Abby discussed her summer working with Poker News and how it allowed her to meet and become friends with many of her poker idols. She explained her content creation strategy and how her experience as a reporter interviewing players about their strategies helped her improve her own game by learning about different approaches and perspectives. Abby also discussed her journey to becoming a professional poker player and shared a hand she played with Stephen Chidwick. She analyzed her betting strategy and decision-making process, discussing the range of hands Chidwick could have and ultimately deciding to fold on the river to a shove. The group discussed the importance of having a plan and being able to adjust when necessary, as well as the psychology of bluffing and the social dynamics of poker. They also talked about what comes next for Abby and the importance of letting loose at a karaoke bar every now and then!

Jim announced the upcoming RecPoker Weekend and encouraged listeners to attend. He also mentioned a bounty placed on him by his friend and nemesis Phil in event number two and explained that only RecPoker members can participate. Chris Jones asked about becoming a member, and Jim explained that it’s free and easy to sign up.

Jim and John Somsky recognized the winners of several poker games and offered them prizes. They emphasized the importance of staying involved in the community and highlighted the correlation between engagement and success. Plus we give away a free prize at the end for folks in the YouTube chat. Join us LIVE on YouTube next Monday at 7:30 ET for free to ask our guests questions in real time, and you can win too!

Abby is active on Twitter as @‌abbypoker34 and on Instagram and TikTok as @‌abbypoker

We also go over this week’s home game results and discuss these topics:
How to help us out – https://rec.poker/support/
Home Games – https://rec.poker/homegame/
Go Premium! – https://rec.poker/premium/

Find our free videos at: http://youtube.com/c/RecPokerCommunity

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RecPoker is a vibrant and encouraging poker learning community. We are committed to learning the game, but our priority is building healthy relationships where we can not only grow in the game, but grow in our enjoyment of life. The free membership website at rec.poker is awesome, but it’s just a tool to help us build that community. You can join for FREE, giving you access to the groups, forums, and other member benefits. If you want to enjoy the premium content, or become part of the RECing Crew, those options are available, and you can get $10 off your first payment using the code RECPOKER. Music by Peter Troolin, [email protected].

Time Stamps

What is an Amateur Poker Player?

Amateur poker players play primarily for recreational purposes or personal gain without relying heavily on their winnings to support themselves financially. Amateurs may participate in tournaments or cash games but are not usually regulars in any particular venue or game type. They have limited knowledge of strategy or tactics compared to professional players but occasionally enjoy playing the game with friends or family members.

What is a Professional Poker Player?

A professional poker player regularly plays to generate income through tournament wins or cash game profits. Pros are well-versed in strategy and tactics and play according to optimal strategies rather than relying solely on luck when playing against other experienced professionals. Professional players also invest time in researching opponents before entering tournaments or cash games to predict better how those opponents might play their hands in certain situations.

To be considered a competitive pro requires much more than just good card skills; it requires dedication, hard work, and discipline too. Firstly, one must master various strategies, such as pot odds calculation methods and bluffing techniques, which will give you an edge over your opponents at all levels of play. This is true across multiple formats, including no-limit Texas Hold ’em (N.L.H.E.), Omaha hi/lo (Omaha8), as well as mixed-game formats like H.O.S.E. (Hold ‘em/Omaha/Stud/Razz).

Plus, having good money management skills will ensure that losses stay manageable. Managing stress levels during big events like W.S.O.P. Main Event final tables can make all the difference between success and failure here too. Lastly, having psychological skills such as reading opponent tells accurately during live-action play provides another layer of advantage. Many pros rely upon this when making decisions over long hours at the table. This includes anything from noticing physical body language cues right down to betting patterns used by opponents under pressure.

Can you Gain any Valuable Experience from Playing Video Poker?

Yes, indeed – video poker provides great practice opportunities since these games simulate real-life scenarios almost identically. Put differently; you can hone your skills using virtual money. This has allowed many aspiring pros to improve quickly without risking huge amounts upfront – moreover, some variants offer progressive jackpots, which add extra excitement & reward potential. There’s nothing quite like hitting a Royal Flushes or a Straight Flushes at maximum bet levels.

What Type of Bankroll do you Need to Compete at High-Stakes Buy-Ins?

