Two Plus Two Older Archives  

Go Back   Two Plus Two Older Archives > General Poker Discussion > Poker Theory

Reply
 
Thread Tools Display Modes
  #1  
Old 12-27-2005, 02:22 PM
Solami17 Solami17 is offline
Junior Member
 
Join Date: Jun 2005
Posts: 12
Default Is moving up this way okay?

For the last six years or so, I have been grinding it out in the small stakes section of my local cardrooms. I am a winning player who is well read in all the leading books on poker. I typically crush the 3/6 4/8 and 5/10 live and do allright online (although I prefer live much better).

For the last couple of years, I have worked up my BR and have been very successfull playing within my limits. Since I have a steady source of income aside from poker, I typically do not spend the money I win, although I have taken some out for when the days were rainy.

The other night, the poker gods rewarded me by allowing me to hit a bad beat jackpot in which I myself came away with about $25,000 (Do not take this as a brag post because it is not). Note: this is not a legal cardroom so I wont be paying taxes on the money I won.

My question is this: Should I continue to grind my way up the long way and splurge the BBJ$ i won on myslef, or take shots at a higher game where I am pretty sure I can do well.
(I know we say we need a BR of 300BB, but Im not too sure if I want to be playing 50/100 off the bat)

Should I take it all and go up to the 20/40s 30/60s and see how I do there or go somewhere down the middle into the 10/20s, 15/30s areas and try my luck there? I know these games are not the same as the other SSH games, but I feel I am ready for some tougher competion.

Or, should I spend a little and put the rest in my BR and move up level by level.

Comments appreciated!
Reply With Quote
  #2  
Old 12-27-2005, 02:39 PM
Guest
 
Posts: n/a
Default Re: Is moving up this way okay?

Bankroll and whether your skills allow you to win in a particular game aren't very closely related IMO. You need the proper bankroll for your regular game to withstand the natural swings, but no amount of bankroll means you'll be a winner.

If you want to take a shot at a higher game, why not? If it doesn't work out, you'll have a better idea of where to improve. If it does, you have the bankroll to play.
Reply With Quote
  #3  
Old 12-27-2005, 03:27 PM
winky51 winky51 is offline
Senior Member
 
Join Date: Dec 2003
Posts: 122
Default Re: Is moving up this way okay?

Play your normal game till you have more than your bankroll required for it. Take the extra and take a shot up. If you lose the extra move back down with the new lessons learned. You will find that you will play better your old game. Thats what happened to me when I went from 3/6 FT to 3/6 SH.

Also set an amount from your winnings to reward yourself. 10% 20% something. Why not you deserved it.
Reply With Quote
  #4  
Old 12-27-2005, 03:34 PM
NotMitch NotMitch is offline
Senior Member
 
Join Date: Sep 2003
Location: AKA JoeRey
Posts: 248
Default Re: Is moving up this way okay?

[ QUOTE ]

The other night, the poker gods rewarded me by allowing me to hit a bad beat jackpot in which I myself came away with about $25,000 (Do not take this as a brag post because it is not). Note: this is not a legal cardroom so I wont be paying taxes on the money I won.


[/ QUOTE ]

Just because the card room isnt legal doesnt mean you dont have to pay taxes on winnings from it.
Reply With Quote
  #5  
Old 12-27-2005, 04:36 PM
Guest
 
Posts: n/a
Default Re: Is moving up this way okay?

Depends on what it's worth to you to get to the higher levels faster. You're going to pay a poker tuition, it happens at every level, either by negative BB/100 or reduced BB/100 from what you're used to.

If you blow the 25k on higher limit, but learn enough to make it a profitable game for you 2-3 years earlier than you would have reached it otherwise, was it worth it?

That's only something you can answer. For me, if I knew I'd beat the higher level games after a time, then I might go for it. The fact is I don't know if I could beat them and it'd be devestating emotionally to blow all that money with nothing to show for it.
Reply With Quote
  #6  
Old 12-27-2005, 07:21 PM
pzhon pzhon is offline
Member
 
Join Date: Mar 2004
Posts: 66
Default Re: Is moving up this way okay?

[ QUOTE ]

Just because the card room isnt legal doesnt mean you dont have to pay taxes on winnings from it.

[/ QUOTE ]
Indeed. If you sell cocaine, you owe taxes on your profits. If you accept a bribe, you owe taxes on it. If you steal, you must report the fair market value of the stolen property.

IRS link

Playing in an illegal cardroom is not necessarily illegal. Evading your taxes is.
Reply With Quote
  #7  
Old 12-27-2005, 07:25 PM
Solami17 Solami17 is offline
Junior Member
 
Join Date: Jun 2005
Posts: 12
Default Re: Is moving up this way okay?

This is sort of the reason that I dont want to spend it all on one thing. I dont want the wrong people to ask the wrong questions. My BR is all cash that I keep in my safe at my home, it is exclusively just for my BR. The money I make online is so minute that no one is going to miss it anyways, so i dont think thats a difference.
Reply With Quote
  #8  
Old 12-28-2005, 03:55 AM
Brash620 Brash620 is offline
Senior Member
 
Join Date: Nov 2004
Posts: 105
Default Re: Is moving up this way okay?

If you can crush the 5/10 game then you should have no problem making a profit at 10/20. I say give if a shot and see how you do, you have a suffecient bankroll for it now. If you can crush the 10/20 continue to test the waters of the next limit. This way you you can move up to the bigger levels, but you don't "jump in the deep end" and can guage how your win rate will change at the bigger levels.
Reply With Quote
  #9  
Old 12-28-2005, 06:28 AM
Kaeser Kaeser is offline
Member
 
Join Date: Jun 2005
Location: Puyallup, WA
Posts: 94
Default Re: Is moving up this way okay?

I agree add like 10K to your roll and start playing 10/20 15/30. It's not like you can't move back down to your usual limits if you find yourself unable to beat these games. And that still leaves you with 15K to splurge on yourself.
Reply With Quote
  #10  
Old 12-28-2005, 07:23 AM
Pog0 Pog0 is offline
Junior Member
 
Join Date: Mar 2005
Posts: 27
Default Re: Is moving up this way okay?

[ QUOTE ]
Indeed. If you sell cocaine, you owe taxes on your profits. If you accept a bribe, you owe taxes on it. If you steal, you must report the fair market value of the stolen property.

Playing in an illegal cardroom is not necessarily illegal. Evading your taxes is.

[/ QUOTE ]

Sure you're supposed to report your winnings, however, when you cashout your online winnings, the money trail is visible. If you come across a wad of cash and stash it under your pillow, you're not going to get into any trouble.

I'm not sure what the balance between 'doing the right thing' and 'not risking getting caught' is for most poker players when it comes to paying taxes. In this situation, one would have to weigh heavily on the 'doing the right thing' side to report it.

Either spend it or hit up the bigger games. If you just sit on that money to avoid paying taxes on it, you'll just be hurting yourself by the time you could have invested it and legally built it bigger than it initially was.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 12:03 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.