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I recently ran a tournament with 22 people. My set-up was $10 NLHE – 40 chips valued @ 1500: 20 Whites valued @ 10, 18 Green valued at 50, and 2 Blues valued at 200 according to this schedule. Payout was 45% ($99), 25% ($55), 20% ($44), and 10% ($22). We were done at either the 1000/2000 or 2000/4000 level. So I felt that was good length of time, between 3 to 4 hours, to allow everyone a chance to play well and also catch some good hands while finishing before the cows come home.
There are many other sites like the one you posted that have similar schedules and chip amounts. The main thing to consider is making sure you give everyone a good number of chips to play with - not too few or too many. And also make sure you physically have enough chips to accommodate everyone - be prepared for the unexpected such as players not showing up or even extra ones you didn't plan on arriving with friends.
Majority should dictate the game to play, but if it is indeed split, I'd favor NLHE because it's easily the most popular and would run faster for the same set of chips versus limit. The all-in factor is exciting and will draw attention.
I personally wouldn't worry about trying to even things out with “bounties”. Even though there is a lot of skill involved in poker, there's enough luck for any one tournament or ring game to make it a null point. It's not like basketball where players could literally dominate every game. If LeBron James shows up at your pick-up basketball game, it’s a statistical certainly he’s going to dominate every time – if Dan Harrington shows up to your tournament, while although always the favorite, he is statistically guaranteed to lose at some point. New players and fish can and often do well or even win on any given night. I play in a poker league in Tennessee and I see it happen routinely. And, for the players that are talented and have studied the game to have an advantage, that should be their reward and opportunity to shine.
Some other helpful hints:
1. Have the schedule of blinds and chip amounts posted somewhere – I used a white dry/erase board
2. Have cheat sheets available for hand rankings
3. If you have one or more new players, go over some common rules to be mindful of – i.e. no string bets (say call or raise, not I see your 20 and raise you), bet in turn, don't fold when you can check, and the like
4. Encourage everyone to follow the rules, but also be flexible and not take it too seriously
5. Be flexible on the schedule in terms of breaks
6. To alleviate boredom to eliminated players, as was mentioned, encourage $5 or $10 ring games
Good luck and have fun.
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