The game is No Limit Texas Holdem, and it will begin at 7pm sharp, and the buy-in will be $20 plus an optional purchase of a $5 bounty chip (explanation below). A player may come in and/or re-buy as many times as they desire as long as it's within the first hour and twenty minutes. Players may re-buy a full 200 chips as soon as their chip stack is below 50 (you don't have to wait until you're busted out). As a bonus, any player that is on time will receive an extra 25 chips on top of the 200 they get to start with.
At 8:20, the blinds will reach 5/10 and we will chip up. At that time, there will be one last chance to re-buy. Additionally, any and all players may purchase an optional 100 chip add on for $10 or a 200 chip add on for $20, regardless of the players chip stack at the time.
As people start getting knocked out, there will be a cash game available with $0.25/0.50 blinds and you can come and go as you please. That game will continue as long as people feel like playing.
Here's the twist for the main event: Before prizes are divvied up, 25% will be taken off the top and placed into a master pot that will grow over the course of 10 sessions. The other 75% will be awarded to the top 3-4 players, depending on the number of entries. Unless another event or holiday conflicts, these poker nights will be happening every 3 weeks.
After 10 sessions, all players that took either 1st or 2nd during any of the 10 weeks will automatically be entered into the final tournament with 50 extra chips added to their stack for each time they took 1st and/or 25 extra chips for each time they took 2nd. If a player for some reason can't make the final event, they may give their spot to someone else, but the extra chips will be forfeit. It will also be possible for other players to buy their way into the grand tournament, but the buy-in will be significantly higher (The total amount in the pot divided by the number of winning entrees). That cost was $90 at our first main event.
During the 11th session, we will hold the grand event and the payouts will be 40%/30%/20%/10% to the top 4 players that night. The first main event we had ended up with a pot of $1,240, which got meant $496/372/248/124 to the top 4 players. After just our first 4 sessions, the pot stands at $505. Congrats to Brian and Garret for being the 2 winners of the third session.
NOTE: You can come to as many or as few sessions as you like. The advantage of coming to numerous sessions is a larger starting stack at the main event for repeat winners.
Please BYOB and any snacks you may personally want. This isn't a typical party, but games and TV will be available for those that want to hang out after they get knocked out of the tournament
Explanation of Bounty Chips
Each player who buys one will receive a “bounty chip” that will be carried by the player throughout the tournament. Whenever you eliminate someone from the tournament, you receive their bounty chip, which is yours to keep. Likewise, when you are eliminated from the tournament, you give your bounty chip to whoever busted you, potentially keeping any bounty chips that you may have won previous to being knocked out. At the end of the tournament, or whenever you are knocked out for good, you can cash in all of your bounty chips you've accrued for real money – in this case, $5/chip.
This is perfect for those players that do really well, knock out a bunch of people, but get busted out before placing in the cash. By using bounty chips, it is extremely possible for someone (especially those that make the final table) to not place in the top 4, but still walk away with a small profit. In short, more people walk away happy (at varying levels of course).
Please note, if you choose to 'not buy' a bounty chip for yourself, you will not be eligible to win other people's bounty chips. Anyone that does have a bounty chip and is busted out by a person without one of their own will be able to keep their own chip and cash it back in for a refund.
Anyone who is knocked out and wants to re-buy will still lose the bounty chip that they initially bought. However, they may also purchase an additional bounty chip during the time of their re-buy if they want to continue being eligible to win them.
This bounty pot is completely separate from the normal pot and no money will be taken out of it towards the progressive grand tournament after session 10.
Details for the cash game
During the optional cash game as people start getting knocked out, the blinds will be $0.25/0.50, so $20 is a recommended minimum to buy in with. You can come and go as you like, so bring as little as or much as you want to the table.
On an additional note, I will be collecting donations throughout the cash game; for every $5 in the pot, I will kindly ask for a donation to the house of $0.25, up to a max of $5 if a pot manages to go beyond $100. All money collected in this manner goes back into these events. Thus far, I've purchased chairs, cards, cups, plates, TP, plastic utensils, etc.