Some reality’s of poker
This time of year always brings me to a time of reflection as my year always seems to end/begin when the main event ends. I always had great illusions of grandeur, winning a bracelet etc at the beginning of each year then I look back at the shots I took to even play in the main event and the % of my bankroll I used to try it and make it. I always justified it as “I can always win more money, but the main event only happens once a year and what if I won it?”
This year was different. I didn’t play a single WSOP qualifier, I didn’t try to make a stand at the local poker room playing bigger stakes than normal trying to bankroll up for an impromptu trip to the WSOP. I made a plan and am sticking to it. The Main Event or the WSOP isn’t going anywhere.
Everyone has their shining day. You know the day, the day where you win a tournament or just absolutely crush a cash game and you feel unstoppable. I remember mine for sure. I used to play blackjack as that was all I could afford. The local casino spread a $2-$200 table and we would take trips up to the casino with $20 a piece and try to make a big score.
I didn’t know they had a poker room. I continued with my blackjack play as I progressed in my car selling career and moved up stakes. I was losing probably $400-$800 a week playing and then I stumbled back into the poker room. I sat down at a $3-$6 seven card stud game and got ate up. But it took like 3 hours for me to lose $100. This was much more fun for much less money with the same result, a net loss.
The regulars at the game became friendly with me and started giving me pointers then introduced me to Omaha which became my version of crack. I loved the game but wasn’t very good at it. I fell in love with the game of poker at this point. This was before the Hold ‘Em boom and the games with flops were a new concept to me as all of the games we played in my home game had no flop.
One day I look over and see the dealer taking money out of the pot. I ask the person to my left what that was all about and he told me the house takes 10% of the pot up to $5 as a fee for running the game. What I heard was the casino takes 10% of the pot and my brain started working. I would get calls two or three times a week from guys wanting to play and if the casino takes 10% I should be able to take 5% and it would be a better deal for everyone.
My first raked game was born. We started in a Super 8 motel with one table. Within three weeks we had to get a bigger room to accommodate two tables. The third week I walked into the game broke after I bought the food, booze and paid for the rooms. I had like $40. We played a little bit of short handed dealer’s choice until the phone rang and people needed to be let in. In that half hour I made a quick $150 and the game started.
I dealt all night, raked like a monster and at 4 am the game broke up except for two guys that wanted to play Omaha. I love Omaha. I was up $800 from rake, $120 from tips and decided to play. The game was 3 handed Omaha 8 or better. Dealer had a choice for the ante. The small blind was equal to the ante the big blind was double the ante and the betting was spread between the ante and 6 x the ante with a $12 max ante.
I went on a rush. Now that I look back at the game it was sick. Every time I picked up any sort of a draw, including a pure guts hot with an 8 low draw, I was in there three betting, just firing. The type of play I encourage online but see people go broke way too fast doing. I hit everything. I couldn’t miss and at 7am I had $4300 in my pocket. This wasn’t 43 hundred dollar bills. This was drug dealer money, $50’s, $20’s and $10’s in a huge wad. I found my calling.
Prior to this the most money I had made in one week was $3000. Since I can obviously make $4300 in a night poker was a much better way to do it. I kept my job and my game got bigger. We remodeled a barn and turned it into a sweet poker room. We had a bar and three tables. I would sit down and win; I now had dealers so all I had to do was handle the cash and play. No matter how bad I went I never booked a losing session in the barn, the game was just that soft and I was starting to actually learn about odds, not to play every hand, gut shots aren’t good to three bet etc. plus the dummy had a safety net. I had a partner in the game and with the 5% rake, no cap on the rake and 70% of the games played were split pot games with 5+ streets of betting (dealer’s choice home game style with a dealer and a rake) I was clearing $800-$1000 a week my end from the rake after expenses.
All good things must come to an end. My game was funded for the most part by drug money. My biggest fish in the game also sold pounds of weed when he wasn’t at the poker table and had an entourage of friends who were stacking up money with him. They started a construction company which was also doing well. When the drug dealer got busted, the construction company went under and the game went along with it.
I then took a few different jobs. All of which were work at my own pace blah. I sat back on the money I had built up and slowly lost it at the $10/$20 game.
Reality 1: Most underground card games are funded by drug money.
I found myself working at a job I didn’t like. On the road 3 weeks out of the month and I was ready for a change. On my week off I ended up at the casino because I had seen that they ran poker tournaments and this was right as the WPT started airing their first episodes.
I obviously won the first tournament I played and was back on top of the world. Poker was my calling, I was good at it (or so I thought) and I found online poker. I started off with a $100 investment and found the $25 max PLO8 tables. I went on fire in my first hour. I had $300 on a $25 max table. I steam rolled for another few days and cashed out $800 leaving myself with $100. Because that’s all I really needed right $100 to make thousands?
This online win, the $4300 win and the tournament win gave me a mindset that set me up for failure and I see it in so many new players. I came to rely on big scores and rushes.
