Introducing ‘L’ – Stack Management in Limit Tournaments

There is a plethora of literature written on no-limit hold’em tournaments, but a relative dearth on other forms of tournament poker. Early in my mixed games career, I took an interest in tournaments but found little theory to explore outside of no-limit hold’em.

Specifically, there is a lot written about the number of chips a player has, such that tournament poker is often described as a test of stack size management. While stack depth is crucial at all stages of a no-limit hold’em tournament, in limit games it is primarily relevant when a player has few chips. With fewer nuances to discuss, I would expect less to be written on the subject, but there hasn’t been less — there’s been nothing.

In no-limit hold’em tournaments, there are volumes dedicated to “M,” the amount of chips in the pot preflop and the amount your stack blinds off if you do not play a hand for an orbit. It is used at every stage of the tournament to evaluate the options at your disposal. While there is similar evaluation in limit games, there hasn’t been any discussion on it — until now.

I would like to introduce you to “M’s” twin sister — “L” — the amount of chips required to play a hand of limit poker from start to finish. It includes a single raise on the first street of action and a bet on every street after. This concept was first applied by 2010 World Series of Poker bracelet winner, Brendan Taylor, on the Two Plus Two forums.

In games with a big blind (limit hold’em, Omaha eight-or-better, deuce-to-seven triple draw, badugi), L is a raise preflop with a bet on the flop, turn, and river. In these games, L is 3.5 big bets, or 7 big blinds. In stud games, L involves a complete on third street, and a bet on fourth, fifth, sixth, and seventh street. Here, L is four big bets, eight small bets, and can range anywhere from 24-48 antes.

The Less Than .5L Stack – All-in Zone

With less than 1L, a player is unlikely to win a pot without showdown, and below .5L, those chances all but disappear. With this stack, I evaluate hands based on hot-and-cold equity and look for situations to isolate myself against one opponent if possible.

With less than .5L, players are all-in middle way through the hand, so an opponent can call them down without worrying about reverse implied odds with bad hands. The last bet will go in by the turn or sixth street, and an opponent will usually be getting 4-to-1 to put their stack at risk. Needing only 20 percent equity with cards to come and no further betting, they will seldom fold hands with any equity. Cards they would normally fold — king-high in limit hold’em or a bad low draw with no chance at high in Omaha eight-or-better — we are unable to bluff now.

The .5L-to-1.5L Stack – Caution Zone

Having a stack with more than four big bets still allows the opportunity to mostly double up with good holdings, but more critically, protects bluffs with credibility that opponents could face a bet on each street. By maintaining a 1L stack, you are defending your right to bluff — and be bluffed. It’s the last bastion of stack size where you can play poker.

This also implies that at 1L you are not required to commit your stack on any hand you play, mostly when you completely brick the flop or fifth street. Finding good all-in hands starts to become a concern, but unlike at .5L, it is not the only priority.

The converse is also true — it is important to start devaluing speculative hands played primarily for their good implied odds. If an opponent bets every street when we are at 1L, by definition, we will be all-in on the river and can’t raise to win extra bets with our flushes and straights. Implied odds in limit poker are typically low, but they border nonexistent when under 4 big bets.

The Greater Than 1.5L Stack – Zone of Normal Play

If you start a hand with 1.5L, calling down will leave you with .5L if you lose the pot, making the next pot you play an all-in. Maintaining a 1L stack has some additional value if you are facing an otherwise close situation, though it is not valuable enough to pass up a clearly profitable opportunity to call down or bluff.

Conversely, if someone has roughly 2L, they are more capable of being bluffed. In evaluating a normally breakeven bluff, I would expect opponents to shy away from calling down with marginal holdings at that stack depth and attempt to get them to fold.

Even opponents who haven’t considered the implications of L are aware a bet on the big streets of limit poker represents a significant fraction of their stack beneath 15 big bets. When facing a bet on the turn with ten big bets, a calldown represents one-fifth of the remaining stack, In stud games, this is even more extreme; upon facing a bet on fifth street, calling the three remaining barrels represents 30 percent of a player’s chips.

Astute villains will use this as an opportunity to bluff more frequently when they see you at these stack depths, inciting a sinister dynamic — you may not want to call down because you are at 1L, but may be forced to because opponents will be bluffing more frequently. There are a surprising amount of mind games and poker to be played at four big bets.

Using L to Win Tournaments

I am hoping to discuss these concepts further in a series of articles on each mixed game and how they interact in an actual mixed game tournament, such as H.O.R.S.E or 8-game mix. For instance, in the split-pot games (Omaha eight-or-better and stud eight-or-better), these factors are mitigated when you can expect the pot to be chopped.

Before we get to all that fun stuff, I wanted to establish the foundation for those game-specific concepts and L is at the heart of it. I am not expecting L to revolutionize the tournament landscape as M once did, but hope it can help alter the way you handle the most nerve wracking part of limit tournaments. ♠

Ben Yu attended Stanford University but knew even before finishing that he wanted to embark on a journey to become a one of the finest professional mixed-game players. He made his debut onto the tournament scene in 2010 with a second-place finish in the World Series of Poker $1,500 limit hold’em shootout and followed it up in 2011 by leading the WSOP with seven cashes across six different games. In 2012, he moved to Rosarito, Mexico in order to continue playing online and was enthralled to perform well at the World Championship of Online Poker, including a final table appearance at the $10,300 poker 8-Game High Roller, and a cash in the main event.