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.

January 05 2012, Chad Holloway

Is there a better way to kick off the New Year than with a series of poker tournaments in one of the world’s most exotic locations? That has been the appeal of the PokerStars Caribbean Adventure (PCA) for nine years running. The event has gone through a few transformations throughout the years, but it seems the stop, which is part of the European Poker Tour, has found a enduring home on Paradise Island at the Atlantis Casino and Resort.

This year’s event will run for 10 days, from Jan. 4 through 14, and will feature 41 events including the $10,000 Main Event, $100,000 Super High Roller, $25,000 High Roller, $1,000 Women’s Event, and a slew of PokerStars $5,000 Championships. Last year, Galen Hall cleared a field of 1,560 players to claim an impressive $2.3 million first-place prize and became an instant star in the poker world.

Anticipation has never been higher for the PCA, as evidenced by the throng of pros flocking to the island, but did you know the inaugural event wasn’t even on land at all? Indeed, the 2004 tournament took place on the high seas of the Caribbean, the first stop on our look back at all things PCA.

Hansen Captains of the High Seas

In 2004, the PCA was held on a cruise ship that trolled the Caribbean Sea. That year, 221 players forked over $7,500 and played in what was then a World Poker Tour event.

It was a success, but the event was actually quite small - at least by today’s standards. In fact, the entire 2004 prize pool was less than recent first-place prizes. As Roy Scheider’s character, Chief Martin Brody, says in Jaws, “You’re gonna need a bigger boat.”

Given that they don’t make many boats bigger than a cruise ship, PokerStars called an audible and approached Bahamian officials, who had just begun to allow poker on their island in 2005. A deal was struck, and just like that, Atlantis on Paradise Island became the new home of the PCA.

2004 PCA Main Event Results

Buy-inEntrantsPrize Pool

$7,500	221	$1,657,500

PlacePlayerPrize

1st	Gus Hansen	$455,780
2nd	Hoyt Corkins	$290,065
3rd	Daniel Negreanu	$192,270
4th	Michael Benedetto	$132,600
5th	John D’Agostino	$99,450
6th	Remco Schrijvers	$74,590

Field Doubles in 2005

The field more than doubled from 221 to 461 in the PCA’s second year. The event attracted some of poker’s most notable players, including Amnon Filippi (66th), Steve Billirakis (39th), Greg Raymer (32nd), Erick Lindgren (21st), Allen Cunningham (16th), and Patrik Antonius (12th).

That year, Englishman John Gale satellited his way into the Main Event and ended up winning the $890,600 top prize.

2005 PCA Main Event Results

Buy-inEntrantsPrize Pool

$7,500	461	$3,487,200

PlacePlayerPrize

1st	John Gale	$890,600
2nd	Alex Balandin	$484,700
3rd	Michael Westerlund	$306,400
4th	Patrick Hocking	$207,700
5th	“Miami” John Cernuto	$155,800
6th	Nenad Medic	$112,500

More Than a Million to First

The next year, 724 players entered the PCA, creating a prize pool of $5,647,200 with nearly $1.4 million reserved for the winner. This marked the first time the winner of the event would receive more than a million dollars, a tradition that still stands. In fact, recent winners have received upward of $2 million, with one even receiving $3 million.

The winner in 2006, Steve-Paul Ambrose, Waterloo, Ontario, received $1,388,600 after defeating Brook Lyter in heads-up play. Interestingly, Ambrose has gone on to make two more deep runs in the PCA Main Event, finishing 20th in 2007 as he attempted to defend his title, good for $36,026; and in 2010, when he placed 72nd out of 1,529 players for $33,000.

2006 PCA Main Event Results

Buy-inEntrantsPrize Pool

$7,800	724	$5,647,200

PlacePlayerPrize

1st	Steve Paul-Ambrose	$1,388,600
2nd	Brook Lyter	$681,500
3rd	David Singer	$436,200
4th	Michael Higgins	$327,100
5th	Anders Henriksson	$239,900
6th	Aurangzeb Sheikh	$177,200

2007: A Year of Transition

The PCA had grown each year since its inception, and 2007 was no different as the field grew to 937 players. Furthermore, 2007 was the last year the event was part of the WPT.

By that time, the tournament had grown to be so prestigious that the vast majority of poker’s elite traveled to the Bahamas to test their luck. This was evidenced by a stacked final table that included Jonathan Little, Robery Mizrachi, and Isaac Haxton. Interestingly, the final 13 players that year were all from the United States.

In the end, Ryan Daut outlasted them all to seize the $1,535,255 first-place prize.

2007 PCA Main Event Results

Buy-inEntrantsPrize Pool

$7,800	937	$7,063,842

PlacePlayerPrize

1st	Ryan Daut	$1,535,255
2nd	Isaac Haxton	$861,789
3rd	Robert Ford	$550,980
4th	Robert Mizrachi	$409,703
5th	Jonathan Little	$317,873
6th	Frank Rusnak	$247,234

Enter the EPT

After the PCA found a new home on the European Poker Tour in 2008, the field surpassed 1,000 players (1,136 entries) for the first time. It also marked the first time the winner would receive $2 million in prize money. It was quite the coincidence that the first year the PCA was on the EPT, a European won it – Bertrand “ElkY” Grosspellier.

This marked the first major victory for Grospellier, who is now a Team PokerStars Pro, will be representing PokerStars at this year’s PCA, starting with the Super High Roller.