Playing satellites is a great way to earn a seat cheaply into a bigger buy in tournament, and it is also a great way to make a profit in itself. The World Series of Poker offers a range of single table satellites which pay a single winner. These satellites range from $60-$1,000, and they pay out according to a 10 person table. For a person who plans on playing multiple satellites, it can be a quick way to make a profit on the investment.
Generally, single table satellites attract a fairly weak field of players. These players are trying to take a shot at a cheap way to win a seat into a tournament. Especially at the WSOP, a large portion of the players are tourists who would not buy into the event without winning a seat. They usually don’t have much experience with multi table or single table tournaments. Thus, you can expect that their level of play is not that sophisticated. Count on obvious over bets preflop with large pocket pairs and AK, AQ, AJ. Usually players are pretty transparent post flop as well. They will over bet their top pairs, and definitely get it all in with two pair or better. Some of this corresponds to weak players, but a large part of it is the structure that is being played.
With the $175 satellites and smaller, the rounds are only 15 minutes long. This means that players have to catch a decent hand and ride it. In the $65 satellites, players only get 800 in chips and 15 minute levels. Even when the blinds start at 25/25, losing a small pot means you are already a short stack. The $175 satellites are not much better, as they only offer 1,000 in starting chips and 15 minute levels. A lot of players realize that if they have A J or A 10, and flop top pair they should stick their chips in because they might not have time to wait for a better hand. For this reason, it is important to limp into as many unraised pots as possible because hitting a set, straight, flush, or event two pair can be a monster in attaining someone else’s chips. Most of the players playing these level satellites are playing ABC poker. If they have a big hand preflop, they let you know with the size of their raise. If they have a weak hand, they will fold to any bet.
In order to get better value, the $275 satellites and bigger are the way to go. They offer, at least, 1,500 chips and 20 minute levels. If you play a pot and lose, you won’t necessarily be so short that you only have an all in move. They also give you more time to see how players play before the blinds get so high that you can’t use the information to your advantage. These satellites also have greater chopping incentive.
Satellites have great chopping incentive, and the bigger the satellite the better incentive there is. The $65 satellites at the WSOP offer almost zero chopping incentive. Players are paid $50 in cash and $500 in chips. Since there is only one chip to be won, that will usually go to the winner. The $125 satellites offer 1,000 in tournament chips and $120 in cash, so this can be easily split up when it gets to heads up. The $175 offers 1,500 in tournament chips and $120 in cash. This could theoretically be equally chopped three ways. The bigger the payout the larger the incentive is to chop multiway. The $1,000 satellite is often chopped heads up for $5,000 a piece because the amount makes a difference to most people. With the better values, I often negotiate that third place always gets their money back. At least that way you have a least a 30% chance of making your money back to play another satellite.
Chopping is always situational, and many factors which are not discussed in this article should be taken into consideration. The general rule of thumb would be to chop unless you have your opponent at a significant lead in chips. If you are not a strong heads up player, or you feel that your opponent is hitting cards, a chop might be the right move.
I have a friend that was playing the $1,000 satellite at the WSOP. This satellite has amazing value in that it gives you 5,000 in chips and 20 minute levels, and it pays 10,000 in tournament chips, and $150 in cash. My friend got down to four handed when the rest of the table asked him to chop. He said no because he thought he had an edge over the table. He got to heads up, and his opponent asked him to chop. Again, he said no because he had his opponent 2:1. It didn’t take long, and the short stack doubled up. In a series of unfortunate hands, my friend found himself as the slightly shorter stack. My friend then flopped two pair, and went all in. He was called by his opponent’s straight flush draw, and his opponent won. My friend was upset and wishing he would have chopped heads up for an extra $4,000.
Sometimes it isn’t the most profitable choice to chop, but in most cases it can be the best decision. The money won from these satellites can be used to add to your bankroll, or to play more satellites. After winning a few satellites, you might find that you have an edge to refuse chopping heads up and play for the win.
Now that you’ve won and/or chopped several satellites, you will have a pocket full of tournament chips that have no cash value. If you are not planning on playing any tournaments, you will have to sell them to other players that do plan on using them. There are some players that sell these chips at a discount. For example, they will sell a $500 chip for $400. Why would you sell a chip for $100 discount when you can get full face value for them. The poker community is actually a pretty tight nit group who are willing to help each other out when it doesn’t mean losing money over it. Most players will buy these chips at face value, and if you can’t find anyone to buy them go to the tournament line at the start of registration. There are plenty of players that plan on buying into the event straight up, so they will be willing to just buy them from you. If that doesn’t work, then you can try to sell them at a discount. However, if everyone sells them at a discount they won’t be worth very much for players that are trying to make a living from satellites.
