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I would think you couldn't enter by that point, but I've never seen it or tested it. Normally, the poker rooms can accurately predict the number of runners and the bust out rate and alter the late reg accordingly. Typically, at least 40% of the field is left when late reg closes.
Satellites can be interesting in this sense. If you're lucky and there's 20 tickets say, you may get 21-25 registering that bust down to 20 before the late reg players sit in. Then you all get a ticket within a few minutes.
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