Only 2% of Pro's make money?

[stinkypete]

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He tells me that they net about $2500 a week after paying buy-ins, losses, meals, savings, and insurances.

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so they make $2500 plus savings? why isn't the money they put into savings included in the profit?

[Percula]

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so they make $2500 plus savings? why isn't the money they put into savings included in the profit?

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I did not want to did too deeply into with them, strange couple if you know what I mean.

Anyway I assume that she (the less ballsie of the two) does not trust poker as an income source and considers that "savings" money as their safety net if things go south on them.

[TM1212]

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One of my friends that has been in the poker scene for a long time says that only 2% of the regular players actually turn a profit at the end of the year. Referring to players in 2-5nl , 5-10nl. Does anyone agree with this statement?

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No

[MicroBob]

my favorites are the ones who will say something like, "I 'usually' make $2500 per week" or "I usually win about 2BB/100" or "I usually have a VP of around 20"


Where does this 'usually' crap come from.

If 4 weeks out of 5 you are making $2500/wk but there is one week where you lose $3k then you are NOT earning $2500/wk.
Incredibly, most people conveniently forget this little aspect about averages just to make themselves feel better about how much they 'always' (not 'usually') win.

I've seen this 'usually' bit over and over again.


To blackjack again - "you see....when the dealer has a 6 he will 'usually' bust-out 70% of the time with it. But 'sometimes' he will only bust-out about 50% of the time if it's a 'hot shoe' for the dealer."
Somehow I guess the chances of the 6 busting-out magically changes when the shoe is hot so the numbers that people make up are somewhat adjustable.

"15 years ago a dealer's 6 would bust-out about 70% of the time. But since they had put in the auto-shuffler machines I'd say that's down to about 60% now."


These are the types of quotes that people who have been 'around the game' for decades will spew at you.
Length of time within the game has very little to do with quality expertise.

[lighterjobs]

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your friend must have just created a number out of thin air, and its a number that is absurdly inaccurate.


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[Ed Miller]

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One of my friends that has been in the poker scene for a long time says that only 2% of the regular players actually turn a profit at the end of the year. Referring to players in 2-5nl , 5-10nl. Does anyone agree with this statement?

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How could this possibly be true?

[steamboatin]

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Lots of people just make stuff up. Why they do this I'm not exactly sure.

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they might be a NIT.

[RydenStoompala]

81% of people who quote pseudo scientific-sounding percentages are fabricating them. The other 19% are intoxicated.

74% of the time, I cannot remember the stats I heard.

50% of all pros should be doing something else for a living, unless you ask the other 50% who say the number is really 80%.

[wontons]

To further complicate this...I believe my friend was taking into account the fact that many professional poker players have vices. Losing hundreds or thousands at blackjack, craps, whatever there vice is. I know the number 2% is EXTREMELY low but look at the amount of players that are regularly running there stacks up day in and day out versus total amount of players trying to accomplish the same exact feat. I do not have the answer but to the person who said the bar is set at 10% to be a winning long term player I could see that possibly being correct.

[Al P]

LOL look at that pronunciation key (Fish NL).


pro·fes·sion·al ( P ) Pronunciation Key (pr-fsh-nl)
adj.

Of, relating to, engaged in, or suitable for a profession: lawyers, doctors, and other professional people.
Conforming to the standards of a profession: professional behavior.
Engaging in a given activity as a source of livelihood or as a career: a professional writer.
Performed by persons receiving pay: professional football.
Having or showing great skill; expert: a professional repair job.

n.
A person following a profession, especially a learned profession.
One who earns a living in a given or implied occupation: hired a professional to decorate the house.
A skilled practitioner; an expert.