#11
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Re: Rounders/Poker Pros
Unless you hit a huge tournament win early in your career and retire (like Chris Moneymaker), you won't get rich off tournaments.
For instance, Phil Hellmuth has been playing tournaments for 18 years, and he's won $5 million in prizes. That's $277,777 per year. Subtract out entry fees and travel costs of, perhaps, $100,000 a year. You get an average net profit per year of about $175,000. But also realize that Phil has had years when he's won $500K or $600K. Which means there are a lot of years when he has won zero. In those years he's a net loser after expenses. And Phil is the biggest money winner in the history of tournaments. Your results may be better, but don't bet on it. Matt |
#12
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Re: Rounders/Poker Pros
ashe,
The only pro games you should attempt should involve CJ, Tinos, and Schill. p! |
#13
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Hahahaha
Was wondering when another Phigam would throw up on here... Show yourself! Waterproof151@yahoo.com
Drinking at Tony's tonight! NJ [img]/images/graemlins/smirk.gif[/img] p! |
#14
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Re: Hahahaha
Ashe and Victor-
You aren't from cwru are you? |
#15
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Thanks All
I've been thinking about making a run at it in AC in a couple of months. Not sure if its gonna happen yet, but I'm thinking.
Figure I'll prepay 3 months rent, live down there, and see how it goes. The move should be relatively easy since I'm still at home, and I can always fall back on this. I'm in a good profession even in the bad market, so I can get a job pretty easily. I should have a good bankroll. If there's anything else that anyone thinks I should consider, I'ld love to hear it. Ashe [img]/images/graemlins/smirk.gif[/img] |
#16
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Re: Hahahaha
Damn, another one...
Ken Ashe Fiji, Acct, CWRU on and off 96-02 (masters) Who be you? Email me- Waterproof151@yahoo.com |
#17
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Re: Rounders/Poker Pros
[ QUOTE ]
Seems like a lot of people agree that tournament playing is not a good way to make money. Why is that? [/ QUOTE ] Playing a big tourney is like playing a lottery, you need more luck then playing ring games |
#18
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Re: Rounders/Poker Pros
I agree with your analysis, but would add one more factor which is probably more important than the ones you mentioned: The player with another source of income can be MUCH more selective. If he doesn't feel up to playing, or doesn't like the game, he can stay home or return there. The pro, who has to pay his rent, does not have that freedom. He has to put in those hours, and many of those hours will yield minimum profits or losses. Malmuth and Sklansky deal with the issue of selection in many places. I haven't got the exact words, but I'm close. Malmuth once stated that, after you develop a certain level of competence, game selection is the most important decision you make.
In other words, "don't quit your day job." Let it pay your bills and provide the security and benefits. Treat poker as recreation or a second job. You'll live longer, be happier, and have LOTS more money. Regards, Al |
#19
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Re: Rounders/Poker Pros
curious how many out there (both on these forums...and on all the sites in general) make internet-poker their primary or only source of income.
i know David Ross seems to be doing well in his summer experiment (i havent read the latest update yet so not sure if the winning streak continued). i believe i read a post from another individual who stated that he is making a living from party's 2-4 games. i agree that the game is likely more enjoyable and easier to play when having a second job as a buffer...even if it's not a very high paying job it will make a difference. in other words....much easier to make $35K/yr at a regular job and $10K/yr at poker then it is to make $45K/yr exclusively at poker... and obviously much less risk...(although after getting fired from my last major job I have the opinion that the phrase "job security" is an oxy-moron). I'd rather make 35K at a job plus-or-minus 5K to 10K at poker. at those levels, even a bad year is hopefully not devastating. but if you're poker-exclusive....then you're goal of +$45K could backfire and if you have a bad year you might be only break-even (if you're lucky) or perhaps -$10K or worse. the long-run is indeed very long and that's why it's necessary to have a significant enough bankroll to keep yourself going through the bad streaks (much less the bill-paying...etc). (you can adjust the numbers for your appropriate income as I realize I am in a near-poverty level that is uniquely my own....but you get the general point). |
#20
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Poker Essays I, p. 126 n/t
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