I've become a bit fascinated by the WSOP. This is the 2nd year of WSOP since I've been playing poker, and there are still several layers unwinding that really get me more and more interested in it. After the 2008 WSOP, my feelings were basically, that live pros are morons, and that spending 6 weeks buying in one MTT after another was basically burning money. I mean you just hear story after story of pros losing $100K+ in 6 weeks, just for the glory of a bracelet that 40+ people get each year.
Now even if they aren't long term winning players, losing $100K is still variance as their EV must at least be close to +ve if they know a thing or two about poker. So I start wondering about MTT variance. After some forums browsing, it's safe to say it's huge, and some figures floating around about online MTT's suggest you'd need 2000+ MTTs to estimate a players ROI, 100BI+ downswings are standard (ie your bankroll is 100BI lighter at some point, not ran bad for 100 straight MTT's, so this could be over 100's of MTT's), and of course the much shorter upswing, winning some big tournament.
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