August 16, 2004
Hitting the Jackpot
So there I was in the $20-$40 hold'em game at Lucky Chances, stuck about $600 and becoming increasingly amazed at the hands with which the other players were either raising or cold-calling raises. Holding offsuit 76 two seats ahead of the button, with two limpers ahead of me, I semi-fishily limped in. The button trailed in, the small blind folded, and the big blind checked.
The flop came 6-4-4 with two spades on the board, giving me two pair. I didn't fear an overpair (at this table, pocket pairs seemed to be raising hands), but there was a chance someone held a 4. The action was checked to me, and I bet. The player on the button raised, and one of the early limpers called.
The turn card was another 6, giving me the current best possible full house. Early limper checked, I checked, button bet, early limper called. I think that the action is consistent with both of them having fours in their hands, and if someone else has a six, well, the guy with the four is still going along for the ride. I raised. The button dropped out. Early limper reraised me. (!) Okay, it's a split pot, but I still have boss full house. I reraised, going all-in for the amount of a full bet. While the dealer is burning and turning the river card, I turn my own cards over, fully expecting a split pot.
The clown god loves a good schmengie: I was a 902:1 dog on the flop and a 41:1 dog on the turn, but I hung in there! The river card was the case six, for a board of 4-4-6-6-6, giving me four sixes with a seven for a kicker, while the other guy had pocket fours, having flopped quads and being beat by runner-runner. (I'm including the fact that the player on the button had pocket nines in these odds.)
Lucky Chances' jackpot was at $47,000. Loser's share is 50%, winner's share 20%, and the remaining 30% split among the other players in the hand. My share was $9400 (less 25% withheld for tax). I toked $400 to the dealer, Michael Hornholtz.
Mike Caro says that one problem with bad-beat jackpots is that the winners' shares often leave the poker economy. This is certainly true in my case: the lion's share of it is going to pay for my tuition this fall. I think there's something kewl about being able to pay one's tuition from the winnings of a single hand of poker.
Apart from the jackpot, which I'm accounting separately in my poker records, I finished down $380 in that session. Dammit, I hate it when I lose!
Posted by abostick at August 16, 2004 06:14 PMWow! Good going.
Posted by: serene at August 16, 2004 08:19 PMThe problem with "Caro's Problem", in your case at least, is that regardless of whether you hit the jackpot or not, the winnings leave the poker economy.
;)
Posted by: Andrew at August 16, 2004 08:31 PMQuite so. Eventually, all the money that stays in the poker economy winds up going down the slot in the table for the rake ... leaving the poker economy! If some of the players didn't keep bringing more money into the system, there wouldn't be any left for the likes of us to take out of the system.
Posted by: Alan Bostick at August 16, 2004 10:21 PM