Aspiring pros should aim for having around 200x times their highest buy-in amount available if they intend on competing at higher stakes tournaments. This is true for online or live poker games. This type of bankroll can cover players for variance swings across multiple sessions where bad beats occur. Let’s say you plan on playing $500 NLHE MTTs, then you should have approximately $100k set aside beforehand. SNGs & Free Rolls require less capital mainly because fewer entries per event result in lower overall prize pools; however, still, expect around 50x times your maximum buy-in amount to be necessary here too!

What are the Biggest Obstacles for a Professional Poker Player?

One major obstacle faced by aspiring pros involves finding ways to stay disciplined when things start going wrong. Things like tilt affect us all sometimes, so learning how best to counter its effects whilst remaining focused on improving our game every day helps tremendously. As you move along this poker journey towards becoming successful fulltime grinders, you will need to stay on point.

Another challenge often arises with managing finances correctly since winning streaks frequently come & go. It’s possible to generate large sums within short periods. Take the time to understand tax laws and investing wisely; this will help you maintain stability during these volatile times ensuring long-term solvency regardless of outcomes.

Finally, there’s always staying motivated mentally whenever bad beats become prevalent. Remember that maintaining enthusiasm ultimately leads us closer towards achieving our objectives. It’s largely thanks to sheer determination and smart decision-making that poker players can inch toward greatness.

Conclusion

Transitioning from an amateur to becoming a profitable professional is challenging by any stretch. Yet, those willing put forth effort consistently stand a far greater chance of succeeding once goals are outlined and followed diligently enough. Put in the time, master your bankroll, and carefully pick your battles in poker. The rest is simply the luck of the draw!

How Profitable is Poker?

You first need to realize that poker has the potential to be one of the most profitable games out there. Of course, you can play blackjack, spin slot machines, and enjoy traditional American Roulette. Nevertheless, nothing quite compares in the gaming sphere with poker and its overall popularity. To ensure you get the best possible experience, you should first search for the best casino. Land-based options will depend on your location. However, you can always find the best online venue through online poker in PA. To find all the best bonuses and quick withdrawals in Pennsylvania. If you are wondering if it is even important, our answer is positive. You don’t want to waste any sense because budget management is crucial. However, we will get to this point later.

So we have established that poker is highly profitable. This can be easily proven by hundreds of successful poker players that have a net worth within millions of dollars. Here are some of the best poker players who have millions in their bank accounts because they have been insanely good at poker:

• Doyle Brunson
• Daniel Negreanu
• David Oppenheim
• Stephen Chidwick
• Phil Ivey
• Erik Seidel
• Dan Smith

Hourly Rate

Let’s start with an hourly rate. It is how most people, at least in the United States, calculate their eventual profit. Even though it doesn’t necessarily apply to poker because poker players are not on someone’s bankroll, we can still try to calculate how much they get. Even though it is not a typical hourly wage, we can divide a normal game into sessions and suppose they are all one hour long. If we are talking about a small or mid-range player, they are likely to get around $20 and up to $500 per hour. Once again, it will depend on their skills and the particular casino poker table. If we are talking about professionals, then our stakes can be even higher and reach $10,000 or even more. Some players can win up to $50,000 per game or even more, especially if they are playing for super high stakes. Nevertheless, they don’t all play every night or for eight hours, like a conventional job.

Yearly Income

Since we have established that poker players don’t work from 9 to 5, calculating a yearly salary will be challenging. We all know that many professional poker players have millions in their bank accounts. Yet there are plenty of professional players who earn far less per year; just a viable living wage.

Let’s imagine a professional player goes to the casino five days a week for around four hours. Therefore, in principle, again depending on the stakes they’re playing for, a player can bank $25,000 in a year on the low end, into the millions on the high end. The nosebleed stakes players regularly post 7-figure winning years, but that also doesn’t take into account how much they’ve paid to enter those high stales tournaments. As for the medium-stakes cash game players, losing or winning more than $5,000 per night is a standard range. That is why it is so important to have a solid bankroll, so that  you can withstand the swings and variance.

Land-Based vs. Online Casino

We also have mentioned a big difference between land-based casinos and online venues when it comes to poker play. Even though online casinos are becoming increasingly popular, the revenues associated with them are still much smaller, because poker players can play there for micro-stakes, sometimes as low as 1 cent/2 cent blinds. Therefore, we will definitely say that an average poker player can make around $200 if they have the necessary skills.

While you can play at more tables simultaneously at online poker rooms, typically the upside of cash game sessions can be higher when playing at a higher stakes land based poker room. Moreover, while there are plenty of online poker tournaments offering millions in prize pools, the land-based poker marquee tournaments tend to boast top prizes that are significantly higher. Plus, in land-based casinos the social aspects of getting to know other players and the overall community, talking to the dealers, and enjoying the overall atmosphere might do you well.

