taking shots with buy-ins as large as $50 if the field is small (you'll have lower variance in small-field tournaments) or the opportunity looks especially profitable.
Meanwhile, the regularly scheduled MTTs at your local brick-and-mortar casino are beyond your means, so you haven't paid them much attention. But you recently received an advertisement in the mail for a special $430+$50 tournament with a guaranteed prize pool of $10,000. It sounds exciting, but it's so far outside of your bankroll that you can't seriously consider playing it.
Then you notice that the casino will be running satellites in the weeks running up to the event. A satellite tournament is a qualifying event that serves to offer players a less expensive opportunity to enter a bigger buy-in event. Satellite winners usually win the buy-in to a larger tournament. The satellites at the local casino will include daily $40+$10 events where one out of every 12 players who enter will win a seat in the main event. You've taken shots in $50 MTTs before, and you know that these will have far smaller and softer fields than what you encounter online.
You can now play a satellite for just about every tournament imaginable, from online poker tournaments with $50 buy ins to the much-ballyhooed $1 million buy in Big One for One Drop at the 2012 WSOP. In short, satellites are almost always available for big-ticket tournaments (live or online) and are available more often than not for tournaments. Satellite poker tournaments are qualifying online poker tournaments featuring lower buy-ins and giving you an opportunity to win an entry to the bigger poker tournaments with a smaller investment. Generally, satellite poker tournaments are offered in both single table and multi-table formats. Satellite Tournaments are a huge part of the online poker tournament scene. Famous pros, like Chris Moneymaker, have built their rolls from satellite tournaments. These types of tourneys have small buy-ins that give out entries (instead of cash) to bigger, higher buy-in events. We want you to be first to know about new events, poker news, player updates, and exclusive rewards and promotions, so please let us know if you would like us to contact you (or not) by selecting one of the options below. The Online Bracelet Schedule for the 2020 Summer Online World Series of Poker is officially here. WSOP.com will be hosting an official gold bracelet every day in July.
Time to start grinding the satellites, right? Not so fast.
Satellite Poker Tournaments online, free
What Makes Satellite Poker Tournaments Attractive?
Many players are drawn to satellites because they seem to put exciting, high buy-in events within the reach of smaller-stakes players. Like the promises of medieval alchemists to turn water into gold, this seems too good to be true because it is. Satellites enable poker players to deceive themselves about the true cost of entering a tournament, but if you're trying to be diligent about bankroll management, then you can't afford to fall for this trap.
When you enter a satellite, you aren't buying an entry into the target tournament. You are buying a chance at an entry into the target tournament. Here, you can either buy a seat in the main event for $480, or you can buy a 1-in-12 shot at a seat in the main event for $50. A little multiplication ($50 x 12) demonstrates that playing the satellites is functionally equivalent to paying $600 for a seat in the main event. Not only is that far beyond your bankroll, but it's quite a bit more than you'd pay if you bought in directly.
That difference is the 25-percent rake you're paying in the satellites. The rake is the commission fee taken by a card room when operating a poker game. The rake is the card room charging the poker players a fee for hosting the game. It is most commonly taken from each pot, and it usually ranges from 2-10 percent, with a predetermined cap on the maximum amount.
Now, in actuality, your chances of winning a seat in the satellite are probably better than 1-in-12. Let's say that you're so much better than the local competition that you can expect to win a seat in one of every eight satellites you enter. In that case, entering via satellite means you're paying $400 for your seat — a nice discount compared to buying in directly, but still far more than your bankroll can justify.
The Problem with Satellite Poker Tournaments
The problem with satellites is that when you win, they don't pay you in cash, they pay you something that is worth much less than cash to you, which is entry in a different poker tournament. How do we know that entry in this tournament is worth less to you than its face value in cash? Because you have $480 in cash, yet you are (wisely) choosing not to exchange it for an entry in the tournament.
Winning $480 in a satellite doesn't magically make it a good idea for you to buy into a $480 tournament any more than winning $480 in any other tournament (or inheriting $480, for that matter) would. If you win the satellite, your bankroll is $430 bigger than it was before, but still not nearly large enough to justify entering this tournament. The problem is that, although some winning satellites tickets can be sold or transferred, most require you to play the bigger event.
