Poker has swiftly become the hottest new sport. The best thing about it is you can play it right from your living room – for real money! I’ve made the meat of my income from online poker for about a year now, and I’ve been playing mostly $20 tournaments.
Here a few tips for going the distance online.
1. Don’t overextend your capital. In the poker world, it’s called a bankroll. FullTilt Pro Chris Ferguson suggests not using more than 2% of your bankroll for multi-table tournaments, and not more than 5% for any single table endeavors. The reality of gambling is that while the long run is what’s important, the short-term fluctuations can be quite dramatic. As good as you may be, playing against 1000 other people means you objectively have a 999-1 shot at winning!
2. Play within your means. Face it; you’re probably not the next Daniel Negreanu. It takes good players years of evolving to become great, and you just won’t understand that until you’re there. In fact, you’ll think you’re there several times before you actually are. So be humble – if you tear apart $10 tourneys on a regular basis, but get creamed when you slap down $100, stick with your game. Keep learning, and slowly you’ll round out your game. In the meantime, don’t flush your money down the toilet trying to prove yourself.
3. Tournament strategy is different from cash play. This shouldn’t be true, but since most players play differently for a tournament, you have to adjust your strategy slightly to accommodate them. The one thing that should affect your play is the fact that, should you go broke, you cannot buy back in. Because of this, you should look to avoid taking good bets if losing them will force you to miss out on some better bets later. Practically speaking, don’t throw all your money in as a 55% favorite if you think your skill will create a situation for you to go in as a 75% favorite down the road.
Online sites are springing up all over the place. PokerStars and FullTilt still accept U.S. players, and there’s a site called PurePlay that even lets you play for free. (The odds are much slimmer of winning their tournaments, but eventually you could find your way to the World Series – without having invested a dime!)
I’m not kidding when I say I paid all my bills last year from online poker winnings. If you like playing games, don’t miss out on this fun way to make money right from home.
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