Chasing Dreams: Player Goals and Expectations at the World Series of Poker

When the famous catchphrase "Shuffle up and deal" is pronounced at the Horseshoe in Downtown Las Vegas later this month, the dreams of every poker player come alive. Every player who enters the World Series of Poker shares the ultimate goal of winning the greatest prize in poker – millions in cash and the coveted gold bracelet.

But let's backtrack from our dreams for just a moment and talk about reality. The reality is that most players will leave the World Series, and other major tournaments, with less money than they came with. Some players will depart completely broke. At the end of each day, there will be far more bad-beat stories told than remembrances of jubilation. Sure, a select few will become millionaires and will be featured on ESPN. But the reality is that most players will end up losing money at the World Series of Poker.

This introduces the novel concept that (perhaps) more modest goals and expectations are wise. Sure, every poker player wants to win a gold bracelet at the World Series of Poker. But, we also might agree that players who have played well and made money over the long haul are successful, as well. To illustrate this point, I'll use an extreme example: I suspect that if some Faustian deal could be struck in advance and a player was guaranteed to finish second in a big tournament, thus earning a large amount of prize money, the overwhelming majority of players would jump at the proposition.

Then again, I could be wrong. Let's see.

This column is intended to discover the specific goals and expectations of poker players when they come to the World Series of Poker. Furthermore, I seek to measure the level of self-confidence players have when they enter major tournaments, represented by an event at the World Series of Poker. Next, I hope to discover players' levels of "risk tolerance," particularly in tournaments in which they are faced with extremely difficult choices. Finally, I seek to determine how important prize money is to the average poker player, versus the glory of victory.

Do most poker players play in the World Series for the prize money? Or, are there other more meaningful motivating influences? Let's now examine our attitudes about winning and losing at the World Series of Poker and try to determine the real goals and expectations of poker players:

Question 1: If you won a World Series of Poker satellite and collected $10,000 in cash, if given the opportunity – would you rather keep the cash (and not play) or take your chances in the championship event?

Keep the money

Play in the tournament

Question 2: If you could determine the outcome in advance, would you be content with a respectable "in the money" finish in the WSOP main event – which pays $15,000 (netting a profit of $5,000)?

Yes

No

Question 3: All things being equal, which do you think is more difficult in a typical World Series event – making it "into the money" or "winning" a final table? (Note: Assume that 10 percent of the field is paid, and the final table consists of 10 players.)

Making it into the money is more difficult

Winning the final table is more difficult

Question 4: Do you agree or disagree with the following statement? "My odds of winning an event at the World Series of Poker are better than the average poker player's chances."

Agree

Disagree

Question 5: On the very first hand of the WSOP championship event, you are dealt K-K. You make a standard preflop raise, and are shocked when an opponent announces, "All in." The opponent is a well-respected top pro. What will you do?

Call

Fold

Question 6: On the very first hand of the WSOP championship event, you are dealt K-K. You make a standard preflop raise, and are shocked when an opponent announces, "All in." The opponent is an unknown amateur. What will you do?

Call

Fold

Question 7: On the very first hand of the WSOP championship event, you are dealt Q-Q. You make a standard preflop raise, and are shocked when an opponent announces, "All in." The opponent is an unknown amateur. What will you do?

Call

Fold

Question 8: On the very first hand of the WSOP championship event, you are dealt A-A. Incredibly, before you act, Player No. 1 moves all in before the flop. Player No. 2 calls. Player No. 3 calls. Everyone else folds around to you. What will you do? (Note: You have no prior knowledge of your opponents.)

Call

Fold

Question 9: You are lowest in chips in the tournament and five places from the money. At that point, would you be satisfied to finish "in the money," which means getting your buy-in back, plus netting a small profit?

Yes

No

Question 10: If forced to choose, would you rather play heads up for a gold bracelet in the championship event against a poker superstar or an unknown player?

A poker superstar

An unknown player

Question 11: Do you agree or disagree with the following statement? "If I get heads up at the final table and am even in chips with Howard Lederer (or another similar top pro), I believe I have just as good a chance to win as he does."

Agree

Disagree

Question 12: You are playing in a preliminary World Series event, and you are even in chips with just one opponent remaining. Forgetting the ethical ramifications for a moment, your opponent offers a deal in which you take first-place prize money of $150,000, versus $75,000 for second. In turn, he wins the gold bracelet. What would you do?

Accept the deal and take the money

Play for the gold bracelet

Question 13: Down to three players at the final table of the championship event, you are down about 2-1 in chips to both opponents. You are offered the deal of second-place prize money of $2 million, but you will not win the championship. The payouts are $3 million for first, $2 million for second, and $1 million for third place. Would you accept the guaranteed $2 million or play for the world championship instead?

Accept the deal and take the money

Play for the championship

Question 14: Given that you already have a seat in the WSOP $10,000 buy-in championship event, do you believe you have a chance to win it?

Yes

No

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