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Run It Once founder seeks promotional buzz

Phil Galfond, once one of online poker’s most feared professionals and more recently the founder and driving force behind online site Run It Once (RIO) Poker, has issued a high-stakes heads-up “Galfond Challenge” to most of the online poker world.

hopes to generate buzz for his new site while offering a serious battle for the game’s top players

In the Galfond Challenge, posted on Galfond’s RIO blog, he hopes to generate buzz for his new site while offering a serious battle for the game’s top players. Galfond, who referred to himself as a “washed-up ex-pro”, hopes to play challenges of at least $100/$200 per hand, and preferably at pot-limit Omaha (PLO), his favorite game.

The feared Galfond posted that he would prefer $100/$200 to $300/$600 PLO, but that he might consider stakes as low as $25/$50 if necessary, which doesn’t seem likely. He will also consider formats mixing PLO with traditional hold’em and, in his words, “perhaps even straight NL (no-limit) if I get desperate enough!”

Such desperation seems unlikely. In just a few hours after he posted the details of his open challenge, Galfond reported an enthusiastic response:

Challenge

Perkins among 11 players responding

Galfond did not name all 11 players who responded, but he hoped to share as many details as possible as the challenges were confirmed. One of those close to locking in a challenge was known to be Bill Perkins, the multimillionaire hedge fund manager who dabbles in super-high-roller poker events.

Perkins and Galfond negotiated publicly on Twitter before quickly settling on most terms. The two are still dickering on matters such as a freezeout-style cap on the number of allowable buy-ins, the odds Perkins will receive (Galfond is acknowledged as the more accomplished player), and promotional opportunities for Perkins’s upcoming philanthropic-themed book, Die With Zero.

The two appear close to a deal to launch their challenge, with Galfond saying:

Hopefully we can figure something out and give the viewers what they want!”

Galfond Challenge echoes earlier online publicity

Galfond also acknowledged that, while this challenge was designed to promote his Run It Once site, it bore some resemblance to “the infamous Durrrr challenge”.

The high-profile battle between feared superstars Tom “durrrr” Dwan and Daniel “Jungleman” Cates drew thousands of online viewers. It fizzled out after Cates jumped to a large early lead and has since remained officially incomplete for a decade.

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The Galfond Challenge is the priciest such online-poker challenge since the Durrrr-Jungleman fiasco. However, as Galfond laid it out, it contains two challenges in one.

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In the first, he’s offered challenge terms to self-described professional PLO coaches. This challenge is therefor designed to pit the pro PLO coaching on Galfond’s RIO site against the skills of PLO teachers working for other training sites.

The second and more open challenge is technically open to all players. It’s the one to which Perkins responded, and where the games and terms are far more negotiable. Galfond himself acknowledged that most of his challenge responses are likely to fall into this second category.

Bankroll challenges are nothing new in poker, but never have they been more available for public viewing than now, with the growing popularity of Twitch streaming. In addition to players getting to show off their poker prowess whilst building their poker rolls, these challenges also provide viewers with concrete examples to fuel the poker dream.

While the retired Charlie Carrel just recently announced he'll be starting a $50 to $10K bankroll challenge to show it's still possible to grind up from a small amount online, Doug Polk just completed the challenge he started two years back.

We did it https://t.co/jNq3xy9EtQ

— Doug Polk (@DougPolkPoker)

On Tuesday, Aug. 22, Twitch viewers witnessed Polk pass the $10,000 mark after starting a bankroll challenge from $100 on Aug. 7, 2016. After 26 sessions, the roll was at $894 on Dec. 12, 2016 and he got back to the grind Jan. 19, 2017. That year, he put in 14 sessions and finished up with $1,364 on Nov. 21, 2017. He didn't get back to the challenge until May 4, 2018 and only decided to prioritize it less than a month ago on July 28, when he sat with $1,054 in the challenge roll.

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The Last Push

True to his word, Polk consistently streamed his games, and 15 sessions later, he crossed the finish line. After back-to-back $1,000 wins on Aug. 12 and 14, and a -$2 session Aug. 21, Polk steamrolled his way to the finish line on the Aug. 22 stream, turning $3,318 into $10,100 with some profitable $1/2 followed by some winning $2.50/$5.

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The session summary on the Upswing website notes there was the occasional $1K downswing in this final 11-hour stream, but nothing that Polk couldn't rebound from. He was also fueled by a fortunate misclick that worked out in his favor. You can check out highlights from the challenge in Polk's top ten video below.

Insights from Polk

Emboldened by his strong final push, Polk took to Twitter to share seven insights derived from his experiences in the challenge.

  1. Bluffing is very strong at smaller stakes. But in general it varies by street:

    • Preflop bluffing tends to be good because players dont raise you enough
    • Flop bluffing is great because people play too loose vs 3b
    • Turn bluffing tends to be dramatically worse
    • River is amazing
  2. Calling in big pots is much worse. Sort of a necessary evil, particularly as you get ready on players. While streaming, you really cant make big folds because people know what you have. If I hadn't streamed the challenge, I'd have folded a bit more

  3. If you play on a smaller player pool site, Cash > Tourneys

  4. You have fold equity in spots you would never have at higher stakes. Dont be afraid to slow play some spots where you think they have to call

  5. Micro stakes are still extremely soft, building a roll def possible

  6. On sites with no HUD, don't be afraid to go ham on some raise frequencies preflop because no one is even going to know what you are up to

  7. Overbet bluffing is completely ridiculously good at micros. Go HAM on those nit regs fearlessly!

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