|Do you believe it is a realistic goal to have a poker business? Apart from the love of playing the game of poker, we all like to make money playing poker too. How great would it be to give up your day job to become a professional poker player? |
Do you ask yourself if you could make money from online poker sites?
There is potential, but what differentiates success from mediocrity? When it comes to playing online poker it can be summed up in one word - Discipline. In order to remove the gambling aspect out of the game of poker we need to develop a sense of strict discipline within our playing parameters. Most of us know how to play the game and some are definitely better poker players than others. So how can we gain that edge?
My philosophy is, if you are going to try and generate an income or at least supplement your existing one, you need to plan and treat your game like a poker business. If you set boundaries you can achieve your goals, even when playing poker for money.
Now I'm not talking about setting poker strategies and different playing patterns, I'm talking more about how you invest your money into online gaming sites. There are certain ideas you can implement to maximise your profits.
Most players will deposit some money into a poker site such 888 Poker or Full Tilt Poker and play with their money in the hopes of growing a fortune. BUT at what point do you increase your betting amounts? At what point do you withdraw money from your account? Whose money are you playing with?
Yes, whose money are you playing with?
Let's say you have an account with $1100 in it. You want to break it up into 10 x $100 ($10 rake), 10 player turbo tournaments. If you belief you are good enough to average one win ($500), one second ($300) and one third ($200) out of 10 games you will end up down the $100 rake. This is with a result of not placing in the top 3, 7 out of 10 times (I think that is conservative if you're good enough)
Now, as I'm sure you're aware, different poker sites offer great bonuses to entice you to open an account, so why not take advantage of them.
So why not take that $1100 out of your original account and open two new accounts with $550 each. If you find the right online poker site they will give you a 100% free sign up bonus, increasing each account to $1100. You will then revert back to your $100 game plan, meaning you can now play in 20 x $100 ($10 rake) tournaments. If your results are averaged as above, you may get 2x1st ($1000), 2x2nd ($600) and 2x3rd ($400).
That is a profit of $900 or over 80% return on your initial investment. That's not even looking at your playing style, your strategies, and your betting frequencies. Obviously not everyone will get the same results, some may expect not to place in 80% of games, some may believe they're better and average a return on 50% of tournaments. You may also choose to play 10 x $200 tournaments, or cash games, or your pot maybe a lot smaller. I am not recommending you will be able to achieve these results as I have no idea of your standard, you need to work these sorts of statistics out yourself to decipher whether you can make a profitable return. A�It is up to you to analyse your own individual playing statistics and results.
This is how you could plan your poker business, just like any other business plan.
You probably find yourself asking, how can you get away with it? Why would poker sites allow you to continue doing this?
This is where the secret lies. Gambling sites are fully aware that 95% of investors will opt not to withdraw any money as they will see such a benefit from winning that they will continue to try and make their account grow. Most will end up losing it and depositing more. How are we different - we have Discipline. We know that if we withdraw the $2000, we can reopen 2 new accounts with our initial $1100 and pocket the $900 profit.
Please also take the time to read each individual site's terms and conditions as some of the sign up bonuses have rules and guidelines you must follow before you can make withdrawals.
Another thing you must also consider is the possibility of a bad run. The above figures are based on a 30% chance of coming a place in the 20 tournaments, but let's say you only had 3x2nds out of these 20 games - you still finish with a profit of $100 after the rake. In comparison, if you used your existing account (without the sign up bonus) you would run at a loss of $200.
I know which I prefer. Money is good, greed is good, winning is great.
The key is to remember to PLAN and within that plan use great DISCIPLINE. Taking the gambling aspect out of poker will enhance your ability to build that float and actually benefit financially from the game you love. A poker business. However, you must do your homework first. You need to know how big your float will be. What standard you are and where you can compete. And most importantly you need to know your break even results and your results capabilities. There is no point suggesting you can win 4 out of 20 x $200 games if you are not a good enough player.
You must play within your means.
So the questions remain with you, can you design a plan that fits your parameters and do you have the discipline to stick within those parameters?
The Power is in your Plan, your destiny is in your discipline.