For the last few months, Bodog has offered a $100 buy-in $50k guaranteed event at 10a EST on Sunday, a warm-up of sorts for their $100k guaranteed later in the day. That tournament typically draws about 320 entrants for an overlay of about 50% ($50,000 - 320*$100 = $18,000…divided by 320 entrants = $56/entrant). It’s been a great value even factoring in the downside of Bodog’s unreliable software.

You can see the overlays in the major weekly MTTs here. (Note: missed a couple when I was out at WSOP last Sunday!)

Overlays in weekly MTTs

This week, in an impressive display of underestimating elasticity of demand, Bodog reduced the guaranteed amount to $40,000, no doubt figuring that the entrants would stay the same. Instead, the number of entrants fell by almost 25%, resulting in an even bigger overlay of $65/entrant. Admittedly, the overall spread between the guarantee and the buy-in amount fell slightly, but compared to the windfall for entrants who still chose to enter and the ill will created with those who didn’t, it was a bonehead move.

A better line, in my opinion, would be to address the fundamental reason why their tournaments don’t sell out—poor software, limited cash-out options and minimal site traffic. I’m very much a fan of overlays, but when factored against the opportunity cost of time and regular client failure, the Bodog tournaments are the happy hour hors d’oerves of online poker—good value if you’re a little hungry but leaving you feeling gross if you stuff yourself with them.

Still digging...

Edmond