Buffett goes broke in 45 minutes … in charity poker game

OMAHA, Neb. It took less than 45 minutes for Warren Buffett, billionaire investor and avid bridge player, to go broke in a charity poker tournament.Save

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Poker argot:

SHILL - A card room employee who plays with House money, and does not share in any of his (her) winnings or losses. Shills are used to facilitate starting games, and keeping them going. Compare: PROP.
CASE - The fourth card of a particular rank, as in "he folded the case 9" when describing where all the 9s were in a hand. Comes from the game of Faro where an employee of the house, called the "case keeper". kept track of the number of each rank of card remaining.
RACE - In tournaments it is sometimes convenient to remove all lower-denomination chips from play, as the remaining players' stacks tend to grow. Small chips are converted to larger chips and any odd chips are "raced off" in the following way: each player with odd chips places them in front of his stack and is dealt one card for each chip. Highest card (rank and suit) takes all the small chips and converts them to higher-denomination chips.
BIG BLIND - A blind bet, usually a raise of an earlier blind which would be called the SMALL BLIND. In limit poker, the BIG BLIND is usually the size of the minimum bet on the first round of betting.
BACK DOOR - Applies to a hand that was made in the last card or two, specifically not a hand the player was originally planning on having. Most often applied to straights and flushes.
SPREAD LIMIT - A variation on fixed limit wherein the minimum and maximum bets are different. A 1-4-8 game allows bets from 1 to 4 in the early rounds and 1-8 in the last round. A 1-4-8-16 game allows bets from 1 to 4 in the early rounds, 1 to 8 in the next-to-last round, and 1 to 16 in the last round.

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