I haven’t been to Flagler Dog Track’s Magic City Poker room in a while, but I’ve heard about this promo that they’re doing now. On the last Sunday of every month, the highest hand during each hour gets $1000. Someone said it was for ten hours.
Let’s take a quick look at this: If $10,000 is paid out, and there are 18 tables of 10 players that are full throughout the promo (these assumptions are pretty accurate), and you were seated for every hand for the ten hours, your average value of this promo is simply $10,000 divided by 180 players. Period. You’d have to make an adjustment for the fact that limit games have an edge over no-limit due to the likelihood that you’ll play to the river, but this is the average for a seat.
That would be $55 for the ten hours. Hmmm, so you do realize that the line to get into Flagler’s Poker Room on the final Sunday of each month is so people can earn $5.50 per hour. Of course, for every hour that you wait watching television while you’re on the list, you’re losing your paycheck. If you’re rationale is, “But you don’t get $5 per hour, you get $1000 or nothing,” you might want to buy a lottery ticket, because that pays millions. You’re just not likely to ever see that money. You have to understand basic odds and that each promo has a long-term value to you. Is $5.50 a good rate? Sure, assuming you’re not losing $6 per hour playing the game, and assuming you don’t mind the hassle of a ridiculously long line if you get there before the instant they open.
I haven’t been to Flagler’s poker room in a while, but I hope if you do go, I hope you’re going because you had planned to go anyway, because $5.50 is a good overlay, but not if you don’t like crowds.