Poker: Avoiding Leaks to your Profits
If you have ever had money either through your income or through a win of some sort you will find many people wanting to take that money from you. This happens everywhere and in many forms. Salesman knock on the door offering a once in a lifetime opportunity to buy products at discount prices, others offer investment options which whilst they may prove profitable they initially part you from your money. Leaking profits can also happen in poker due to the gambling nature of the game and those who play it. Learning to hold onto money is as important a skill in poker as the hands you play to acquire it.
Presuming you are a profitable poker player there are certain temptations and pitfalls to watch out for. The first is loaning and staking. Some players like Phil Hellmuth sell a percentage of their tournament action to people wishing to stake professionals and make a profit through their skills. This reduces the cost of the buy-in for the player. However, a lot of staking is players wanting money to buy in because they cannot afford to play and they will ask for loans or arrangements to get into the action.
If you are known to have money you will be approached for a stake into tournaments. If you do win a big tournament then your victory and prize are easily checked by knowing the payouts and your finishing position! Remember that poker is a gambling game not always played by people who care about learning the game and managing their money correctly. Ask why the player needs a stake, most likely it will be due to either bad play or bad money management. Personally I do not stake players as it is a distraction from my own poker play.
Other leaks to your money can come from the other casino games. In Las Vegas in particular, many players have been broken by the craps tables or Baccarat tables despite showing massive profits in poker. If you are a gambler by nature it will take a very disciplined approach to stay away from these games where the house always wins. Stick to poker where the odds are in your favour if you have a solid game. Stu Ungar was said to have made and lost millions through gambling but very rarely lost at poker. He lost his money through other forms of gambling that he did not have an edge in. There are ways to have fun without wagering large amounts of money. This is something often lost to poker players who gamble so much it becomes ingrained in their everyday life.
One very common leak is become blasé about having plenty of money. Every poker player has had a point where they have been unable to play due to lack of money. This may be through losses or other bad decisions from life in general. Remember the feeling of having nothing and use that as a reason to keep your discipline in the face of temptation. Many experienced professionals say that young players at the highest levels would not make the bold plays they make if they fully understood the downside. Poker is a great game that can make you millions, it can easily lose you a similar amount unless you respect money and make good decisions.
There is nothing wrong with spending your money but never assume you have made enough and will never go broke. Once you start thinking this way you are headed for disaster. I think of money not as how much I have, but as how far I am from zero. This forces me to think twice before random spending. It certainly helps me maintain my poker bankroll sensibly. If you enjoy poker then make sure you can always play safely, so you have the fun without the stress. Life becomes easier and we all want that!
By Malcolm Clarke
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Tags: phil hellmuth, poker, poker staking, poker tournaments