Introduction

Two months ago, Two Plus Two Magazine published a three part series I wrote entitled “A Small Stakes Tournament Player’s Guide to the WSOP.” In that piece, I explained how I was able to go out to the 2013 World Series of Poker for the entire summer, use game selection to play against the worst players, and beat those players using an easy to learn strategy, all on a bankroll of about three thousand dollars. At the time, I was a former math teacher turned tutor so I was off for the summer. I had a good bit of success in Vegas, and as a single guy with no dependents, I figured this was the perfect time to give myself a shot at playing poker for a living. I loved playing and studying the game so much that I decided to inform my principal that I would not be coming back the next year. It was my turn to live the dream and never look back. I returned home in July with about twice the amount of cash I’d taken to Vegas. This would become the bankroll that I’d use to employ myself as a small stakes tournament grinder. Unfortunately for me, things have not gone as planned. I’ve learned some lessons along the way that I’d like to share.

Lesson 1: Cut Both Poker and Life Expenses

Yes, that’s it. I am going to be a small stakes tournament grinder. What the heck was I thinking? Traveling to casinos to play poker all year gets expensive. You have to pay for gas, lodging, food, etc. In order to do this, you have to get creative, swallow your pride (it’s cheaper than fast food), and cut these expenses down as much as possible. I have carpooled with other players, slept in my truck, and eaten beans from a can. By definition, as a small stakes tournament player you won’t make much money on these trips if you make any at all. This was the case at the beginning of my career.

After losing half my bankroll, I realized that making it by playing live small stakes tournaments is next to impossible. During the WSOP, there were several small stakes deep stack tournament series running in Vegas with excellent structures. This was not the case back at my local casino. Most small stakes tournaments have horrible structures and ridiculous rake. Even though they are filled with inexperienced players, they are virtually unbeatable for any livable wage. You’d be lucky to make a steady $5 an hour. You can do a little better online where it may be feasible, but if you live in the Land of the Free, you are not yet free to play on the best sites.

After learning this the hard way, I have now switched primarily to cash games. These have much lower variance than shallow stack tournaments and you can make much more per hour. Playing small stakes cash games on the US sites for a living is much more feasible than playing tournaments because you don’t need massive fields of fish for these games to be profitable. All you need is a couple of recreational players, a solid strategy, and a decent rakeback deal.

This is doable, but understand that this is an entry level position. You’re not going to be a baller doing this any more than you would selling sodas at the local 7-Eleven. Keep it in perspective and cut your day to day living expenses just like you cut your poker trip expenses. I moved into a one room studio (not recommended if you have a family) and stopped eating out all the time. In fact, I play in a game twice a week where food is included with the rake and fast twice a week to get my food cost down even further while also losing some weight. I’m not saying you have to go that far, but think outside of the box. Again, this is just a temporary entry level situation for those who really don’t want to be stuck selling Slurpees. I guarantee that poker is more stimulating and has much better opportunity for advancement.

Lesson 2: Raise Both Poker and Life Revenue

I made the mistake of working backwards on this step. I started with the highest tournaments my bankroll would allow me to play. I lost half of it because the $100 live tournaments I played had too much rake and the $100 online tournaments I played only had one fish in them. I’m sure you can figure out why I lost money even though I always knew exactly which cards he had.

I finally wised up. I started with the lowest stakes I could beat and moved up from there. As I get better with playing online, I add more tables in order to take advantage of rakeback deals and bonuses. When playing live, I am more conscious of how much I tip. I tip on virtually every pot, but I make sure not to give away too much and put myself out of business. Find any way you can to continuously add to your bottom line.

Even though cash games have much less variance than tournaments, we all know there are no guarantees in poker. If you are working on a small margin, consider taking temporary part time jobs to bring in some variance-free income. I occasionally take substitute teaching positions and sometimes tutor math students. I write articles for 2+2 magazine. I am considering learning to be a part time poker dealer. Anything that I can do to pad my bankroll without committing too many hours, I’m all for it.

Lesson 3: Invest in Both Poker and Life Improvements

If poker is your sole source of income, try to spend close to the minimum you need to live relatively comfortably. Instead of looking at big scores as a windfall and throwing buy-ins at dancers, look at them as job security or opportunities for advancement. As your roll grows, you’ll have more disposable income. Just make sure you take care of priorities first. Get a coach. Join a training site. Never stop learning. You will reap what you sow.

Poker has improved my life and made me a better person. Those outside of our culture are confused when they hear me say this. My grandmother doesn’t understand how “sinful gambling” could possibly make me a better person. Instead of spending the profits from a good night on trinkets, I spend some on her bills and I donate some to my friend’s cancer treatment. I used to hit the burger joint three times a day. I now fast two times a week and I’m more concerned about my health and mental focus. Most people in my family never leave the state, much less the United States. I’m a country boy, but through this game, I am becoming worldly. I have been fortunate enough to meet people through poker who are much better men and women than I am. They make me want to step it up. They help me, and in turn, I help others. Hopefully, some young knucklehead will read this article and wise up faster than I did so I can get out of “Pay it Forward” make up.

Conclusion

Seriously, this is a great game and I hope more people will decide to play. It’s not just for the folks who can afford the $10K buy-ins. I proved that this summer at the WSOP. Playing it for a living is not just for the elite either. There are countless stories of guys who take a few bucks and run it up. With dedication, any of us can learn to do this. We just have to be smart about how we spend the little bit of money we do have. I’m going to give it another go in 2014. I invite you to learn from my mistakes and join me. Here’s hoping we never look back.

It’s now 2014 and this brings forth the obvious question: how good was 2013? I think the right answer is that 2013 can be characterized by the expression “Progress was made.” For poker to be really successful again, much more progress needs to be made. Hopefully, that’s what we’ll see in this coming year, and of course I’m talking about Internet poker.

In our Poker Legislation Forum there is a thread called the “Congressional Internet Poker & Casino Gaming Hearing: 12/10,” and it’s about the Congressional Hearing that was held to discuss the “State of Online Gambling.” This hearing was held by the “House Energy and Commerce Subcommittee.”  Also in this thread, if you look at the first post, you can watch a video of the complete hearing, and I strongly recommend that everyone on our site who is interested in playing Internet poker in the United States watch this video.

So why is this important? Well, if you watch the hearing, there is no question that progress has been made. First, John Pappas, Executive Director of The Poker Player’s Alliance does an excellent job speaking for poker, Representative Joe Barton of Texas, whose bill would allow for poker to be played on the Internet on a state by state basis, is terrific, and the other members of the House Energy and Commerce Subcommittee are virtually all at least somewhat positive towards this bill. That’s a big difference when compared to past committee hearings.

However, Internet poker still has opposition, and one of the people testifying in front of this hearing would certainly fall into that group. Fortunately, he did not appear well prepared, and in my opinion made a number of mistakes. I won’t get into what these errors were, but it’s my suspicion that next time our opposition will be better prepared.

So, this brings us back to where this note started. Progress has been made, and having three states now up and running (by offering poker games on the Internet) is great, but much more needs to be done. Again, I’m optimistic about the future but recognize that much work still needs to be done and that progress won’t always be as fast as we would like it.

Finally, for those of you who want to be kept up to date with what is happening relative to Internet poker, please follow our Poker Legislation Forum and make sure to read the monthly article from Rich Muny and the PPA that appears in each issue of this magazine.