In my quest to build up my bankroll, I have been entering into what is called Step Sit and Go Tourneys. These are usually one or two table tourneys, with first and second place winners getting a ticket to the next Step. You can play from Step 1 thru Step 7, with the winners getting cash at the last step – an award valued as much as $12,000 in cash.
Step 0 costs 1.10 and gives you a Step 1 ticket worth 3.30
Step 1 costs 3.30 and gives you a Step 2 ticket worth 8.70
Step 2 costs 8.70 and gives you a Step 3 ticket worth 26.00
Step 3 costs 26.00 and gives you a Step 4 ticket worth 75.00
Step 4 costs 75.00 and gives you a Step 5 ticket worth 216.00
Step 5 costs 216 and gives you a Step 6 ticket worth 640.00
Step 6 costs 640 and gives you a Step 7 ticket worth 2,100
Step 7 costs 2,100 and gives you a winners choice prize package work $12k
As you can see, if you are a winning player, you can convert 1.10 into a prize worth as much as $12,000.00.
In reality, it might not be that simple.
I have purchased 10 of the Step 1 tickets and have converted 6 of them to Step 2 tickets.
I have converted 6 of the Step 2 tickets into 4 of the Step 3 tickets.
I will use the Step 3’s, worth $26, to enter tourneys that have top prizes as high as $8,000.00 and 50 to 100 winners or more possible.
It is highly likely that I could use 10 of the Step 3 tickets and only win money once in the ten attempts. That is the nature of these low entry tourneys.
In fact, I entered one tourney yesterday that ended up having over 2,100 players and I finished 619 and only the top 189 finishers received a cash prize.
I will keep you updated and let you know if and when I win and how much.
By the way, my online bankroll now stands at $180 = 36 buy-ins of $5.00. My goal is to grow this into $500 before moving to buy-ins of $10.00. If my bankroll dropped to $400 or under, I would go back to playing $5.00 buy-ins.