Texas hold'em would be grouped in with games such as black jack, roulette and horse racing. Is that true though? Is there a way to beat the game or is it a crap shoot? Can a person make money playing texas hold'em or is it nothing more then a lottery?
Now that I stretched that question about as long as one could, the answer is short and sweet: yes you can make money at texas hold'em poker. Not only is it possible to profit by playing, many people make their livings at it. That isn't to say it is easy but it is definitely possible.
The first thing you have to realize is that texas hold'em is not typical gambling or a "casino game". You'll find it in many casinos but there is a big distinction between the two games. In a game such as black jack or roulette you are playing against the house but in hold'em you are playing against the other players. The casino or house, makes it money from the rake and it doesn't matter who takes home the money. They get paid as long as the game continues. So what you are doing is just risking your money against someone elses in a game of skill. As you progress as a player you'll find that many people, who play regularly even, still consider it a game of luck (and that's great for you!).
What about luck though? No one knows how the cards will fall. That is true, no one can predict how the cards will be dealt. Texas hold'em poker is a game where all the information isn't available. It is incomplete game unlike checkers, chess, or reversi but that doesn't mean one can't play it with a degree of certainty. Math governs all things and in poker its influence is so strong that even if a player can get lucky now and then, good old numbers smacks them back to reality.
How much money can I make at hold'em? That question is too general to answer. The best I can say is that it depends and give you a few stats. I forget whether it is Sklansky or Malmuth (poker experts and writers) that said this but earning about a big bet an hour is realistic in limit hold'em. So if you play a $5/10 game and play 100 hours, your expected rate is $1000. To just throw something out like that is way too general for our article. Your skill and the skill of your opponents governs how much you will make. When you play low limit hold'em and actually know how to play, you can make way more then that hourly rate.
When you move up in the ranks things become much harder because everyone you play with knows the same information that you do, has the same experience you do, and has read all the same books you have. This is where their numbers are about as accurate as you can get. In addition to limit holdem, there is pot limit, no limit and tournament play. It's also harder to say how much a person can make in these types of games but generally no limit and pot limit are played at a higher rate money wise then limit holdem so you can make more but you also risk more. Tournaments can be played too that have a nice return but be prepared to pay $10k for a buy-in if you want a chance to win the two million dollars The World Series of Poker gives for first place prize!
Texas hold'em poker and other games where one plays other non-casino players can be beaten. Remember that when everyone thinks hold'em is gambling, and that luck plays the biggest role in whether they win or lose, you have found some great people to sit down with. As you learn more about how the game of texas hold'em is played, you will see there is big difference between a seasoned professional and a new player.
If you’re serious about poker then you need to be equally serious about your bankroll. The reason to have a bankroll is so you can weather losing streaks and not completely deplete your funds.
How many times in a row is considered a losing streak? Five in row would bother many players but professional poker players knows that fluctuation (what some call luck) can be chaotic, coming in erratic waves that last even longer. The longer you play poker the more you will see that double digit losing streak – which is exactly why you need to a poker bankroll.
Recreational poker players who take the game seriously tend to keep a dedicated bankroll. These players might take out 20% of what they win. What they don’t do is take any money out of this precious poker fund to pay for dinner, slots, mortgage, or anything. In contrast, the professional poker player has to take money out of his bankroll for housing, taxes, retirement, healthcare, vacations, and all their living expenses.
What type of bankroll you need will depend on the reasons why you play poker in the first place. A beginner or casual player plays for fun and to learn. At this stage they play with what they can afford to spend for a hobby. They might go to the casino, play in some bar and home games, or put some money into an online poker site. It can cost money to have fun, and it’s a fast way to experience all aspects of poker.
The size of your bankroll will depend on many things, and it’s something you’ll have to decide for yourself. But for a general guide the following table may prove a useful starting point:
The professional would have to double these numbers to protect their lifelong bankroll. The casual player may be able to risk more, maybe 10% on a buy-in, but a dedicated bankroll should not risk more than 2-3% on any buy-in. Your poker bankroll is your lifeblood.
Now that I stretched that question about as long as one could, the answer is short and sweet: yes you can make money at texas hold'em poker. Not only is it possible to profit by playing, many people make their livings at it. That isn't to say it is easy but it is definitely possible.
The first thing you have to realize is that texas hold'em is not typical gambling or a "casino game". You'll find it in many casinos but there is a big distinction between the two games. In a game such as black jack or roulette you are playing against the house but in hold'em you are playing against the other players. The casino or house, makes it money from the rake and it doesn't matter who takes home the money. They get paid as long as the game continues. So what you are doing is just risking your money against someone elses in a game of skill. As you progress as a player you'll find that many people, who play regularly even, still consider it a game of luck (and that's great for you!).
