Rebuy Tournaments

Rebuy tournaments are those in which players can replenish their stacks after the tournament starts for an additional buy-in. Rebuys are used at all levels of tournaments, from daily small buy-in events to major championships. Some players like rebuy tournaments and others (the majority, I would venture) don't, because they provide an advantage to those who can afford to rebuy.

As I see it, there are only two reasons for rebuys in tournaments. One is that casinos and/or tournament directors want to increase the size of the prize pools. The other, which is far more logical, is to enhance the prize pools in "guaranteed" prize pool events. Research shows that tournaments with guaranteed prize pools get larger turnouts than others. Players appreciate knowing what a prize pool will be prior to going to the casino, and rebuys help the casino reach its guarantee.

I am against rebuy tournaments in certain venues. One of those venues is the World Series of Poker, where bracelets are awarded to "world champions." I think all players should have an equal chance to win at the WSOP, and in rebuy tournaments, they don't. I also don't think rebuys should ever be used at tournaments where there is a best all-around player award. Once again, not all players have an equal chance to win this award if there are rebuy events in the tournament.

Play is far more aggressive during the rebuy period of a rebuy tournament. There is a saying among the pros that goes like this: "A tournament doesn't start until the rebuy period is over." This is because players who intend to rebuy gamble far more during the rebuy period than they otherwise would. Players who will rebuy are looking to get all of their money in on a draw (such as a king-high flush draw or a straight draw in pot-limit Omaha, for example), hoping to win a large pot. If they miss, they simply rebuy. After the rebuy period, they are not so keen on putting all of their money in with these types of hands.

A number of players rebuy because they make "last-longer bets" during tournaments. Many times these bets are proportionally much larger than the buy-in, so it is correct for players to play faster in an attempt to accrue chips during the rebuy period. There are also players who rebuy continuously without regard to the amount of money they spend. Their only interest is winning the tournament, not worrying about the value they are getting.

Certainly, there is value to those who don't rebuy when others do. However, it is much tougher for those who don't rebuy to win a tournament. A player who is planning to rebuy to the max during the rebuy period is a much greater favorite to do well in a tournament than someone who is not going to rebuy. His value might not be nearly as good, but he is favored to finish higher.

Other than "guaranteed" prize pool tournaments, I've never understood why casinos would want a rebuy tournament. They don't take "juice" on the rebuys, it ties up their staff longer (as it takes longer to finish a tournament with more chips in play), it keeps players out of live games, and it burns up everyone's money.

Prior to a rebuy tournament, I'm often asked, "Should I take a rebuy, and how many rebuys should I take?" My answer is always the same: "It depends." To me, it depends on who is at your table, who has the chips (the most critical factor), and how long it will be before your table breaks. I can't imagine making a rebuy decision prior to being at the table, watching the action, and seeing who has the chips. If the weakest players have the chips, and you figure they will blow them back, a rebuy would certainly be in order.

Even when rebuy tournaments are held, I believe the number of rebuys should be restricted to one. Ironically, the most rebuys I ever took in a major tournament was four (in a $1,000 pot-limit Omaha tournament at Commerce Casino), and I won the tournament. It was a situation exactly like the one I mentioned above, in which the weakest players had all the money and I was at a table that wasn't going to break for a while. I was lucky to "get out" of this trap (I had to finish in the top six to make money), but even had I been knocked out, I would have been comfortable with my decision to keep rebuying.

I must say that it's fun to play in rebuy tournaments in which players "steam" and go on tilt. The trick is not to be the "steamer."

Take care.