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Here are the key elements of the tourney which will determine your strategy:
- 8 players with one advancing in the qualifying round: This means you will need to be aggressive. If you bet the minimum, you have almost no chance of advancing. At least one player and possibly two or three will accumulate more chips than you by betting more, even if they are betting randomly.
- Only 12 rounds played: this is another factor which suggests being aggressive. You don't have much time to catch up if you fall behind. The low number of rounds is also a good reason why you should not waste your mental resources counting. Keeping track of the bankrolls of the seven other players is a much more important task.
- You don't say how many chips you get for each $10 buy in: This would normally be a critical factor, since the ratio of the max bet to your bankroll is also a factor for determining your level of aggression. However, since there is no maximum, it doesn't really matter in this case. Everyone gets the same amount for each buy in and it's the relative amount of chips compared to the other players that matters.
- No limit means that you can afford to be a little more patient when behind, as long as you can catch the leader(s) with a single bet. Do not wait until the final hand to do this. Smart players will cover your win leaving you at a severe disadvantage. Ideally you want to be the chip leader going into the final hand. In no limit tournaments, it is very common for folks to go all-in on the final hand. You want to be the chip leader so that you can bet enough to cover their wins. It is also not uncommon for everyone to go all-in on the final round. You can sometimes win the table by holding back a few chips in case the dealer sweeps the table.
- It is very common for those behind to double/split almost anything on the final round. If you can bet enough to cover their winning doubles/splits without compromising yourself should you lose, then you should do so.
- Is this a live money tournament? i.e. do you get $10 for your $10 buy in and do you get to keep any chips you have left at the end? This could make people play slightly more conservatively, especially in the final few hands if they have accumulated a decent amount during the round.
Given the above observations, here is how I would approach this. You will need to be aggressive, but because it's no limit you can afford to pick the right time to do so:
- Bet minimum on the first two or 3 rounds. Get a feel for how much everyone else is betting. If you're lucky, you may gain the early lead.
- During the middle rounds, as long as you can catch the leaders with a single bet, keep betting minimum
- With about four rounds to go, bet enough to take the lead if everyone wins. If losing would cripple you, then go all-in. Better to continue the fight with a fresh buy in than with only a few chips.
- If you gain the lead, protect it by trying to bet roughly the same amount as the other players. This can be difficult if some bet big and some bet small. If more than one other player is challenging you by betting big, then try to match their bets. If they are dumb enough to bet before you, then let them, but don't say anything about it.
Some exceptions to the above:
- If at any time you are the chip leader, protect your lead by trying to bet the same amount as those challenging you.
- If at any time at least one player ahead of you has more than double your chips and is betting small, go all-in immediately to get back into it. Do this until you can catch them with a singe bet and then return to the strategy above.
- If you bust out, consider rebuying if the leader has less than 4 times the amount of chips you get for rebuying. You can catch them with two all-in wins. Even at 8 time the rebuy amount, you can catch them with 3 all-in wins. The rebuy amount ($10) is relatively small, so why not keep trying?
It's hard to give complete advice, but those are the key things I see in this tournament format. For more complete information, see Wong's "Casino Tournament Strategy", Ken Smith's e-books "How to Win More Blackjack Tournaments" and "How to Win Even More Blackjack Tournaments" and the forums at blackjacktournaments.com.
Good luck!
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