When you "sit down" at an on-line Texas Hold'em poker table, you are already the underdog. All things being equal, at a 10 person table you only have a 30% chance of ending up in one of the three paying positions and third place usually only covers the buy-in. However, some on-line poker sites have added a new twist to the average sit-n-go.
New "double or nothing" games have changed the payout at a single table sit-n-go. If the buy-in is, say, $104, five players will be paid $200 when the first five are eliminated. Your odds just went from 10% to 50% before the game even starts. You don't have to come in first, you just have to stay in the game and I'll show you how.
This first tip will sound completely opposite to every poker strategy you've ever learned, but there is a reason behind it. Contrary to what the greats like Doyle Brunson say, you want to play very, very tight in a double or nothing game. At least, you want to appear tight. At the start of the game, you don't want to play many hands. Blinds are small and there's no ante. Unless you have killer hole cards, throw them away. Even if the other players aren't paying attention (and they usually aren't) they will, unconsciously, peg you as a squeaky tight player.
As the game progresses you are going to see a lot of hole cards. Eventually, you will get A-A, A-K or suited connectors. Don't go crazy with a killer hand. The idea here is to stay alive, not take down a lot of big pots to get in first place. If you are first to bet, bet 3 times the big blind. If this is the first hand you've played the chances are very good that everyone will fold to the tight player who finally got a hand. Remember, you just want to stay ahead of the blinds and antes until 5 players have busted out.
If you are not the first to bet, just call. If it's more than 3 times the big blind, fold. However, once you're in the hand turn the pressure on. After establishing a reputation as someone that will cling on to his stack as if his life depended on it, aggressive betting will stop the other players in their tracks. Even if the other player flops a decent hand, I have been able to scare him off with Jack Squat by making him think twice about the tightest player at the table betting big time. Yes, this can backfire, but it will work 9 out of 10 times, especially if the other player is in a lot of hands and is fairly loose and aggressive.
This brings me to my third tip. Change it up. After the game has gone on for a while and you've established a tight reputation, start playing more hands and taking more chances. Again, remember that you want to stay in the game by keeping ahead of the blinds and antes, so aggressive pre-flop bets will usually get everyone to fold even if you have 7-2 off suit (although I don't recommend taking THAT kind of chance). You still want to play tight. This is not the place to show off your poker skills, but pushing harder in the later stages of the game will insure that you stay in the top five.
The double or nothing tables are a lot of fun, but the Texas Hold'em strategy you want to use here is a lot different from a standard cash game or tournament. It's also a great place to discipline yourself on how to lay down a good or marginal hand that could cost you your life savings at a bigger table.