Episode #460 - May 19th, 2017

Live from the Two Plus Two Studios - This week on the Pokercast: 3 great guests on this episode to get you in the loop with the World Series right around the corner!
To begin: Remember to join our WSOP Fantasy League and the WSOP Sheep Game in our forum, plus Terrence has some more trip reporting from Montreal. Right off the top we are joined by Andreas aka RunLikePanda, a coach from Run It Once. Andreas talks to us about Limited Hold’em! Also NL, and why he believes GTO is overrated. In the news this week: Party Poker brings back rake back, Stars to host live Sunday Million, Kevin Hart in the SHB, and big changes to the WSOP!
First off, Poker Central has acquired the rights to TV & digital media for the series this year and Remko Rinkema joins us to talk about how we will have better coverage of the events this year. Then the guys talk with the Executive Director of the WSOP Ty Stewart. Ty briefs us more on WSOP broadcasting, Player of the year changes, the end of the November Nine and more. We also have a few items from the Mailbag before we wrap it up!

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Not really what eponymous means, but whatevs.

Also, there's no voting in Apples to Apples. Every turn is judged by a single person.

Sorry. In a nitty mood tonight.

2nd

Really like the poker hands discussed in video. Had greater understanding for whatever reason. Don't subscribe to FB and never will so the current medium works for me. BTW, you guys ever make eye contact with Ross? Anyway, 459 great show. TY.

Podium bubble.

Haven't listened to the past 2 episodes, can I just jump back in???

WPT final table

Had me in stitches with the "hey there" drop. Fantastic timing. Well done Ross. I while back I advocated using that drop much more liberally.

Also to note, never paid for coaching before or any online training sites but just recently signed up for RIO in prep for the wsop. Great value indeed. (In b4, Hi Phil)


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Big Number.

Long time lurker, but Adam and T's bad math on the contest at the end of the podcast tilted me enough to actually register and post.

First off, the MINIMUM you can win is $1.00, so any answer less than that is ridiculous.

The reason it's an interesting question is that the actual EV of the game is infinite.

1/2 of the time you win $1. That's $0.50 equity
1/4 of the time you win $2 . That's $0.50 additional equity.
1/8 of the time you win $4. That's $0.50 more equity.
and so on and so on.

So your expected payout in the game is $0.50 + $0.50 + $0.50 + $0.50 + ... = infinite.

No matter what finite amount you pay to enter, your expected payout is greater.

So the question is what price would you pay for a game where you have infinite equity but also the knowledge that it will take infinite time to realize that equity?

Yeah this is definitely embarrassing and I realized it afterwards. I'm sure I'll be getting **** from randoms all week on Twitter, but it's what I deserve.

More discussion here: https://en.wikipedia.org/wiki/St._Petersburg_paradox

Excellent first post, imo. Welcome to the 2+2 forums. Hope you keep at it.

Thank you!
This is also the solution I got, and I was racking my brain where I got it wrong...
Nevertheless, quite counterintuitive, to pay an infinite large amount to win in the majority of times an actually quite small amount.

That is a good post. I was one of the randoms that snapped tweeted at TChan "How could it be less than a dollar?" before I even thought about it. Armed with the past and TChan's link: The "solution" is in the fact that if the game was actually being offered, there would be a finite amount of money that was available to win, whether it was capped by the booker or all of the money in the world. Since each flip has an expected value of $.50, the expected value of the game is the number of turns it takes to get to the max win x $.50.

So if there was a max win of $1,048,576.00, that's 21 heads in a row, with an expectation of $10.50, so you'd pay $10.49 to play. A max win of $536,870,912.00 is 30 flips in a row, so your EV in the game is $15.00.

Even if you were playing for every dollar that's ever been in existence, the game is worth like $30.00.

Cool discussion.

"The paradox takes its name from its resolution by Daniel Bernoulli, one-time resident of the eponymous Russian city ... ."

There's that word again.

It doesn't quite work here nor is it a perfect synonym, but I prefer to use "titular" rather than "eponymous" simply because it will inevitably make someone snicker.

On the subject of fun with numbers, I noticed Adam almost said "November 9" during the subject of September 11. He corrected himself before getting that far. But I like that September 11 abbreviates to 9-11 (at least it does in the U.S.) while November 9 abbreviates to 11-9.

Palindromes.

There is probably a conspiracy theory based on this.

So Ross won

Clicking buttons for the win

Can't believe there was no follow-up discussion on the GPI mention that Ty Stewart said about not working with them any longer and many other people likely aren't anymore either.

I also put popcorn in the microwave when he mentioned others not working with them.

Your popcorn got burnt

I immediately had the "shots fired!" drop played in my head at this point