How to Play Poker for a Living: A Comprehensive Breakdown

 How to Play Poker for a Living: A Comprehensive Breakdown

When I told my mom that I had quit my job to become a poker player for a living, the first question she asked was "Is that gambling?" Because she trusts me and is my mom, I answered her question with a simple "No it's no." It is a skill-game," was enough to calm her down. To convince skeptical people, it takes much more.

This post will attempt to explain what poker is all about. You will find a detailed explanation of why I chose poker, what the day looks like for a poker player, and if it is something you should try. Money will be discussed as well.

The following are the three main aims of this article:

This is a guide for non-players.

What it takes to jump for amateurs looking to take the game seriously.

Professional poker players need an echo of their thoughts, shared struggles, and triumphs.

You won't need to read all of the sections. Choose the ones you find most relevant. WHAT IS POKER? AND WHAT IS ITS LEGAL STATUS

Poker is a card-based, skill game in which money is exchanged. There are many types of poker, but Texas No-limit Hold'em is my favorite. This is what people mean by poker. Other variations include Pot-Limit Omaha Razz, Open Face Chinese and Razz.

Poker rooms and sites make their money by charging rake. Rake is a percentage that is taken out of every pot. It can be thought of as a commission fee. It can be anywhere between 2.5% to 5% of the pot. There is a limit on the amount.

Two formats are most common for poker: Tournaments and Cash Games.

Cash games allow you to bring in as much money as you wish (upto the maximum buyin) and then play with that. The stakes in cash games are fixed and rarely increase as the game progresses.

Everyone starts with the exact same amount of chips when playing in tournaments. As the game progresses, players lose their chips and a few get the winnings. In my last tournament, Rs. 35k was paid by everyone. 35k was the cost of entry. There were 294 entries, and top 30 players were paid. The man who was eliminated in the 30th spot received Rs. 61k and the winner was awarded Rs. 27 lacs.

Different countries have different legal requirements for poker. Some countries ban online poker, while casinos allow live poker. Las Vegas, for example, is the epicenter of poker players. However online poker is not allowed in the US except for a few states. Online poker is also available in London and other cities.

Online poker is legal in India. Live poker is allowed in certain places, including Goa and Bengal, Ahmedabad (Kolkata), Kolkata, Gangtok. Indian law treats poker as gambling and you will be subject to flat 30% tax on your winnings.

IS POKEER GAMBLING A THING?

It is possible that I might not have told my mother the whole truth.

To gamble is, in essence, to play games of chance for cash. Poker gambling is technically possible. However, the truth is neither so simple nor binary.

Here's my take: Poker is a skill-based card game with a little luck. The better player will prevail against the worse player if they have a good game for a long time. These concepts will be explained in detail by using an example.

Let's imagine you flip a coin 100x against a friend. You bet Rs. Your friend wagers Rs. The betting odds are 1:1. This means that your friend will give Rs. 10 for every turn you win. You can bet 10 more than your friend and vice versa.

If the coin has not been rigged, you will win exactly Rs. 0 after 100 flips. 50% chance of a Heads flip on a coin flip. Half the time, you'll win 10 coins per flip while losing 10 the other half.

Your Winnings = (50%*100]*10

Your Losses = (50%*100)*(-10 )

This coin toss has a net win rate of 0. The expected value (EV), for this game, is 0.

The thing is that each coin toss represents an event. The coin does not know the outcome of its previous toss - whether it was Heads or Tails. Each outcome is unique and independent from the one before it. Also, it's possible for 70 flips to be the best (or all 100) of any given 100. You lose if you show Tails. deposit poker bankrolls get set for a great experience and essential training