The World Series of Poker Main-Event bets (discussed in depth in the 7/31/09 QoD) work the same as a standard sports bet, in that once you make them you're locked in at that number. For example, if you bet the New England Patriots -3 points and the line subsequently moves to -3.5, you have the best of it (at least in relationship to what other Patriots bettors can now get) with your 3. Of course, if it goes the other way and the line drops to -2.5, you're stuck laying the bigger number.
One of the most valuable skills successful sports bettors possess is being proficient in predicting which way a line will move, then betting the side they want early if they think it will "move against them," or waiting if they think they can get a better price. In the case of your poker long shot, you have to make that same determination about the in deciding when to place your bet—bet it now if you think bettors are likely to want Saout's long odds or wait awhile if you think the money will come in on the favorites (we'd guess the latter).
By the way, it works the opposite way in horse race betting and other wagering events that use parimutuel pools to determine payouts. In this case, you can bet a horse when its listed at 20-1 and wind up winning only 10-1 because later bettors backed the same horse and got a piece of the parimutuel pie.
