Tournament players are often in doubt about whether to re-buy. Mike doesn't advocate tournaments that offer a chance to re-buy, believing it doesn't allow players the same shot at the prize. Despite his advice to management, many tournaments do allow Re-buys. And if you enter these, Mike suggests that you take advantage of the opportunity, although there are some factors you might want to consider before doing so. If you're playing a rare tournament where the winner takes all, or you get to keep your remaining chips when the tournament ends, re-buying is of less importance.
Risky. Always consider whether you are monetarily able to Re-buy. Mike suggests that if re-buying is going to be too risky for you, it might be more profitable to walk away and go in search of a side game.
With a typical proportional payout prize structure, first place wins a portion of the prize pool, but most of the money goes in reduced percentages to second, third, fourth, and so on. If other players have chosen not to re-buy and have surrendered their spot and exited the tournament, you might find it profitable to re-buy and remain in the game. Your chances for profit have just improved.
You should take the skill of the remaining players into consideration when deciding whether to re-buy. What if many of your opponents have towering stacks of chips, but aren't forceful bulldogs out to chew you up, but are instead weak and kittenish? Absolutely re-buy! Here's your opportunity to stomp on the meek and claim some of their money!
Dwindling. Mike says it's usually correct mathematically to Re-buy if you lose all your chips. If you have the opportunity to Re-buy without going broke first-as is the case with so-called "add-on" decisions-then a good rule of thumb is to re-buy if it at least triples your current stack. But you can make an even wiser re-buy decisions by evaluating your opponents. If you're regarding your dwindling pile of chips, chewing on your lower lip, wringing your hands in indecision about whether you should or shouldn't re-buy, take a minute to look around at your opponents. Where do the intimidating stacks of chips reside? Are those chips owned by the pathetic players or the tough ones? Well, if the chip owners are the tough opponents, you might want to pack it up and go in search of a desirable side game. But, if the chips are owned by the puny, hesitant players, re-buy and stay to conquer!
Be more aggressive when you plan on re-buying; you can take advantage of small advantages that you would be unable to if you didn't plan on re-buying.
If you're playing tournaments where you aren't allowed to re-buy then you need to go back into survival mode and play more conservatively. Bluffing. In a non-re-buy tournament, bluffing is easier, because players are more cautious about endangering their chips at the beginning. When bluffing in a re-buy tournament, it's wisest to attempt bluffing after the last re-buy option has been offered, since the players that have taken advantage of this opportunity are usually going to revert into a more conservative mode, not wishing to risk their newly purchased chips. Another player that is easier to bluff is one who hasn't taken advantage of the re-buy and is nursing his remaining chips.
It's profitable for you to be able to determine who is going to Re-buy and who isn't. Mike is known for asking his opponents: What do you think I should do? How would you play this? Would you re-buy in my situation? If you're subtle about it you'll often get a response. If their answer is that they don't like to re-buy or they rarely re-buy or they usually just re-buy once. Then you know how to proceed. Bluffing gets the green light!
I hope that I have helped with your re-buy dilemma.
Diane McHaffie is Director of Operations at Mike Caro University of Poker, Gaming, and Life Strategy. Her diverse career spans banking, promoting financial seminars and raising white-tailed deer. Contact her at diane@caro.com.
