Variance: Bad Format, Bad Players - Gambooool?

[MasterLJ]

The owner of my company is somewhat of a degen gambler. He has admitedly lost $150k playing *poker* (I keep thinking there's some multiplier for losses), and probably obscene amounts of money in other casino games (he has systems for craps).

I met him playing poker in a local card room and he offered me a job on the spot. With the UIGEA having just passed at the time, and the fact that I wasn't quite where I wanted to be in terms of poker, I accepted.

He's terrible. He's not your standard drooler, but he has not concept of poker other than how his cards match with the cards on the board. We've played together before and he told me how he "outplayed," me in a 3 way all-in pre-flop where my AA lost to his JJ and AK was basically dead money (6 handed game fwiw).

He's having a game in a few weeks. $500 buy-in, 20 people, 10k chips. Pays top 3 only. I stopped playing with him because his blind structures suck. Usually his blinds *double* every 20 minutes and he says that they'd "figure out the structure that night, but I need a commitment today."

On the side he will be hosting another equally crappy formatted game with a $10/$25 blind and a min/max buy-in of $1k.

I'd be more inclined to play the cash game especially short-handed on the side of the tournament, BUT he made the comment that "ain't no one leavin' early." One of our managers quickly says, "You can't tell a man what to do with his money!" To which the boss retorts, "Well, they ain't gonna play with us again if they do!"

Cliff Notes / Summary:
Brag: Owner of company is having a super soft tournament and cash game with drooling rich people who will probably be drunk
Beat: The format of both is ridiculously horrid
Variance: Worth playing?

[Wyman]

Sounds hugely +EV. If your roll can handle the swing (cause this seems to be pretty high variance), you should play. Otherwise, politely decline.

[MasterLJ]

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Sounds hugely +EV. If your roll can handle the swing (cause this seems to be pretty high variance), you should play. Otherwise, politely decline.

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That's the crux of the question. I feel that a lot of the +EV of the situation is mitigated by the crappy format.

[mertzo]

How is this ever a no if you can afford it? Dont worry about the EV aslong as its +, and have teh fun instead!

[MasterLJ]

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How is this ever a no if you can afford it? Dont worry about the EV aslong as its +, and have teh fun instead!

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That's my question, is it +EV?

If we all sat around flipping coins for $500 it would be +0 EV. This is essentially what his format suggests.

[grando]

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How is this ever a no if you can afford it? Dont worry about the EV aslong as its +, and have teh fun instead!

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That's my question, is it +EV?

If we all sat around flipping coins for $500 it would be +0 EV. This is essentially what his format suggests.

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wow ++++EV, especially the cash game

just play short-stack poker for a little bit and since no one is leaving double up once and there you go

[mertzo]

Yeah play atleast ok shortstack poker and its ALOT of EV+. VS theese kinda donks you dont have to get your edge from huge c/r calls on the river. Think about it as an $2 sng or whatever =). GL and a trip report afterwards would be nice =)

[danzasmack]

show up late and only play cash?

[MasterLJ]

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show up late and only play cash?

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I can decline the tournament and still play the cash game.

[futuredoc85]

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How is this ever a no if you can afford it? Dont worry about the EV aslong as its +, and have teh fun instead!

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That's my question, is it +EV?

If we all sat around flipping coins for $500 it would be +0 EV. This is essentially what his format suggests.

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o/u on # of his friends who know anything about ICM and pushbotting? def +EV if high variance