What about luck though? No one knows how the cards will fall. That is true, no one can predict how the cards will be dealt. Texas hold'em poker is a game where all the information isn't available. It is incomplete game unlike checkers, chess, or reversi but that doesn't mean one can't play it with a degree of certainty. Math governs all things and in poker its influence is so strong that even if a player can get lucky now and then, good old numbers smacks them back to reality.
How much money can I make at hold'em? That question is too general to answer. The best I can say is that it depends and give you a few stats. I forget whether it is Sklansky or Malmuth (poker experts and writers) that said this but earning about a big bet an hour is realistic in limit hold'em. So if you play a $5/10 game and play 100 hours, your expected rate is $1000. To just throw something out like that is way too general for our article. Your skill and the skill of your opponents governs how much you will make. When you play low limit hold'em and actually know how to play, you can make way more then that hourly rate.
When you move up in the ranks things become much harder because everyone you play with knows the same information that you do, has the same experience you do, and has read all the same books you have. This is where their numbers are about as accurate as you can get. In addition to limit holdem, there is pot limit, no limit and tournament play. It's also harder to say how much a person can make in these types of games but generally no limit and pot limit are played at a higher rate money wise then limit holdem so you can make more but you also risk more. Tournaments can be played too that have a nice return but be prepared to pay $10k for a buy-in if you want a chance to win the two million dollars The World Series of Poker gives for first place prize!
Texas hold'em poker and other games where one plays other non-casino players can be beaten. Remember that when everyone thinks hold'em is gambling, and that luck plays the biggest role in whether they win or lose, you have found some great people to sit down with. As you learn more about how the game of texas hold'em is played, you will see there is big difference between a seasoned professional and a new player.
If you’re serious about poker then you need to be equally serious about your bankroll. The reason to have a bankroll is so you can weather losing streaks and not completely deplete your funds.
How many times in a row is considered a losing streak? Five in row would bother many players but professional poker players knows that fluctuation (what some call luck) can be chaotic, coming in erratic waves that last even longer. The longer you play poker the more you will see that double digit losing streak – which is exactly why you need to a poker bankroll.
Types of Poker Bankrolls
Some poker players have a dedicated bankroll, some players’ goal is to have a dedicated bankroll, and some players just hide poker money from their partner. A casual poker player’s bankroll might be kept as any hobby or vacation fund might be utilized.Recreational poker players who take the game seriously tend to keep a dedicated bankroll. These players might take out 20% of what they win. What they don’t do is take any money out of this precious poker fund to pay for dinner, slots, mortgage, or anything. In contrast, the professional poker player has to take money out of his bankroll for housing, taxes, retirement, healthcare, vacations, and all their living expenses.
What type of bankroll you need will depend on the reasons why you play poker in the first place. A beginner or casual player plays for fun and to learn. At this stage they play with what they can afford to spend for a hobby. They might go to the casino, play in some bar and home games, or put some money into an online poker site. It can cost money to have fun, and it’s a fast way to experience all aspects of poker.
The Size of Your Poker Bankroll
How much do you need for your poker bankroll? There are general sayings like, do not buy in for more than 2%-5% of your bankroll or quit a game anytime you lose more than 10% of your bankroll. Like most things in poker it depends. Other than the buy-in amounts, here are some of the things you’ll need to consider:Type of Games
Firstly, it depends on the types of games you play since tournaments have a much higher variance than cash games. Granted, the prize pool can be very large in big tournaments, but even the best players can go a long spell without making any money. This makes for the high variance and therefore a high fluctuation in your bankroll.Your Ability
The size of a bankroll also depends on how good a poker player you are. If you are a cash game player that wins 60% of the time, you obviously need a bigger bankroll than a player that wins 80% of the time. Loose players experience much higher variance than tight players. Players that learn how to be mentally strong tend to experience less variance than unstable players. The types of players you play with, their playing style and ability will also affects your variance.The Betting Variations
The betting limits you play will also have significance for your bankroll. Limit hold’em players can have a somewhat smaller bankroll and follow the smaller end of the buy-in amounts than no-limit or pot-limit players. Limit players generally experience less volatility than no-limit or pot-limit, so your bankroll can be smaller.The size of your bankroll will depend on many things, and it’s something you’ll have to decide for yourself. But for a general guide the following table may prove a useful starting point:
The professional would have to double these numbers to protect their lifelong bankroll. The casual player may be able to risk more, maybe 10% on a buy-in, but a dedicated bankroll should not risk more than 2-3% on any buy-in. Your poker bankroll is your lifeblood.
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