The key to understanding correct bubble play is taking a step back from the immediate situation and looking at the tournament as a whole. We are all very aware of the fact that the money is in the top few spots, but there is a psychological barrier for many players in getting some money back. I think for many people it's the idea that if they made the bottom of the money in every tournament they would be a wining player and after making the money they would sometimes be able to go on and win. No one wants to leave a tournament after multiple hours of play with nothing to show for it. This kind of thinking is flawed.
The only way to make money in poker is to cut through all the things that distract you and look for the money, which we can express as EV or Expected Value. If you would really like to be able to say that you didn't spend those hours playing for nothing, and it will really make you unhappy to go out on the bubble, then by all means, play a conservative and careful game. But don't lie to yourself about why you are doing it. If you play in any way other than the most profitable possible strategy, then you are giving up EV. That means you are basically spending money in order to be happier or more comfortable with your decisions. When you look at it that way, most players can see that they don't want to sacrifice value at the tables in order to feel better, they just want to win the most money they can.
In order to focus on the money and make those profitable choices, especially on the bubble where it can be tough to do, we must leave all of those psychological factors behind and make the right plays, even if it means that we are more likely to "bubble" the tournament, because we play poker to make money, not to make *the* money. Getting past those barriers is easier once you can see clearly how they work, so doing a little soul searching about why you play badly on the bubble can be a big help.
Once you get past the psychological roadblocks and want to play correctly on the bubble instead of playing comfortably, you'll need to know what adjustments are correct. Some of the basics are listed below, and I encourage you to seek out other resources in the PocketFives Strategy Archives, on the forums, and through other means, in order to increase your win rate during a key time in the tournament.
General Bubble Truths
1. The money jump from the player before the bubble to the next player who goes out is very small in the context of the entire prize pool, and the big money is still very far away, so tournament payout considerations don't mean nearly as much on the bubble as most players believe. Seeing the jump from $0 to $100 just the same as the jump from $100 to $200 is typically correct.
2. According to ICM simulations, correct play on the bubble is very close to that of a cash game in most situations. Because the blinds are large compared to the stacks and the players are usually too timid, correct play in a cash game would be to be very aggressive and steal those blinds if the table will let you get away with it. It may take a little practice to determine when and how often you can run over the table around the bubble, but as you get better at it you will see that you can accumulate lots of chips fairly easily and your confidence will build.
3. You must reassess your table conditions constantly. If someone has determined that they are not going to make it to the bubble with the stack they have you may find yourself forced to call a tiny all-in re-raise with complete junk, and when the whole table sees you show a junk hand they may start re-raising you, which creates big problems. It's also possible that a big stack may have been moved to the table who will re-steal from you and you will have to shut down unless you can go all-in to take away the fold equity he gets from a re-raise. In this case pay close attention to rule #4.
4. Avoiding other big stacks is very important. You need a strong hand to tangle with another big stack, and most of the other big stacks will know that they need a strong hand to tangle with you. Google the term Bubble Factor or read Kill Everyone (excellent tournament book) for a complete explanation, or just take my advice and don't play pots with stacks that are nearly as large or larger than yours. Bully the little guys, just like the playground.
5. Have a huge gap between the hands you will raise with and the hands you will call or re-raise with. Timid medium stacks on the bubble usually won't raise without a big hand, and unless you are sure that you can make them fold, a resteal is usually a bad play. Open raising will be your most profitable situation, but if you are finding that there is always a raise before you get a chance to act then you may need to resort to taking some risks and going all-in over the top of the raiser and hoping to slow them down on future rounds.
6. Know when to get on the brakes. It's easy to get caught up in the allure of running over the table, but sometimes you just don't get that option. If you try to force it when the table is very active and willing to play hands, or another big stack has decided that they will be the table captain whether you like it or not, you may just have to wait it out. You can still steal the blinds when you get a chance, and if you do get a real hand you'll be able to reraise and win a sizable pot, but otherwise you will be stuck folding most of your hands just like the rest of the table.
7. Remember to disappoint your opponents. If you were in the big blind right now, what you not want to have happen. Now take whatever it is that the other players don't want you to do and make it happen.
8. Put in the last raise. If you only call the last bet against a short stack or with aces or kings, but you are willing to put in a bet or raise with a much wider range, you are probably on the path to correct bubble play.
If you are having trouble on the bubble, do some research, let go of your psychological barriers, and play the style that you learn is correct. Think about why you are doing things and if you come up with any reason except the almighty Expected Value, rethink your play and find a way to get the most value out of the situation and make the right play every time. The bubble doesn't have to be scary. A little study and a little confidence can go a long way.
Join Fox at the tables at pokerprosnetwork.net/chriswallace.html
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