Is it possible to make a living playing poker Certainly, yet like the game itself, this path demands careful planning, resilience, and diligence.
The challenge of moving toward a professional poker career hinges on three personal factors:
- Cash Games vs. Tournaments — which style will you prefer? poker games are your speciality?
- Live vs. Online — will your games be at a physical venue or through a digital platform?
- Bankroll Management — what does your financial situation look like?
Your positioning regarding these variables will influence the difficulty level of pursuing a professional poker career.
Let’s take a closer look at each of these components one at a time.
Becoming a Professional Poker Player — Cash Games vs. Tournaments
When considering a career in poker, you'll need to choose whether to focus on cash games or tournaments. Very few professionals excel at both disciplines.
Consider the illustrious professional poker player Phil Hellmuth. He is not only renowned in the industry, but he also holds the record for winning the most World Series of Poker bracelets ever. WPT Poker Tour tournament players of all time.
However, in the realm of cash games, he's often deemed less effective, being referred to as a “fish” in that arena!
Insights on Phil Hellmuth — The Path to Professional Poker
Yet, a single major victory can provide financial security for an extended duration, highlighting the high stakes. For example, winning the Main Event at the World Series of Poker can award a staggering $10 million to the champion!
In contrast, cash games provide a more steady income stream. The vast majority of cash game players, often referred to as “grinders,” consistently play at the tables day after day. The swings in cash poker are less volatile, making it a more sustainable way to earn.
When involved in cash games, you are unlikely to win more than three times your initial buy-in, but it can still be a rewarding venture if approached correctly.
The Challenges of Becoming a Professional Poker Player
In your quest to understand how to become a professional poker player, you will find that one of the key distinctions lies in the payout structures.
For instance, if you enter a cash game with a $100 buy-in and leave with $150, you have made a $50 profit for the day. It's crucial to recognize that you won't win every session, but your win rates will generally be higher and more consistent compared to tournament play.
The payout system in tournaments is inherently more risky.
Typically, only around 10-15% of participants in a poker tournament manage to turn a profit. In a scenario with 100 entrants, only the top 10 players receive any payout, leaving those from positions 11 to 100 empty-handed.
Cash games are one chip = 1 dollar.
Nevertheless, some players are naturally inclined towards tournament formats. It is advisable to favor the category where your skills shine the brightest.
Choosing Between Live and Online Poker
Next, you'll need to determine if you want to play live or online. Live poker can be more accessible, with numerous players eager to gamble with less experience.
There are often more casual players looking for entertainment as well, which can create favorable conditions.
However, the entry costs are typically much higher, and these games can introduce greater variance. Live tournament players must also take travel expenses into account.
Additionally, venues and home games usually have steeper operating fees, making it more challenging to achieve profitability. Even if the competition is softer, the house's cost is a significant factor. poker hand For newcomers, we advise starting your poker journey in an online setting.
Accelerated Learning: On average, an online poker table offers three times the number of hands per hour compared to a live game. This means you can quickly become adept at the game. Furthermore, online platforms allow multitabling, significantly speeding up your exposure to various scenarios.
Stronger Competition: The online poker landscape tends to attract more serious and skilled participants. You won’t see as many players who are just having fun by casually throwing their chips into the pot. This will give you better insights into what constitutes 'normal' play.
Lower Financial Barriers: Live casinos typically have additional costs, such as tipping dealers and maintaining operations, which makes the games pricier. Online tournaments usually take around a 10% house fee in comparison to 20-25% in live settings. You can also join both cash games and tournaments online for a minimal financial commitment, whereas live venues may require several hundred dollars just to sit at a regular table.
Here’s why.
- Results from Online Poker
- One professional poker player monitored his outcomes after 23 days of playing online, amassing an impressive $58,422 , primarily from $3/$6 and $5/$10 games. like hitting a standard VPIP .
- Consider how long it would take to play a comparable number of hands in a live setting. If you treated it like a job and played for 40 hours a week, it would take you nearly one full year to achieve that same level of volume.
