Posted by Dr Fro 8:49 AM
Junior was asking for resources discussion dealmaking at the final table. For starters, there is this tidbit written by "Ramsey" on rgp:

In most tournaments the last few players are allowed to agree a deal sharing the prize fund in different proportions to that originally envisioned. A lot of tournaments will end in this way because regardless of how big a lead the chip leader has the blinds are so high that who wins will be more a matter of luck than skill or weight of chips.

There are typically three types of deal:

1. A saver is agreed for all those players still in who subsequently get eliminated outside the original prize scale. For example if there are 6 players left and only 4 prizes then the players may agree that the next 2 players eliminated will receive $100 each and the prize for the eventual winner will be reduced by $200. The game then continues.

2. The whole of the prize fund is distributed amongst the remaining players and the game is ended at this point. The amount each player receives will be related to the number of chips they currently have but the exact amount will be subject to negotiation.

3. Part of the prize fund is distributed amongst the remaining players and then the game continues; normally on the basis of the winner takes all of the remaining prize money (and the trophy if any).

If you are going to split the prize money on the basis of chips held then it is probably easiest to let the experienced players do the initial negotiating. They will ask if you would be happy to accept $x and it is then up to you to accept or reject the offer. If you are one
of the chip leaders then you should expect to receive less than your chips are worth whereas if you have less chips than average you should insist on receiving more than their face value. For example with 5 players left if you have 10% of the chips you might expect 15% of the
prize fund; if you have 40% of the chips you might have to settle for 30-35% of the money.

For new tournament players the important point to bear in mind is that any deal requires the explicit agreement of *all* the remaining players. If you do not like the proposed deal you do not have to accept it simply ask the dealer to carry on. If things continue to go your way you will end up with all the chips and the bulk of the prize money. Remember however that in these final stages luck is more important than skill and a sensible deal leaves everybody happy.

He references McEvoy's "Tournament Poker" and Buntjer's "The Secret To Winning Big In Tournament Poker". I personally read about negotiations in a Tournament book by Sylvester Suzuki (penname) and I believe Sklansky discusses the issue in the book he published subsequent to Ramsey's post. Lastly, I know Mason Malmuth's Gambling Theory and Other Topics covers the topic. More reviews can be read here.

The key points to consider in the negotiation are:

1. Stack sizes - the biggest size gets the most, but as Ramsey points out above, to deal proportionately based on chips is too generous to the leader. This is consistent with all tournament theory out there that each incremental chip in a large stack is worth less than an incremental chip in a small stack.

2. Tournament format - In NL and PL tournaments, big stacks can more easily be knocked down, so I believe that the discount should be higher here than in a limit tournament. Others may disagree and say that the fact that a big stack can be used to push others around make it even more valuable in NL and PL. I disagree based on experience that in limit tournaments, the big stack at the final table seems to win more often than in NL tournaments.

3. Skill of players - Clearly the better skilled you are, the more generous of a cut you should demand. However, keep in mind that if any of us were twice as good as we really are, we would still only be 1/2 as good as we think we are.

4. Time - The closer the tournament is to the end, the closer the distribution should approximate the original prize payout.

5. Blind position - if you are short stacked and the blinds are imminent, you are a bit more desparate and may be willing to take a less generous offer. OTOH, if you and another player have similiar small stacks but he/she is about to get the blind, you should point it out in hopes of getting a more favorable cut that he/she will.

Those are my thoughts...I am curious to hear what you think

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