Taxes

Do poker players pay taxes? Well, of course the answer is yes (with some notable exceptions for tournament winning, depending on which country you reside in). Taxes should be paid for all revenue and profit you are getting. However, the actual percentage will depend mostly on your particular state and national jurisdiction. We all have different applicable tax laws, some ranging from as minimum as 2% and others reaching 10% or even more. Here we recommend you do a little bit of research because, in some countries, money that you win on poker or not is taxable. If you do happen to live in a country that requires tax, you have to set up a proper payment in order to avoid any issues with the government. Professional players typically employ the services of their own accountants.

Bottom Line

In short, poker can definitely be a profitable endeavor if you study and practice hard. Professional players can make many tens of thousands, if not even more yearly. However, beginners are likely to make around $20 per hour or $20,000 per year if they fare above average at the tables. This rate can go much higher if you boost your skills and choose proper casino poker tables. Additionally, don’t forget to check whether you have to pay taxes and always manage your budget or bankroll. So start your poker career today, but do so responsibly.

Every aspiring poker pro has many factors to consider when determining their potential poker earnings. Let’s examine some of those factors to calculate how much you need to make to be a poker professional.

Life Expenses

First and foremost, when evaluating any potential career path you need to have a good understanding of your personal finances. Rent, student debt, car payments, groceries, and everything else you spend your money on needs to be tracked. I would suggest tracking every dollar you spend for a month or two.

When you have a good understanding of where your money is going, you can start to formulate what you need to make in poker earnings. If you find that your expenses are too high, find ways to cut back on them. You can always supplement your grocery budget by eating at the casino using rewards points. Player comps don’t come easy for poker players, but if you are playing close to 40 hours per week you should be able to rack up comp points for a few free meals each week. While these can help, the real goal is to cut back on big spends like restaurants and needlessly expensive clothes. Making the jump to a poker professional’s lifestyle is not easy. The best way to hold onto those poker earnings is to cut back on expenses.

Self-Employment Costs

The next item which needs to be considered is the cost of self-employment. Being a professional poker player is not unlike running a small business. Instead of selling a product or service, you are investing in your ability to win money on the felt. Like any business owner, you will take on expenses that you may not think about when you are an employee.

Insurance is a major cost that is generally incurred by an employer. Health, dental, and vision services can be very expensive. Employers typically get a group rate, so shopping for yourself can be difficult. Consult your local government about your insurance options. Depending on where you live, you may qualify for state paid insurance, or you will need to foot the bill yourself. Locking down your rates will be important as this is a major expense.

READ ALSO: Four Steps to Become a Professional Poker Player

Taxation is next. While employers will withhold your federal and state taxes, as a poker player you need to pay quarterly. This is something every poker player needs to understand. Also note, that as a self-employed individual, you will be responsible for 100% of your Social Security and Medicare taxes. Employers typically pay half. Talk with a tax professional so you know exactly what tax bracket you may fall into and how much of your poker earnings will go to Uncle Sam.

Lastly, as someone who is self-employed, you will be responsible for saving retirement money. Even if you are well versed in retirement plans, it is easy to forget where that money is going when it isn’t being taken directly out of a paycheck. Make sure you formulate a plan and make regular deposits into your retirement accounts.

Poker Related Expenses

The previous examples apply when you are evaluating any career path. To determine whether a job is viable, you will need to understand how much you are spending. These next considerations are more specific to poker itself.

Travel expenses can eat away at poker earnings quickly if you do not live close to the casinos you frequent. As a cash game player, you need to take into account where you will be playing. If you reside in Las Vegas, Reno, or Atlantic City this shouldn’t be much of an issue. However, there aren’t many other casino-centered cities in America. If you find yourself somewhere like Los Angeles, Dallas, Chicago, or smaller towns across America, you need to make sure you live a reasonable distance from the casinos you will visit.

If you are a tournament player who doesn’t live in Vegas, you’re going to have to do some traveling. Many poker tournament professionals make their way through the WSOP circuit, which of course involves heavy travel. Plane tickets, cars, hotels, and everything else associated with travel needs to be considered as part of your operating expenses when evaluating whether you can be a poker pro. Check with a tax professional in your local jurisdiction, as you may be able to write off travel expenses. While this does not negate them entirely, it will at least reduce your tax bill at the end of the year.