Look at this graph (credit: Jonathan Little’s poker coaching ).
While the online realm may feature a more competitive player base, you can experience the same number of hands in mere months — a feat that traditionally required years. This accelerated experience allows you to refine your strategies and hone your poker skills more effectively.
You can also track and analyze your performance on a detailed level, experimenting with bluffing from the comfort of your digital space, making it easier to manage the element of luck.
After all, while a player can experience a stroke of good fortune across fifty hands, sustaining that luck over 50,000 hands becomes increasingly unlikely.
Bankroll Management for Aspiring Professionals
Financial constraints often pose a significant barrier to those looking to become professional poker players. Most likely, you will need a more substantial initial investment — or 'bankroll' — than you might have anticipated.
Here are some general recommendations for bankroll requirements in both cash games and tournaments, although many professionals consider these figures to be quite conservative.
These estimates assume that you are already a skilled and winning player. No sum of money will magically turn a losing player into a victor.
A buy-in refers to the cost of entry. For example, if a cash game requires a $300 buy-in, you should ideally have at least $6,000 set aside as a safety net; otherwise, you risk going broke.
Many professionals believe that having 20 buy-ins for cash games is insufficient, particularly if you aim to play in high-stakes environments.
The required buy-ins for tournaments can vary widely based on player turnout. If you're participating in online ‘sit-and-go’ tournaments with only 6-9 players, your buy-in requirements will be less strict.
- Cash game poker: 20 buy-ins.
- Tournament poker : 100 buy-ins.
However, if you're up against thousands in a live event, it would be wise to secure over 100 buy-ins as a rough guideline.
Keep in mind that these figures apply if poker serves as your sole source of income. With other income streams, you can afford to take greater risks since your finances would remain stable. where to play poker in Vegas .
Exploring Staking and Satellites for Entry
Many aspiring players struggle with the high financial thresholds, especially for tournaments. Interestingly, you'll find that the majority of professional tournament players rely on backers called 'stakers.'
Getting 'staked' means someone will contribute a portion of your buy-in on the condition that they receive a share of any profits.
For instance, if a $10,000 tournament exceeds your budget, you might pay $2,000 and sell 80% of your share. Consequently, your investors would take 80% of the potential winnings, adjusted for any markup.
Another route for hopeful professional players is joining satellite tournaments. These are online contests where the reward is an entry ticket to a higher-stakes tournament.
For example, if you compete in a $10 satellite, the winners earn tickets to a $100 tournament. If successful, you can gain access to the $100 event for just a $10 investment.
A pivotal aspect of becoming a successful professional poker player is maintaining a clear distinction between your poker bankroll and your personal finances.
Prepare for inevitable downswings, start with conservative amounts, and be realistic about your win rates. If you manage your finances prudently and consistently outperform your opponents, pursuing a career as a professional poker player is indeed achievable. Many people successfully do so without fail.
In Conclusion
For those aiming to become professional poker players, cash games offer a more stable avenue. You can expect to see consistent, albeit modest, profits due to the straightforward payout structure — where each chip represents actual money.
In tournaments, only a small fraction of participants (approximately 10-15%) walk away with prizes, making this format more unpredictable, although the payout possibilities can be enormous. poker cheat sheet required.
If you thrive on taking chances and enjoy high-risk, high-reward situations, then tournaments could be your calling.
On the flip side, cash games might be more suited for 'grinders,' who appreciate steady and reliable returns.
Regardless of the format you opt for, ensure you are financially ready. We recommend starting with online play instead of heading directly to a casino. This approach grants you greater opportunities to sharpen your skills and gain valuable experience.
- Once you excel in the more challenging online environment, live poker will seem significantly easier to navigate.
- Achieving the status of a professional poker player requires a blend of talent, thoughtful planning, and unwavering commitment. Discover three essential elements necessary for launching a thriving poker career.
Three Essential Steps to Becoming a Professional Poker Player! poker combos Three Fundamental Aspects of Becoming a Professional Poker Player
Certainly, but just as in poker, this journey entails careful planning, endurance, and continuous effort.
