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Skill and Luck in the Two National Pastimes
Last weekend I played in a small no-limit hold'em tournament. Thirty-six players put up $2,500, plus $200 in juice. Half the $90,000 prize pool would go to the winner, about $24,000 for second, $12,000 for third, $8,000 for fourth. Everyone else would get zero.We started with $5,000 in chips. When seven hours later we were down to five players, I had $39,000 of the $180,000 in play. All five survivors had played pretty well and been lucky.With blinds of $1,000 and $2,000, and $100 antes, it got