The Late Game in a Poker Tournament occurs when every player is modifying his play to insure that he at least makes it into the money. All middle stacks tighten up significantly. Short stacks that feel they have chance to blind into the money get even tighter. Short stacks that feel they will come up short can become maniacs, and Tall stacks become bullies.
This is the point in a Poker Tournament that money is made. If you are unsuccessful here, you won't make money in poker tournaments. It is also the point where hard and fast rules can't work. There are just too many variables. The most significant variable is your stack. If you have a tall stack you can gamble almost with impunity, often increasing your chip lead significantly. If you have short stack, you have to gamble, and just pray to the Poker gods to get lucky.
There are two ways to measure a short stack; Its relationship to the average or its relationship to the blinds. Since the blind pressure can become oppressive to everyone at this point, use the relationship to the blinds. It will give you a better grasp of your situation.
20 times the BB might be considered a middle stack. (Especially if there are a greater number of shorter stacks than places to the money. 32 shorter stacks and 30 places to the money.) Look for opportunities to steal the blinds to maintain your position. Try not to get involved with taller stacks.
10 times the BB might not be that bad if there are many shorter stacks still in the poker tournament. Still, look for opportunities to steal the blinds to maintain your position. There is also another problem, compared to the other stacks, your stack is losing leverage. When your stack size is small relative to others, they can call you almost in passing, and will. Your chances of an outright steal are decreasing.
5 times the BB, you are definitely under blind pressure. (Unless it is only a few eliminations from the money a several other short stacks.) At best you have 3 rounds left. If you think there is a possibility of making the money, tend to hold on and wait for the good hand. Otherwise you need to pick your spot and take the chance.
As a last word on short stacks, often, you can increase your chances of making the money by decreasing your chances of making the bigger money. Will you give up the chance to win $30 for a chance to win $2000, even if the chance of winning the $2000 is small.
Middle stacks, stick to the top cards. Don't get in confrontations with larger stacks unless you have a definite edge. Realize that short stacks will go all in at the drop of a hat so don't play them unless your hand has all-in quality. When playing marginal cards always do it from late position and against no callers. Raise.
Ultimately the middle stack at this level of a poker tournament is faced with the same decision as a short stack. "You can increase your chances of making the money by decreasing your chances of making the bigger money." Although your chances of winning the big prize are significantly better.
Tall stacks own this level of a Poker tournament. They bully and eliminate short stacks almost at will. If they take several small losses, they can regroup and still expect to do well in the poker tournament. In many poker tournaments, you can often see tall stacks that simply sit-out during this period of the tournament and insure their position in the money, but they these "Poker" players give up a unique opportunity to garner a large number of additional chips for the final end-game.
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