If you're able to sell the seat at face value, as can be done online or at the World Series of Poker, then it's a different story. (Technically the tournament lammers used to pay satellite winners at the WSOP are not supposed to be exchanged for cash, but in practice it takes very little effort to sell them for face value.) Playing the satellites themselves could be a good idea, though you still wouldn't be advised to enter the target tournament. Instead, cash out your seat, rinse, and repeat.
Type of casino jobs opportunities. 404 casino jobs available in Las Vegas, NV. See salaries, compare reviews, easily apply, and get hired. New casino careers in Las Vegas, NV are added daily on SimplyHired.com. The low-stress way to find your next casino job opportunity is on SimplyHired. There are over 404 casino careers in Las Vegas, NV waiting for you to apply! There are tons of casino jobs available in a wide range of skill sets. There are hundreds of job positions open at the average casino resort in 2 main categories: jobs on the casino floor, and jobs behind the scenes. Casino floor jobs are the more obvious positions, like dealers, cashiers, bartenders, hosts, managers, and pit bosses. What they do: The job of a casino host is to create, develop, and maintain relationships with high-value players. The casino host hands out comps and sets up visits for VIP gamblers, acting as a concierge, answering their every question and catering to their every whim. Jobs are described under two main categories: Casino Floor Positions and Corporate and Hotel Positions. Because the focus of this site is gaming-related jobs, we have included more specific information on those types of jobs than on hotel or administrative corporate jobs. A casino is a business and the accountant makes sure that all the money columns add up properly. This position requires the accountant to produce daily and monthly reports on the casinos. Accountants will need to have prior experience in a large company and hold at least a bachelor's degree.
Making Quality Use of Your Time
You started playing online with a deposit of $500. Through study, hard work, and careful bankroll management, you've grown your poker bankroll to $5,000. When playing large-field multi-table poker tournaments (MTTs), you've decided on a bankroll management strategy that requires you to have at least 200 times the buy-in in your bankroll to enter a tournament. That means you're now playing $20 MTTs on a regular basis and occasionally taking shots with buy-ins as large as $50 if the field is small (you'll have lower variance in small-field tournaments) or the opportunity looks especially profitable.
Meanwhile, the regularly scheduled MTTs at your local brick-and-mortar casino are beyond your means, so you haven't paid them much attention. But you recently received an advertisement in the mail for a special $430+$50 tournament with a guaranteed prize pool of $10,000. It sounds exciting, but it's so far outside of your bankroll that you can't seriously consider playing it.
Then you notice that the casino will be running satellites in the weeks running up to the event. A satellite tournament is a qualifying event that serves to offer players a less expensive opportunity to enter a bigger buy-in event. Satellite winners usually win the buy-in to a larger tournament. The satellites at the local casino will include daily $40+$10 events where one out of every 12 players who enter will win a seat in the main event. You've taken shots in $50 MTTs before, and you know that these will have far smaller and softer fields than what you encounter online.
You can now play a satellite for just about every tournament imaginable, from online poker tournaments with $50 buy ins to the much-ballyhooed $1 million buy in Big One for One Drop at the 2012 WSOP. In short, satellites are almost always available for big-ticket tournaments (live or online) and are available more often than not for tournaments. Satellite poker tournaments are qualifying online poker tournaments featuring lower buy-ins and giving you an opportunity to win an entry to the bigger poker tournaments with a smaller investment. Generally, satellite poker tournaments are offered in both single table and multi-table formats. Satellite Tournaments are a huge part of the online poker tournament scene. Famous pros, like Chris Moneymaker, have built their rolls from satellite tournaments. These types of tourneys have small buy-ins that give out entries (instead of cash) to bigger, higher buy-in events. We want you to be first to know about new events, poker news, player updates, and exclusive rewards and promotions, so please let us know if you would like us to contact you (or not) by selecting one of the options below. The Online Bracelet Schedule for the 2020 Summer Online World Series of Poker is officially here. WSOP.com will be hosting an official gold bracelet every day in July.
Time to start grinding the satellites, right? Not so fast.
Satellite Poker Tournaments online, free
What Makes Satellite Poker Tournaments Attractive?
Many players are drawn to satellites because they seem to put exciting, high buy-in events within the reach of smaller-stakes players. Like the promises of medieval alchemists to turn water into gold, this seems too good to be true because it is. Satellites enable poker players to deceive themselves about the true cost of entering a tournament, but if you're trying to be diligent about bankroll management, then you can't afford to fall for this trap.