If you favor a computer screen over a felt table, you don’t have to worry about travel expenses. However, you have other expenses you will need to consider. Many online poker pros have intricate computer setups, the highest speed internet available, HUDs, and other technical necessities. These are all expenses you need to include as your startup and recurring costs.

Lastly, the main expense any poker player has to consider is rake. Rake is the kryptonite for poker income. If you want to be a poker professional, you have to seriously consider whether you can play in games with a good rake structure. Rake varies widely across casinos and across the country. If you are a Los Angeles pro, you are competing against some of the worst rake structures in the country. If you find yourself in Vegas, you will be able to shop around for a good rake structure. Online poker rooms will have their rake information readily available, so make sure you choose the best site possible. If you live in an area where casinos are raking too much, you may want to consider a different career path or a different place to call home.

Want to quit your job and become a professional poker player?

Well, @MyPokerCoaching has some great tips to help you along your journey to become a poker pro!

Link: https://t.co/7tDnLvPLgq#PokerLifeMedia

— Cardplayer Lifestyle (@PokerLifeMedia) March 20, 2022

Location

Location, location, location. It is as important to a poker professional as it is to a real estate agent. To be a professional poker player you have to live in a city or town that works. For a live pro, Vegas seems like the obvious answer. However, there are other areas that will bode well for you as well. Texas, Florida, and Los Angeles are other popular areas for poker pros to live. Make sure you are comparing the cost of living in all the areas you would consider calling home. Finding the lowest cost of living while still being somewhere you are willing to live is vital.

Online poker professionals will fare best in New Jersey, Nevada, or outside the US. Canada is very popular among online professionals, as they have access to the large European-based poker rooms. If you play online, you can live anywhere with a stable internet connection, so finding the most reasonably priced location is vital.

Bankroll

Ever heard the saying that it takes money to make money? Well a starting bankroll is the seed money you need to be a poker professional. You should not make the leap into professional poker until you have a proper bankroll for your stakes. It is also wise to have a few months’ expenses tucked aside when starting out. Then you can afford to go on an early downswing or incur unexpected expenses without going broke. The last thing you want is to be under-rolled, go on a downswing, and have to take your car into the shop unexpectedly. These streaks of bad luck can kill the dream of professional poker quickly, so make sure you have that startup money in the bank.

READ MORE: What Do You Do with a Busted Bankroll?

Estimate Your Poker Income

So you have a few months of living expenses, an emergency fund, and a bankroll. The only question left is, can you make it playing this highly variable game?

Everyone has a different number they need to earn for a career path to be viable. A single, childless person in their 20s is going to need a lot less money than someone married with children. If you only feel comfortable living in a single-family home, you’ll need to make more than someone willing to rent a room or a studio apartment. It would be impossible for me to tell you how much you need to make, but if you know the number, you need to be sure you can actually make it.

First, consider the stakes you are planning to play. It is almost impossible to make a living playing live $1/$2. Even if you are consistently beating the game, a great player can win 10bb per hour. If you are playing $1/$2 that is just $20 per hour. And you need to make that after the rake. While it is possible to live off that amount, it is not very sustainable. For live players, $2/$5 is typically the smallest stakes professional players attempt. If you aren’t consistently beating $2/$5 as a recreational player, you can’t make the jump into professional status. Make sure you are honestly tracking your results, since many of us believe we are winning more than we are.

Next, take an honest look at your win rate. As I just mentioned, tracking results is very important. You will need to get an accurate depiction of your hourly rate so you can play enough to make your expenses. You’ll need a large sample size, at least 1,600 hours to accurately determine your win rate. More than 1,600 is better, as it is possible you have greatly improved between the first and last 100 hours. Use one of the many poker results trackers available and make sure you can hit your needed poker income.

Lastly, you need to pay attention to the trends in the field and in your game of choice. If you find your rate trending down, you may be losing your edge. Poker strategy information is more available now than it ever has been, so the field is getting better every day. You’ll need to ensure you can maintain your current win rate by studying and continuously improving your game.

Unfortunately there is no one dollar figure to identify as the minimum amount necessary to be a poker professional. You’ll need to take a hard look at your finances, learn about the costs associated with being a poker pro, examine your win rate, and commit to working on your game to maintain that win rate. This all may seem like a daunting task, and it is! Being a poker pro is not easy, so make sure you are armed with accurate information before making the transition to becoming a professional poker player.