Reality 2: Most players rely on big scores and rushes. This isn’t how long term money is made at poker.
I can’t overemphasize this point. The money that doesn’t get eaten up by the rake inevitably gets eaten up by the highly skilled players at the higher limits. When a player goes on a rush and builds up quick they expect to keep winning.
If they started their rush with lets say two or three buy in’s they continue to move up with the same bankroll requirements. They have a bigger bankroll than they have ever had and they move up limits accordingly. Just because you are winning doesn’t mean you have the skill set to consistently beat the higher limit games. Also when you are playing higher than normal you are not experienced with the larger amounts of money and in most cases let the money dictate your actions. Whereas the players who are consistently beating the higher limits have the bankroll to play and are very comfortable playing for those stakes.
Reality 3: Money funnels up in poker.
After I rode the roller coaster on Party Poker with the $100 I left on the site I eventually went broke. Just had one of those days where I would go set under set, 2nd nuts under 2nd nuts. I started surfing the Party Poker site reading everything I could about online poker. I learned about the affiliate program they had and got into affiliate marketing immediately.
This is probably the best thing that ever happened to me. This took poker from a fun thing to do that I was making money at to a business for me. I actually put together a business plan and started a website. This opened the door to me meeting A LOT of different people from all over the world and was the stepping stone to some of my best experiences.
Reality 4: There is easier money to be made off of poker than there is playing poker without swings or risk.
Since the boom of poker there have been a lot of businesses that have come and gone with people trying to get rich quick from poker. I have found two things that have been successful from the beginning of the poker boom and anyone can do one of them.
Affiliate marketing is tough to do and not everyone can do well at it, even if they have a general knowledge of how it works. Running a raked game on the other hand is one of the best ways to build a bankroll.
There are many advantages to running a raked game other than just the money. It takes very little money to start a game compared to the money you will make, you can learn more about the game from running the game than actually playing and you can never go broke running a game.
To run a game all you need is a location, a table (which you can build), some chips and a good knowledge of the game.
As I said, I met a lot of people on the road building my affiliate business and one of them is Noah (Ohiorounder). I was very fortunate to be able to open and run a successful business with him and some other friends. None of us got rich from it by any means but we were able to build up a decent customer base and sell the company to a larger company. We all got full time pay and some stock. The stock ended up being worthless but we all did well for a while. Then the laws changed and we were out of jobs.
Reality 5: No matter how good you get at the game of poker you can always expand your knowledge of the game by playing online with groups of friends.
By groups of friends I mean in the same room, not sitting at the same table but discussing hands as they are played. We had 2 apartments in the same complex and someone was always playing. This is the point where I had multiple $1,000+ wins at our raked game, multiple $10,000+ wins online and spent money like an African American who is not very good with money.
After the charity casino closed I took a job in Vegas and my life went pretty much down hill. The ironic thing here is I stopped drinking as much as I did in Toledo, stopped doing any sort of drugs and my life got worse. The company that bought us out was run poorly and that’s who I went to work for. Within two months I had quit.
I made some big scores in Vegas, but they were just big enough to catch my breathe will bills and leave myself with a few buy in’s, but one bad night it was over. I also bought a pizza place with the money I had left after I quit my job. That was a bad deal with a shady person but nothing really relevant to this blog. I found myself trapped in reality #2; I was depending on big scores.
Let’s turn back the clock a little. When I got started with the affiliate marketing it was initially designed to make some extra money and build up a poker bankroll. I had money and I traveled to multiple games. One game was about an hour south of my house. I became pretty good friends with the guy who ran it. He was a couple years younger than me but as far as bankroll and poker skill set him and I were on a pretty even plane.
He went on to continue running his game, building up online and moving up limits at local games. He found some other players who were good at poker and at times combined rolls. Last year I spent a lot of time with him at the WSOP. He has built up a roll of over half a million and is on a steady climb up.
The time I spent with him helped. Number two really set in. Looking back would I have traded off the experience I had in Toledo for a half million dollar roll? Honestly no. I had the time of my life and there is no dollar amount that could pay for those experiences.
Reality #6: Vegas is full of home game heroes.
I hear about people “Rolling up the stake and moving to Vegas” all of the time. Most of them are now dealers.
The reality of it is an above average/good player just can’t make enough money at limits lower than $5/$10 NL or $20/$40 limit to beat the rake and afford to live. It is expensive to live out there. With internet poker at your finger tips and easy home games within miles of your house the safe move is to build up a roll where you can afford to play high limits. Poker will always be there and you have all of the time in the world.
Next time you see Chris Moneymaker give his championship roar or when you see this year’s champion, Jerry Yang, give his trade mark double fist pump and think to yourself wow I am better than him I can do this remember that it was his day and there were 6357 people who paid the $10,000 and didn’t have their day. You cant base the future of your game depending on having a day like that.