When you enter a satellite, you aren't buying an entry into the target tournament. You are buying a chance at an entry into the target tournament. Here, you can either buy a seat in the main event for $480, or you can buy a 1-in-12 shot at a seat in the main event for $50. A little multiplication ($50 x 12) demonstrates that playing the satellites is functionally equivalent to paying $600 for a seat in the main event. Not only is that far beyond your bankroll, but it's quite a bit more than you'd pay if you bought in directly.
That difference is the 25-percent rake you're paying in the satellites. The rake is the commission fee taken by a card room when operating a poker game. The rake is the card room charging the poker players a fee for hosting the game. It is most commonly taken from each pot, and it usually ranges from 2-10 percent, with a predetermined cap on the maximum amount.
Now, in actuality, your chances of winning a seat in the satellite are probably better than 1-in-12. Let's say that you're so much better than the local competition that you can expect to win a seat in one of every eight satellites you enter. In that case, entering via satellite means you're paying $400 for your seat — a nice discount compared to buying in directly, but still far more than your bankroll can justify.
The Problem with Satellite Poker Tournaments
The problem with satellites is that when you win, they don't pay you in cash, they pay you something that is worth much less than cash to you, which is entry in a different poker tournament. How do we know that entry in this tournament is worth less to you than its face value in cash? Because you have $480 in cash, yet you are (wisely) choosing not to exchange it for an entry in the tournament.
Winning $480 in a satellite doesn't magically make it a good idea for you to buy into a $480 tournament any more than winning $480 in any other tournament (or inheriting $480, for that matter) would. If you win the satellite, your bankroll is $430 bigger than it was before, but still not nearly large enough to justify entering this tournament. The problem is that, although some winning satellites tickets can be sold or transferred, most require you to play the bigger event.
If you're able to sell the seat at face value, as can be done online or at the World Series of Poker, then it's a different story. (Technically the tournament lammers used to pay satellite winners at the WSOP are not supposed to be exchanged for cash, but in practice it takes very little effort to sell them for face value.) Playing the satellites themselves could be a good idea, though you still wouldn't be advised to enter the target tournament. Instead, cash out your seat, rinse, and repeat.
Type of casino jobs opportunities. 404 casino jobs available in Las Vegas, NV. See salaries, compare reviews, easily apply, and get hired. New casino careers in Las Vegas, NV are added daily on SimplyHired.com. The low-stress way to find your next casino job opportunity is on SimplyHired. There are over 404 casino careers in Las Vegas, NV waiting for you to apply! There are tons of casino jobs available in a wide range of skill sets. There are hundreds of job positions open at the average casino resort in 2 main categories: jobs on the casino floor, and jobs behind the scenes. Casino floor jobs are the more obvious positions, like dealers, cashiers, bartenders, hosts, managers, and pit bosses. What they do: The job of a casino host is to create, develop, and maintain relationships with high-value players. The casino host hands out comps and sets up visits for VIP gamblers, acting as a concierge, answering their every question and catering to their every whim. Jobs are described under two main categories: Casino Floor Positions and Corporate and Hotel Positions. Because the focus of this site is gaming-related jobs, we have included more specific information on those types of jobs than on hotel or administrative corporate jobs. A casino is a business and the accountant makes sure that all the money columns add up properly. This position requires the accountant to produce daily and monthly reports on the casinos. Accountants will need to have prior experience in a large company and hold at least a bachelor's degree.
Making Quality Use of Your Time
Finally, remember that satellites require time and money that could be invested elsewhere. If you are adequately bankrolled for the $480 tournament, you'd probably be better off buying in directly than playing the satellites, even though you'd have a positive expectation in the satellites. This is because, instead of wasting your time on a $50 MTT, you should be using that time to play larger buy-in tournaments where you'll have a higher hourly rate.
Satellites don't create money out of thin air. They are like any other poker tournament except that they structure their payouts in a unique way. If you're dead set on playing a tournament outside of your bankroll, then play it, but don't pretend that winning a satellite turns it into a responsible decision.
Be sure to check out Andrew and Nate Meyvis on the Thinking Poker podcast, and for strategy articles, reviews, and more from Andrew, check out the rest of The Thinking Poker website.
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