Simply stated, you can raise with weak hands, but you cannot call with them. For example, there are plenty of times that it’s correct to raise before the flop with a hand like ace-five offsuit. However, calling raises with that same hand is almost always incorrect. Perhaps, the best example of the Gap Concept is when players steal blinds with an open raise from late position. Often, these steal raises will be made with middling hands like a weak ace and 10-9. The reason this tactic can be so effective is that there are relatively few times that opponents will call. All the chips you accumulate from these uncontested pots will make up for the times you’re called – and lose.

In tournaments, the difference in prize money between first, second and third places is enormous. Frequently first place pays in the ballpark of four times that of third place. So on those occasions you are fortunate to reach the final three, it’s crucial that you know how to maximize your chances of emerging victorious. The most frequent mistake novice players make is that they fold far too much because they greatly overestimate what an average hand is. After all, without mathematical analysis, you’d never guess hands like jack-6 suited and queen-4 suited are actually decent holdings up.

A situation that arises fairly often in tournament play is one where a short-stack moves all-in for only three or four times what you’ve posted in the big blind. When this happens, the key factor in making the decision whether to call is figuring the odds the pot is laying you. Frequently, the ratio between the amount you have to call and the amount you stand to win is so large that it’s incorrect to fold any hand. Other times, the decision is not quite as obvious. In these cases, you have to determine a plan of action based on the combination of what you hold, the range of hands your opponent could hold, and the price you are receiving for your call. Without understanding pot odds though, it’s impossible to make an informed decision.

Even the best players require a tremendous amount of luck to win a tournament. And now with fields growing ever larger, the amount of luck needed has grown considerably. Because of this, the player looking to win – not just last a long time – has to be willing to gamble early on. In Tom McEvoy and T.J. Cloutier’s tournament book, they state that the only hand willing to go broke with before the flop is two aces. Well, this may be true in the main event of the World Series of Poker but is certainly is not true at most smaller buy-in tournaments – and it has nothing to do with the cost of entry. The real reason is that the blinds simply increase too fast (every 15 or 20 minutes) to wait for a sure thing. The reality for players in most tournaments is that ace-king is usually quite suitable for gambling with. It should be noted, however, that it’s far better to move all-in with slick than calling an all-in with it.

Perhaps the most disturbing prospect about playing tournaments is the possibility of playing an entire day – or two or three in the really big tournaments – and come away with nothing for your effort. In fact, it’s often said that last place isn’t the person who busts out first but rather the one who busts one out of the money. This harsh reality, however, is what also provides the fearless player his biggest edge on the field. Just because you are close to reaching the money doesn’t mean it’s time to tighten up. Of course you want to avoid unnecessary showdowns that put all your chips at risk, but this doesn’t mean you should try and fold your way into the money. And as silly as this strategy might sound, it’s one that many people unwittingly use. Even as one of the shorter stacks, the correct bubble strategy is still to take advantage of timid players unwilling to mix it up.