Double or Nothing Sit & Gos mean just that: you double your buy-in or you walk away with nothing. Take for example, a double or nothing with a buy-in of $10 and 10 players. $10 x 10 players = a $100 prize pool. The top five get $20 each (doubling their money); the bottom five get nothing.
Like every facet of poker, there’s a strategy here. First of all, if you are going to try one of these innovative tourneys out, play tight. Let a good amount of the players get knocked out. Don’t make any big moves unless you get short stacked. Play only exceptional hands and try to stay in until there are about seven players left in the tournament. Then you can relax a little. If you are not short stacked, just fold every hand, unless your hand is extraordinary. If you have the opportunity to knock out a small-stacked opponent now and then, you should go for it.
You will also probably be able to steal a few blinds. This tip is good to remember because chances are your opponents will be implementing a strategy of their own (the fold and fold strategy). You can take advantage of these players by stealing their blinds and stealing their blinds.
Since the point is not to win first place, just hang back and let the other players knock their selves out. The decisions you will make are different than they will be in a regular sit & go. Once you have made it to the critical few players, in a double or nothing, you will be more likely to call than you would in a marginal hand situation in a regular sit & go with the same hand. When half the field is paid, it’s much easier to take that gamble. It’s a psychological thing. When you have the chips to support yourself you know you can afford to challenge a short stack and possibly knock him out, moving you closer to the paid spot. Once you are close with enough chips, you can just fold until you are in the money.
Double or nothing sit & gos are good for building your bankroll because they carry low risk. Even new players can fold their way to the money. By playing this way, you can and you will most likely finish in the money more than you will not. If you are an experienced sit & go player, you will excel in these tournaments because your opponents will not be as knowledgeable as you. If you are an action-loving poker player, these tourneys will probably not suit you. They are, in fact, boring. The aggressive-by-nature player will not do well here. But if you can stay focused and have that instinct to fold when you are not dealt an exceptionally favorable hand, you can win these games. If you can stand it, you can build a pretty substantial bankroll just by sitting through an hour or two of double or nothing sit & gos.
Finally, read your opponents. Double or nothing SNGs tend to bring out the extreme in poker players. Tight players play tighter and loose players play more loosely. Adjust your play to your table and to the play of your opponents, and remember, when in doubt, fold, fold, fold.
One of the best online poker rooms for double or nothing SNGs is PokerStars, where you will find a nice array of opponents and plenty of victims looking for the best kept secret to building a bankroll.