Professor, graduate collaborate in biggest poker payout
It may be common for a professor to receive calls from former students, but rarely do students need help knowing what to do with $52 million. Such a case presented itself when Jack Effel, a 2004 graduate of Ole Miss with a degree in real estate, was challenged with arranging the biggest tournament poker payout in history. He turned to Adam Schwartz, assistant professor of finance at the Ole Miss School of Business Administration. Effel was named assistant tournament director for the 2005 World Series…
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Poker lingo:
- POT ODDS - The amount of money in the pot divided by the amount of money you must bet in order to call. Often used to determine if a pot offers enough reward to play on the come.
- LATE BLIND - In addition to "regular" blinds, some games allow a player (particularly a new one) to post a blind bet in return for the right to enter the game immediately and act last on the first betting round. The amount of the blind is determined by house rules, usually somewhere between the last blind and double the last blind. It is frequently a LIVE BLIND.
- SPLIT [OPENERS] - In draw poker, to discard one or more openers, usually to draw to a straight or flush. Normally requires the opener to declare the act and retain the discards so that the act of opening can later be validated.
- BLACK - When referring to chips, black usually stands for $100 casino chips. "This guy sits down with a stack of blacks and raises the first bet." Not ALL casinos use black for $100 but that is the common usage.
- PASSED OUT. - A hand in which nobody opens. What happens next is a function of the game being played.
- STEAM - Playing wildly, calling and raising a lot, because one is upset. Compare: ON TILT.
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